![\"types](\"https:\/\/data-flair.training\/blogs\/wp-content\/uploads\/sites\/2\/2020\/09\/types-of-Banks-in-india.jpg\")
<\/a><\/p>\nHistory of Banks in India<\/h2>\n\n- Ancient India included the use of \u2018Usury\u2019. There was also the existence of loans called \u2018Rnapatra\u2019, \u2018Rnapanna\u2019, or \u2018Rnalekhaya\u2019. Moreover, there was the use of \u2018Adesha\u2019 or \u2018Letters Of Credit\u2019.<\/li>\n
- In the Medieval Era, there was a use of \u2018Dastawez\u2019 including the \u2018Dastawez-E-Indultalab\u2019 and the \u2018Dastawez-E-Miadi\u2019.<\/li>\n
- In the Colonial Era, the \u2018Bank Of Calcutta\u2019 was established in 1806 and is the oldest bank which is still in function just with a change in title originally formed by the presidency government.<\/li>\n
- Also, the \u2018Commercial Bank\u2019 started in 1845.<\/li>\n
- The \u2018Union Bank of Calcutta\u2019 was started in 1829 replacing the ‘Bank Of Calcutta’ and the ‘Commercial Bank’.<\/li>\n
- The \u2018Bank of Hindustan\u2019 started in 1770 but shut down in 1829 \u2013 1832.<\/li>\n
- The \u2018General Bank of India\u2019 started in 1786 but disassociated in 1791.<\/li>\n
- The \u2018Bank Of Bombay\u2019 started in 1840 formed by the presidency government.<\/li>\n
- The \u2018Bank Of Madras\u2019 started in 1843 formed by the presidency government.<\/li>\n
- The 3 banks formed by the presidency government were then combined to form the \u2018Imperial Bank Of India\u2019 in 1921.<\/li>\n
- The \u2018Reserve Bank Of India\u2019 started in 1935.<\/li>\n
- According to the State Bank of India Act, 1959 the \u2018State Bank Of India\u2019 was given under the supervision of 8 connected banks.<\/li>\n
- In 1969, 14 major private banks nationalized including the \u2018Bank of India\u2019. In 1980, 6 more banks were nationalized.<\/li>\n
- The \u2018Allahabad Bank\u2019 started in 1865.<\/li>\n
- The \u2018Grindlays Bank\u2019 started in 1864, Calcutta.<\/li>\n
- The \u2018Comptoir d’Escompte de Paris\u2019 started a branch in 1860, Calcutta and another in 1862, Bombay. More branches formed in Madras and Pondicherry functioned too.<\/li>\n
- The \u2018HSBC\u2019 was started in 1869, Bengal.<\/li>\n
- The \u2018Oudh Commercial Bank\u2019 started in 1881, Faizabad.<\/li>\n
- The \u2018Punjab National Bank\u2019 started in 1894, Lahore.<\/li>\n
- The \u2018Catholic Syrian Bank\u2019, \u2018The South Indian Bank\u2019, \u2018Bank of India\u2019, \u2018Corporation Bank\u2019, \u2018Indian Bank\u2019, \u2018Bank of Baroda\u2019, \u2018Canara Bank\u2019 and \u2018Central Bank of India\u2019 were a few banks which came up around the time of the Swadeshi movement.<\/li>\n
- After independence, the \u2018Reserve Bank Of India\u2019 started in 1935 and nationalized in 1949.<\/li>\n
- The \u2018Allahabad Bank\u2019, \u2018Bank of Baroda\u2019, \u2018Bank of India\u2019, \u2018Bank of Maharashtra\u2019, \u2018Central Bank of India\u2019, \u2018Canara Bank\u2019, \u2018Dena Bank\u2019, \u2018Indian Bank\u2019, \u2018Indian Overseas Bank\u2019, \u2018Punjab National Bank\u2019, \u2018Syndicate Bank\u2019, \u2018UCO Bank\u2019, \u2018Union Bank of India\u2019, \u2018United Bank of India\u2019 were nationalized in 1969.<\/li>\n
- ‘The Punjab and Sind Bank\u2019, \u2018Vijaya Bank\u2019, \u2018Oriental Bank of India\u2019, \u2018Corporation Bank\u2019, \u2018Andhra Bank\u2019 nationalized in 1980.<\/li>\n
- Liberalization took place by the government in the 1990s. The private banks also included the \u2018Global Trust Bank\u2019, \u2018IndusInd Bank\u2019, \u2018UTI Bank\u2019, \u2018ICICI Bank\u2019, and \u2018HDFC Bank\u2019.<\/li>\n<\/ul>\n
Types of Banks in India<\/h2>\n
There are several types of banks in India that are broadly divided into 2 categories i.e. Scheduled Banks and Non \u2013 Scheduled Banks.<\/p>\n
Scheduled Banks<\/h3>\n1. Central Bank<\/h4>\n\n- A chief bank that keeps a check on and synchronizes with all the other banks in a particular country is known as the Central Bank of the country.<\/li>\n
