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»Banks in India List, Indian Banks Online |
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 Banks in India List, Indian Banks Online
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The instigation of Banks in India began in the eighteenth century with General Bank of India in 1786. Among the present day banks, State Bank of India holds the title of the oldest. The State Bank was established in 1806 in Calcutta as the Bank of Bengal. The 18th century was the British Era in India. Calcutta being a major business hub and most active trading port was the obvious choice for sowing the banking seeds in India.
Allahabad Bank was the first completely Indian ownership Bank, which came into existence in 1865. Three decades later Lahore witnesses Punjab National Bank and then came Bank Of India. Both of them were privately owned. As the number of banks increased, there arose a need for centrally regulating the banking system in India. This need gave birth to the Reserve Bank of India (RBI) in 1935. | |
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The First and Second World Wars acted as eclipses for the Banks in India. Inspite of a boost in the Indian Economy, as many as 94 banks collapsed. People lost their savings and also the interest in depositing more money in the banks. The situation stabilized post-independence. The Reserve Bank Of India was nationalized in 1948 and then given the power "to regulate, control, and inspect the banks in India." a year later. This somehow gave a firm support to the banking in India.
In 1969, 14 largest commercial and privately owned Banks were nationalized. Then again in 1980, six more banks were nationalized on the pretext of controlling the credit delivery in India. A decade later the new generation IT Banks came into being. These were UTI Bank (now Axis Bank), ICICI Bank and HDFC Bank. | |
The Banks in India referred to as Scheduled Commercial Banks (SCB) are categorized into three on the basis of the government stake holding. These are:- Public Sector Banks
- Private Banks
- Foreign Banks
The Banks in India have flourished not just in numbers but also in their services, products and client base. They have succeeded in reaching out to Rural India through the Mobile ATM's, special rural branches and specialized finance options for the farmers, rural women and the Small-Scale Industries (SSI's). The mortgage rates and interest rates are slashed to attract the masses to the banking facilities.
In the urban cities like the country capital New Delhi, trade capital Mumbai, IT capitals - Bangalore and Hyderabad, NCR's prime cities Gurgaon, Noida, Mumbai's sister city Pune and the metro cities of Kolkata and Chennai, all the major Banks have multiple branches. Personalized services like Special Bank Accounts to cater to individual needs, Mobile and Internet Banking, doorstep banking and multi city or international banking have attracted customers in exponential multiplication.
The banks offer plenty mortgage options with most pocket-friendly interest rates on loans - home loans for the housing needs, personal loan, auto loans for private and commercial vehicles, education loans for educational pursuits, corporate loans for business and other projects and loans against property and securities. The money deposited is safe and secure and offers prospects of growth to the customers.
Investment Opportunities by Banks come in the form of Deposits - fixed deposits and recurring deposits and mutual funds and bonds. Special services to NRI's and senior citizens pensions and special savings accounts are also a regular with most banks.
The Banking Solutions itself employee a large number of people and provide numerous job opportunities to many people. Finance, Banking and Customer Care are some of most preferred profile in bank jobs. The policies differ from bank to bank but the core remains the same - to provide the most convenient and safe banking options to the people.
There are around 88 SCB in India with an extensive network of over 53,000 branches and 17,000 ATM counters combing every inch of the country. There is an active Indian Banks Association that provides you with the complete and updated list of banks in India, their ratings or ranking for your personal referral.
Below are the listings of some of the major banks with information available on each bank about their branch network, the products and services offered, their official sites and their ATM's.
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