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:
Bank of Baroda
Bank of India
Bank of Maharashtra
Central Bank of India
Indian Overseas Bank
Oriental Bank of Commerce
Punjab and Sind Bank
Punjab National Bank
Union Bank of India
United Bank of India
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 Indian banking institutions can be classified as:
Private banks of Indian origin: The list includes:
ING Vysya Bank