- In India, the post of the Central Bank is that of the ‘Reserve Bank of India\u2019 (RBI).<\/li>\n
- The RBI is also known as the \u2018government\u2019s bank\u2019 or the \u2018banker\u2019s bank\u2019.<\/li>\n
- The RBI is responsible for regulating and guiding other banks in the country.<\/li>\n
- It emanates the currency of the country i.e the Indian Rupee.<\/li>\n
- It executes and carries out financial and monetary strategies, approaches, and determining policies.<\/li>\n
- The RBI overlooks the pecuniary system of the country by handling the finances.<\/li>\n
- It is also responsible for foreign exchange.<\/li>\n
- All of these functions always take place under the supervision of the government of the country.<\/li>\n<\/ul>\n
2. Cooperative Banks<\/h4>\n\n- Such banks operate under the state government\u2019s act.<\/li>\n
- The main objective of these banks is to ensure the social well \u2013 being of the public.<\/li>\n
- This is done by offering loans that are open to concession based on user comfort.<\/li>\n
- These have a 3 level format:<\/li>\n<\/ul>\n
Level 1:<\/strong> The state-level cooperative banks include The RBI, government, and NABARD finance. Public distribution of money takes place. Concessional CRR, SLR charges also apply upon these banks. (CRR- 3%, SLR- 25%).<\/p>\nThe ownership belongs to the state government and the various members choose the major management.<\/p>\n
Level 2:<\/strong> The district-level cooperative banks. These are set up to enhance development in the agricultural sectors of majorly the rural areas. But they also run non – agricultural cooperatives with other unions, etc. Each district has a district-level bank in India.<\/p>\nThese banks are together represented by a State Apex Central Co-operative bank for each state. The members indulge in multiple different professions. These banks get loans at an interest rate of 1% to 2% lower than the standard bank rate<\/p>\n
Level 3:<\/strong> The rural or village level cooperative banks with their main focus on primary agriculture. NABARD is responsible for keeping a check on these banks. Primary Agricultural Credit Societies (PACs) exist on this level which works on grassroots levels.<\/p>\nThis help provides short and middle term loans to their members and acts as a link between the higher financial institutions of the country and their members. As of March 2018, there were 96248 such banks in the country.<\/p>\n
Non \u2013 Scheduled Banks<\/h3>\n3. Commercial Banks<\/h4>\n\n- Such banks operate under the Banking Companies Act of 1956.<\/li>\n
- These are often run by either the government or any private firm.<\/li>\n
- The major aim of such banks is to earn maximum profit through their commercial policies.<\/li>\n
- The deposit amount by its users acts as a major resource of its reserve.<\/li>\n
- Concessional interest fares are only offered when directed by the CBI.<\/li>\n
- These are appropriate for operation in both urban and rural areas.<\/li>\n<\/ul>\n
These further have 3 major types:<\/p>\n
a. Public Sector Banks:<\/strong> The denominating shareholder is either the government or the central bank of the country.<\/p>\nb. Private Sector Banks:<\/strong> The denominating shareholder is either an individual, some private organization, or a selected group of individuals.<\/p>\nc. Foreign Banks:<\/strong> Such banks have their head offices and main operating systems in a foreign country with their branches in India.<\/p>\n\n\n\nPublic Sector Banks<\/b><\/td>\n Private Sector Banks<\/b><\/td>\n Foreign Banks<\/b><\/td>\n<\/tr>\n\nState Bank Of India\u00a0<\/span><\/td>\n Catholic Syrian Bank<\/span><\/td>\n Australia and New Zealand Banking Group Ltd.<\/span><\/td>\n<\/tr>\n\nAllahabad Bank\u00a0<\/span><\/td>\n City Union Bank<\/span><\/td>\n National Australia Bank<\/span><\/td>\n<\/tr>\n\nAndhra Bank\u00a0<\/span><\/td>\n Dhanlaxmi Bank<\/span><\/td>\n Westpac Banking Corporation\u00a0<\/span><\/td>\n<\/tr>\n\nBank Of Baroda\u00a0<\/span><\/td>\n Federal Bank<\/span><\/td>\n Bank Of Bahrain & Kuwait BSC<\/span><\/td>\n<\/tr>\n\nBank Of India\u00a0<\/span><\/td>\n Jammu and Kashmir Bank<\/span><\/td>\n AB Bank Ltd.