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Banking

The banking in india traces its history in the 18 century, when three Presidency Banks, namely the Bank of Hindustan, Bank of Bombay, and Bank of Madras were set up. Decades ago, the nationalized banks in india dominated the banking and financial sector of India, but today, there are a large number of private and foreign banks active and successful in all across the country, in addition to these public sector banks. All types of banks in india, namely the retail banks, investment banks, and commercial banks in india, are regulated and monitored by the Reserve Bank of India (RBI), which is the supreme structure in the banking sector of India. Today, banks in india, offer responsible and impeccable services as per the requirements of general people, businessmen, industrialists, companies, and large multinational business corporations, at par with world-class banking and finance services. India’s steadily ever-growing economy has attracted most of the world-famous banks, for operation in India. Below is given the list of banks in india, including the foreign or overseas banks india. Out of these all banks in india, the top banks in india are the State Bank of India (SBI), IDBI Bank, Axis Bank, ICICI Bank, HDFC Bank, and many other banks.

Types of Banks in India

All banks in india can broadly be classified into the following categories:

  • Nationalized Banks in the Public Sector
  • Private Banks
  • Co-operative Banks
  • Foreign Banks

Besides the Reserve Bank of India (RBI) and the State Bank of India and its Associate Banks, there are over 20 nationalized banks in india. The major and most prominent banks in india in this category are - State Bank of India (SBI) and its associate banks, Bank of India, UCO Bank, IDBI Bank, Oriental Bank of Commerce, Canara Bank, Allahabad Bank, Bank of Baroda, Indian Overseas Bank, Union Bank of India, Central Bank of India, Syndicate Bank, and various other banks.

The most famous private banks in india are listed below:

  • HDFC Bank
  • ICICI Bank
  • Axis Bank (Formerly known as UTI Bank)
  • Federal Bank
  • ING Vysya Bank
  • City Union Bank
  • IndusInd Bank
  • Kotak Mahindra Bank

The cooperative banks in india are established to cater specifically the requirements of the rural population, especially in the agricultural sector. A great number of foreign banks are also well-established in India to serve the financial sector of the country. The following list shows the most reputed foreign banks in india:

  • HSBC Bank
  • Standard Chartered Bank
  • Citibank
  • ABN-AMRO Bank
  • BNP Paribas Bank
  • Deutsche Bank

Banking Law - Practice Areas

The banks in india strictly operate under the rules and regulations of the Banking Law, Reserve Bank of India Act, Income Tax Act of 1961, and regulations and policies of various financial institutions of the country. In addition to these, banks in india may also influenced by the company law, foreign exchange management act, securities and exchange board of India act, labor and employment law, insurance law, and many other laws, depending on the type of their customers and clients. These all types of banks in india, particularly the nationalized banks in india, provide services to individuals, entrepreneurs, companies, industrialists, etc., of diverse sectors of economy, also as per the policies of the national government of India devised from time to time, to promote developmental activities in the specified sectors.