The Indian banking industry is considered as one of the largest in the world both in terms service providers and consumer base. Based on the ownership pattern, Indian banks can be classified as public, private and foreign players. They share a network of 53,000+ branches and 17,000+ ATMs.
India Banks: Reserve Bank of India (RBI)
RBI is the apex Indian bank, wholly owned by the Union Government. Main roles and responsibilities of RBI are:
-
Regulate country-wide financial systems.
-
Protect depositor's interest and maintain their confidence in the economy.
-
Regulate external trade and payments.
-
Secure foreign exchange reserves.
-
Issue currency notes.
Public Sector India Banks
State-owned banks form the core of the Indian banking industry. They promote mass banking products and services as well as specialized financial services. As per 2009 data, there are 27 public sector banks in India. They can be further divided as:
Nationalized Banks: List of 19 nationalized banks:
-
Allahabad Bank
-
Andhra Bank
-
Bank of Baroda
-
Bank of India
-
Bank of Maharashtra
-
Canara Bank
-
Central Bank of India
-
Corporation Bank
-
Dena Bank
-
Indian Bank
-
Indian Overseas Bank
-
Oriental Bank of Commerce
-
Punjab and Sind Bank
-
Punjab National Bank
-
Syndicate Bank
-
UCO Bank
-
Union Bank of India
-
United Bank of India
-
Vijaya Bank
SBI & associates: The State Bank Group is the largest banking institution in India. The State Bank of India is the leading entity within the group. Its six subsidiaries are:
-
State Bank of Hyderabad
-
State Bank of Mysore
-
State Bank of Indore
-
State Bank of Patiala
-
State Bank of Travancore
-
State Bank of Bikaner and Jaipur
Other: Industrial Development Bank of India (IDBI) is considered as a separate public sector banking unit due to its priority sector specialization.
Private Sector India Banks
Private Indian banking institutions can be classified as:
Private banks of Indian origin: The list includes:
-
Axis Bank
-
HDFC Bank
-
ICICI Bank
-
IndusInd Bank
-
ING Vysya Bank
-
Kotak Mahindra Bank
-
South Indian Bank Ltd
Foreign banks: Some of the foreign banks with considerable operations in India are:
-
ABN AMRO
-
American Express Bank
-
Bank of America
-
Barclays Bank
-
Citibank
-
HSBC
-
Standard Chartered Bank
Apart from this, India has several scheduled urban cooperative banks that operate on a regional or local level.