<\/span><\/td>\n<\/tr>\n\nBank Of Maharashtra\u00a0<\/span><\/td>\n Karnataka Bank<\/span><\/td>\n HSBC<\/span><\/td>\n<\/tr>\n\nCanara Bank\u00a0<\/span><\/td>\n Karur Vysya Bank<\/span><\/td>\n CITI Bank<\/span><\/td>\n<\/tr>\n\nCentral Bank Of India\u00a0<\/span><\/td>\n Lakshmi Vilas Bank<\/span><\/td>\n Deutsche Bank<\/span><\/td>\n<\/tr>\n\nCorporation Bank\u00a0<\/span><\/td>\n Nainital Bank<\/span><\/td>\n DBS Bank Ltd.<\/span><\/td>\n<\/tr>\n\nDena Bank<\/span><\/td>\n Ratnakar Bank<\/span><\/td>\n United Overseas Bank Ltd.<\/span><\/td>\n<\/tr>\n\nIndian Bank<\/span><\/td>\n South Indian Bank<\/span><\/td>\n J.P. Morgan Chase Bank<\/span><\/td>\n<\/tr>\n\nIndian Overseas Bank<\/span><\/td>\n Tamilnad Mercantile Bank<\/span><\/td>\n Standard Chartered Bank<\/span><\/td>\n<\/tr>\n\nOriental Bank Of Commerce<\/span><\/td>\n Axis Bank<\/span><\/td>\n Total Banks include 40 of them.<\/span><\/td>\n<\/tr>\n\nPunjab National Bank<\/span><\/td>\n Development Credit Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \nPunjab & Sind Bank<\/span><\/td>\n HDFC Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \nSyndicate Bank<\/span><\/td>\n ICICI Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \nUnion Bank of India<\/span><\/td>\n Induslnd Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \nUnited Bank Of India\u00a0<\/span><\/td>\n Kotak Mahindra Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \nUCO Bank<\/span><\/td>\n Yes Bank<\/span><\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n
\n\n\nVijaya Bank<\/span><\/td>\n IDFC<\/span><\/td>\n <\/td>\n<\/tr>\n \nIDBI Bank<\/span><\/td>\n Bandhan Bank Of Bandhan Financial Services<\/span><\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n4. Regional Rural Banks<\/h4>\n\n- Operating under the Regional Rural Bank Act of 1976, these banks started in 1975.<\/li>\n
- These banks aim at the development of rural and agricultural areas with the help of concessional loan offerings.<\/li>\n
- The establishment of 196 has taken place in between 1987 \u2013 2005.<\/li>\n
- The ownership of these banks belong 50% to the national government, 15% to the state government, and 35% to the commercial bank.<\/li>\n
- 3 geographically consecutive districts cannot have the branches of the same Regional Rural Bank.<\/li>\n
- From 2005 onwards, the merging of these banks took place then by the government due to which the number reduced to 86.<\/li>\n<\/ul>\n
5. Local Area Banks<\/h4>\n\n- Operating under the Companies Act, 1956 these banks originated in the year 1996.<\/li>\n
- These are commercially driven banks with the aim of earning profit.<\/li>\n
- These are run by private firms.<\/li>\n
- Currently, in India, there are 4 Local Area Banks located in the southern part of India.<\/li>\n<\/ul>\n
6. Specialized Banks<\/h4>\n\n- Banks which started for determined purposes are Specialized Banks.<\/li>\n
- The \u2018Export and Import\u2019 (EXIM) Bank is a part of the specialized banks. Export and import finances take place and loans occur via these banks.<\/li>\n
- Commercial and monetary responsibilities regarding rural artworks, handicrafts, villages, and agricultural development often take place by the \u2018National Bank for Agricultural & Rural Development\u2019 (NABARD).<\/li>\n
- The Small Industries Development Bank of India (SIDBI) offers loans for small scale industries and also upgrades them in terms of technology and equipment.<\/li>\n
- These are responsible for the economic and industrial development of the country.<\/li>\n<\/ul>\n
7. Small Finance Banks<\/h4>\n\n- Regulated and controlled by the national government of the country.<\/li>\n
- Responsible for offering finances and loans to minor businesses and trades such as farming or the poor unorganized sector.<\/li>\n<\/ul>\n
