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Banks in India |
| Banks in India have been offering a variety of services to the population of the country since the late 17th century. With the establishment of the General Bank of India in the year 1786, and the subsequent Presidency Banks, the Indian economy was to witness a big economic revolution. Although the growth of the Banks in India during the era of British rule was not very phenomenal, with the Amending Act of 1969 it was given a tremendous boost and there has been no looking back since then. |
Banks in India are regularized and monitored by the Reserve Bank of India (RBI) that was set up in the year 1935. All Indian banks fall under the jurisdiction of this government bank that has also been vested with responsibilities like issuing banknotes as well as maintaining reserves to ensure monetary stability.
Banks in India can be classified as Public Sector Banks, Private Sector Banks and also Cooperative Banks.
While the Public sector banks are government owned, the private sectors include all the financial institutions that are privately owned, which also include the foreign banks established in the country. The cooperative banks are mostly popular in the rural areas. These have been set up to specifically cater to the issues related to the rural financial matters like agriculture, small scale industries and even personal finance. This category also comprises of the regional rural banks and they have cumulatively contributed towards offering stability to the rural economy in a major way.
Out of the many banks in India, the best ones can be listed as:
- State Bank of India
- Central Bank of India
- IDBI
- Axis Bank
- Oriental Bank of Commerce
- Punjab national Bank
- ICICI Bank
- HDFC Bank
- ABN AMRO Bank
Banking services in India have changed tremendously over the years and that too for the better. With the liberalization taking place in this industry, numerous private banks as well as International banks came to be set up throughout the country that offered great banking facilities like ATM centers, internet banking, insurance plans and a host of others that the customers could pick and choose.
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