The system of banking in India dates back to the later half of the 18th century. The first bank that was established in India was known as The General Bank of India. It was founded in the year 1786, today it is defunct. State Bank of India is the oldest one in the country that still exists. It was previously known as Bank of Calcutta and started operations on June 1806.
Banks in India have come along way since liberalization. The banks in India are broadly categorized into Public, Private and Foreign banks.
Striking Facts about Banks in India
Canara Bank was the first bank in India that was given an ISO
Punjab National Bank was the first bank in India that began operations entirely with Indian capital
South Indian Bank was the first bank in India in the private sector that became a scheduled bank in the year 1946 by the RBI Act
State Bank of India is the largest, oldest and most successful commercial bank in the country
State Bank of India offers a wide range of domestic, NRI and international products and services
Bank of India was the first Indian bank that opened a branch outside the country in 1946 in London
Allahabad Bank is the oldest Public Sector Bank in the country that has branches spread across all over India
Allahabad Bank has been serving the nation for the past 132 years
The Central Bank of India was the first commercial bank in India which was entirely owned and managed by the citizens of the country
Public sector Banks in India
India is home to a host of Public sector Banks. Public sector banks refer to those banks in which the government holds more than 50 percent of the shares.
List of Public sector Banks in India
Bank of Baroda
Bank of India
Union Bank of India
Punjab & Sind Bank
UCO Bank
Bank of Maharashtra
Allahabad Bank
Andhra Bank
Punjab National Bank
Syndicate Bank
Canara Bank
Central Bank of India
Corporation Bank
Dena Bank
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab & Sind Bank
UCO Bank
United Bank of India
Vijaya Bank
Services of Public sector Banks in India
The Public sector Banks in India provide the following services under the different sections:
Personal Banking
Home Loan
Loans
deposit scheme
Life Insurance
General Insurance
credit Cards
Overdrafts
Personal Loan
Loan against Property
current account
gold schemes
salary account scheme
Mutual Fund Products
Corporate Banking
Merchant Banking Services
Accounts & Deposits
IPO Monitoring Activity
Loans & Advances
Cash Management Services
TUF Schemes
Electronic Tax
NRI Banking
Remit money schemes
Rupee drawing arrangement
Bank-western union remittances scheme
Priority & SME Credit
Priority Credit
SME Marketing Desk
Regional Rural Banks
SME Business
Rural Development
Consultancy Services related to agriculture
Agri-Business Marketing Desk
Social Banking
Entrepreneurship Development for women
Loans & Advances:-
Home Loan
Loan for Personal needs of Teaching/Non- Teaching Staff
Loan for Personal Needs
Loan against Security of Mortgage of Property
Loan for Pensioners
Loan against approved Shares/Debentures/Mutual Funds
Private Banks in India
India also houses numerous private banks. Private Banks are the banks that have no government stakes. The shares in these banks are held entirely by financial institutions/general public.
List of Private Banks in India
Bank of Rajasthan
Centurion Bank
Bank of Punjab
Catholic Syrian Bank
IndusInd Bank
IDBI Bank
ICICI Bank
Jammu & Kashmir Bank
ING Vysya Bank
Karur Vysya Bank
Laxmi Vilas Bank
United Western Bank
Axis Bank
City Union Bank
Dhanalakshmi Bank
Development Credit Bank
Federal Bank
HDFC Bank
Karnataka Bank
South Indian Bank
Services of Private sector Banks in India
The Private sector Banks in India provide the following services under the different sections:
Personal banking
Loans
Forex and trade services
Credit Card
Online Payment services
Investments and insurance
Private Banking
NRI banking
Accounts and deposits – savings accounts, foreign currency deposits, current accounts, accounts for returning Indians and fixed deposits
Preferred banking
Loans – home loan and loan against securities
Ways to bank – banking online, banking in person and banking with your phone
Payment services
Fixed deposits
Portfolio investment services
Mutual funds
Private banking
Corporate Bank
Funded Services
Non Funded Services
Value Added Services
Internet Banking
Corporate Salary Accounts
Foreign Banks in India
Foreign Banks are international banks that have opened their branches in India. These banks have brought along with them the latest technologies and banking practices.
List of Foreign Banks in India
ABN-AMRO Bank
Bank of Ceylon
Scotia Bank
Abu Dhabi Commercial Bank
China Trust Commercial Bank
Standard Chartered Bank
JPMorgan Chase Bank
BNP Paribas Bank
Citi Bank
China Trust Commercial Bank
Deutsche Bank
HSBC
JPMorgan Chase Bank
Taib Bank
Services of Foreign Banks in India
The Foreign Banks in India provide the following services under the different sections:
Credit cards
Debit cum ATM cards
Touch Screen Banking
Mobile Banking
Online Payment of Bills
Bank statements through Email
Loans which include home loans, business loans, personal loans, overdrafts
Internet Banking
Prepaid Mobile Recharge
Insurance services which include Health insurance, Life Insurance, insurance on home loans and travel insurance
Investment Services which include Demat, Mutual Funds, and Deposits
Corporate banking services
Current Accounts
Citi Business cards
Personal Wealth Management
Business Loans
The NRI banking services
E-Statements
Forex services
Foreign Exchange Services
Dollar Checking Account