\n\n\nName of some Small Finance Banks<\/b><\/td>\n<\/tr>\n\nAU Small Finance Bank<\/span><\/td>\n<\/tr>\n\nCapital Small Finance Bank<\/span><\/td>\n<\/tr>\n\nESAF Small Finance Bank<\/span><\/td>\n<\/tr>\n\nEquitas Small Finance Bank<\/span><\/td>\n<\/tr>\n\nFincare Small Finance Bank<\/span><\/td>\n<\/tr>\n\nUtkarsh Small Finance Bank<\/span><\/td>\n<\/tr>\n\nJana Small Finance Bank<\/span><\/td>\n<\/tr>\n\nSuryoday Small Finance Bank<\/span><\/td>\n<\/tr>\n\nNortheast Small Finance Bank<\/span><\/td>\n<\/tr>\n\nUjjivan Small Finance Bank<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n8. Payments Banks<\/h4>\n\n- This latest introduction to the banking format design took place by the RBI.<\/li>\n
- The maximum deposit accepted in these banks is that of Rs.100000.<\/li>\n
- There is no facility of loans or credit cards available in such banks.<\/li>\n
- Net, online, mobile, ATM, and debit card banking can take place via.<\/li>\n<\/ul>\n
\n\n\nName of some Payment Banks<\/b><\/td>\n<\/tr>\n\nAirtel Payments Bank<\/span><\/td>\n<\/tr>\n\nIndia Post Payments Bank<\/span><\/td>\n<\/tr>\n\nFino Payments Bank<\/span><\/td>\n<\/tr>\n\nJio Payments Bank<\/span><\/td>\n<\/tr>\n\nPaytm Payments Bank<\/span><\/td>\n<\/tr>\n\nNSDL Payments Bank\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nConclusion<\/h2>\n
The above article increases awareness of the history and types of banks present in India. It also boosts preparations for competitive exams. Many well-known banks are also classified into the given categories.<\/p>\n
This article also explains how various institutions link to each other and where their services are best available. This encourages people to sensibly invest in their choice of bank by granting them enough knowledge on how each bank works. Add more content<\/p>\n","protected":false},"excerpt":{"rendered":"
The process of modern banking in India began in the late 18th century. The oldest profit-oriented bank is the \u2018Bank Of Calcutta\u2019 started in 1806 and is presently known as the \u2018State Bank Of...<\/p>\n","protected":false},"author":6,"featured_media":83187,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22591],"tags":[23373,23310,23372,23371],"class_list":["post-83177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-awareness-tutorials","tag-banking-sector-in-india","tag-banks-in-india","tag-indian-banks","tag-types-of-banks-in-india"],"yoast_head":"\n
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Types of Banks in India<\/h2>\n
There are several types of banks in India that are broadly divided into 2 categories i.e. Scheduled Banks and Non \u2013 Scheduled Banks.<\/p>\n
Scheduled Banks<\/h3>\n1. Central Bank<\/h4>\n\n- A chief bank that keeps a check on and synchronizes with all the other banks in a particular country is known as the Central Bank of the country.<\/li>\n
- In India, the post of the Central Bank is that of the ‘Reserve Bank of India\u2019 (RBI).<\/li>\n
- The RBI is also known as the \u2018government\u2019s bank\u2019 or the \u2018banker\u2019s bank\u2019.<\/li>\n
- The RBI is responsible for regulating and guiding other banks in the country.<\/li>\n
- It emanates the currency of the country i.e the Indian Rupee.<\/li>\n
- It executes and carries out financial and monetary strategies, approaches, and determining policies.<\/li>\n
- The RBI overlooks the pecuniary system of the country by handling the finances.<\/li>\n
- It is also responsible for foreign exchange.<\/li>\n
- All of these functions always take place under the supervision of the government of the country.<\/li>\n<\/ul>\n
2. Cooperative Banks<\/h4>\n\n- Such banks operate under the state government\u2019s act.<\/li>\n
- The main objective of these banks is to ensure the social well \u2013 being of the public.<\/li>\n
- This is done by offering loans that are open to concession based on user comfort.<\/li>\n
- These have a 3 level format:<\/li>\n<\/ul>\n
