Entire finance industry comprises of large number of organizations such as Banks, Credit card companies, car finance companies, housing finance companies, insurance companies, mutual funds, stock brokers and commodity brokers. Banks are at the foundation of all the money management organizations.
What is a Bank?
Essentially, it is an establishment for safe keeping of money and for withdrawing money whenever required.
How the Banks are categorized in India?
Banks are broadly categorized as Nationalized Banks, Scheduled Banks, Private Banks, Regional Rural Banks (RRB) and Co-Operative Banks based on the ownership, capital and other criteria. Category is granted as per various central government acts and under the schedules of Reserve Bank of India.
What are the Main Functions of Banks?
- To open and maintain various types of accounts like savings account and current account.
- To provide cheque clearance facilities.
- To accept various types of deposits.
- To provide various loans for buying home, car and for other purposes.
- To issue demand drafts and pay orders.
- To provide money transfer facilities at various places in India and abroad.
What other Services do the Banks provide?
- Foreign Exchange transactions.
- Issuing debit cards and credit cards.
- Internet Banking and Mobile Banking.
- To sell and distribute various investment products.
- Demat account and stock trading.
- Safe Deposit Lockers.
- Selling Gold Coin.
Which are the Major Banks in India?
There are total 34 Nationalized banks, 1 public sector bank, 25 Private (Domestic) Banks, 29 Private (Foreign Banks), 31 State Co-Operative banks, 87 Regional Rural Banks in addition to large number district co-operative banks, central co-op banks and other co-operative banks.
List of Major Banks in India
| Name of the bank | Category of the bank |
| State Bank of India and its associate banks | Nationalized |
| State Bank of Hyderabad | Nationalized |
| State Bank of Mysore | Nationalized |
| State Bank of Saurashtra | Nationalized |
| Allahabad bank | Nationalized |
| Bank of Baroda | Nationalized |
| Bank of Maharshtra | Nationalized |
| Central Bank of India | Nationalized |
| Dena Bank | Nationalized |
| Indian Overseas Bank | Nationalized |
| State Bank of Bikaner and Jaipur | Nationalized |
| State Bank of Indore | Nationalized |
| State Bank of Patiala | Nationalized |
| State Bank of Travancore | Nationalized |
| Andhra Bank | Nationalized |
| Bank of India | Nationalized |
| Canara Bank | Nationalized |
| Corporation bank | Nationalized |
| Indian bank | Nationalized |
| Oriental Bank of Commerce | Nationalized |
| IDBI (Industrial Development bank of India) | Public Sector Bank |
| Axis (old UTI) Bank | Private Domestic Bank |
| HDFC Bank | Private Domestic Bank |
| ICICI Bank | Private Domestic Bank |
| Kotak Mahindra Bank | Private Domestic Bank |
| Bank of Rajasthan | Private Domestic Bank |
| Federal Bank | Private Domestic Bank |
| Jammu and Kashmir Bank | Private Domestic Bank |
| Karnataka Bank | Private Domestic Bank |
| Sangli Bank | Private Domestic Bank |
| ING Vysya Bank | Private Domestic Bank |
| IndusInd Bank | Private Domestic Bank |
| South Indian Bank | Private Domestic Bank |
| Dhanlaxmi Bank | Private Domestic Bank |
| Karur Vysya Bank | Private Domestic Bank |
| Laxmi Vilas Bank | Private Domestic Bank |
| Yes Bank | Private Foreign Banks |
| ABN Amro Bank | Private Foreign Banks |
| Citi Bank NA | Private Foreign Banks |
| Bank of America | Private Foreign Banks |
| Deutsche bank | Private Foreign Banks |
| HSBC (Hongkong and Shanghai Banking Corporation) | Private Foreign Banks |
| JP Morgan Chase Bank | Private Foreign Banks |
What is Reserve Bank of India?
Every country has a central bank to issue currency notes and coins, to keep the reserves for securing monetary stability in the country and to operate currency and credit system of the country in addition to looking after the interests of common man. Reserve Bank of India (RBI), established in 1935 under Reserve Bank of India Act, 1934 is the Central Bank in India. Main office of RBI is situated at Mumbai. Originally RBI was established as a private company but since 1949 it is fully owned by Government of India. Duvvuri Subbarao (D. Subbarao) is the present governor and head of RBI, will retire on September 4, 2013.
Where to Complain against Deficiency in Banking Services?
In order to resolve the complaints of common man, RBI has established Banking Ombudsman Scheme. Under this scheme you can file your complaints to RBI for various problems such as high service charges, delays in banking services, credit cards, non-acceptance of small denomination currency notes and coins, false promises by sales agents, unfair practices and many other types of complaints. You can submit the complaints online through internet or at various offices of RBI located all over India.
In Conclusion:
This article is about the broader overview of Indian Banking Industry. Read other articles to know more about banking services in India.