Level 1:<\/strong> The state-level cooperative banks include The RBI, government, and NABARD finance. Public distribution of money takes place. Concessional CRR, SLR charges also apply upon these banks. (CRR- 3%, SLR- 25%).<\/p>\nThe ownership belongs to the state government and the various members choose the major management.<\/p>\n
Level 2:<\/strong> The district-level cooperative banks. These are set up to enhance development in the agricultural sectors of majorly the rural areas. But they also run non – agricultural cooperatives with other unions, etc. Each district has a district-level bank in India.<\/p>\nThese banks are together represented by a State Apex Central Co-operative bank for each state. The members indulge in multiple different professions. These banks get loans at an interest rate of 1% to 2% lower than the standard bank rate<\/p>\n
Level 3:<\/strong> The rural or village level cooperative banks with their main focus on primary agriculture. NABARD is responsible for keeping a check on these banks. Primary Agricultural Credit Societies (PACs) exist on this level which works on grassroots levels.<\/p>\nThis help provides short and middle term loans to their members and acts as a link between the higher financial institutions of the country and their members. As of March 2018, there were 96248 such banks in the country.<\/p>\n
Non \u2013 Scheduled Banks<\/h3>\n3. Commercial Banks<\/h4>\n\n- Such banks operate under the Banking Companies Act of 1956.<\/li>\n
- These are often run by either the government or any private firm.<\/li>\n
- The major aim of such banks is to earn maximum profit through their commercial policies.<\/li>\n
- The deposit amount by its users acts as a major resource of its reserve.<\/li>\n
- Concessional interest fares are only offered when directed by the CBI.<\/li>\n
- These are appropriate for operation in both urban and rural areas.<\/li>\n<\/ul>\n
These further have 3 major types:<\/p>\n
a. Public Sector Banks:<\/strong> The denominating shareholder is either the government or the central bank of the country.<\/p>\nb. Private Sector Banks:<\/strong> The denominating shareholder is either an individual, some private organization, or a selected group of individuals.<\/p>\nc. Foreign Banks:<\/strong> Such banks have their head offices and main operating systems in a foreign country with their branches in India.<\/p>\n\n\n\nPublic Sector Banks<\/b><\/td>\n Private Sector Banks<\/b><\/td>\n Foreign Banks<\/b><\/td>\n<\/tr>\n\nState Bank Of India\u00a0<\/span><\/td>\n Catholic Syrian Bank<\/span><\/td>\n Australia and New Zealand Banking Group Ltd.<\/span><\/td>\n<\/tr>\n\nAllahabad Bank\u00a0<\/span><\/td>\n City Union Bank<\/span><\/td>\n National Australia Bank<\/span><\/td>\n<\/tr>\n\nAndhra Bank\u00a0<\/span><\/td>\n Dhanlaxmi Bank<\/span><\/td>\n Westpac Banking Corporation\u00a0<\/span><\/td>\n<\/tr>\n\nBank Of Baroda\u00a0<\/span><\/td>\n Federal Bank<\/span><\/td>\n Bank Of Bahrain & Kuwait BSC<\/span><\/td>\n<\/tr>\n\nBank Of India\u00a0<\/span><\/td>\n Jammu and Kashmir Bank<\/span><\/td>\n AB Bank Ltd.<\/span><\/td>\n<\/tr>\n\nBank Of Maharashtra\u00a0<\/span><\/td>\n Karnataka Bank<\/span><\/td>\n HSBC<\/span><\/td>\n<\/tr>\n\nCanara Bank\u00a0<\/span><\/td>\n Karur Vysya Bank<\/span><\/td>\n CITI Bank<\/span><\/td>\n<\/tr>\n\nCentral Bank Of India\u00a0<\/span><\/td>\n Lakshmi Vilas Bank<\/span><\/td>\n Deutsche Bank<\/span><\/td>\n<\/tr>\n\nCorporation Bank\u00a0<\/span><\/td>\n Nainital Bank<\/span><\/td>\n DBS Bank Ltd.<\/span><\/td>\n<\/tr>\n\nDena Bank<\/span><\/td>\n Ratnakar Bank<\/span><\/td>\n United Overseas Bank Ltd.<\/span><\/td>\n<\/tr>\n\nIndian Bank<\/span><\/td>\n South Indian Bank<\/span><\/td>\n J.P. Morgan Chase Bank<\/span><\/td>\n<\/tr>\n\nIndian Overseas Bank<\/span><\/td>\n Tamilnad Mercantile Bank<\/span><\/td>\n Standard Chartered Bank<\/span><\/td>\n<\/tr>\n\nOriental Bank Of Commerce<\/span><\/td>\n Axis Bank<\/span><\/td>\n Total Banks include 40 of them.<\/span><\/td>\n<\/tr>\n\nPunjab National Bank<\/span><\/td>\n Development Credit Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \nPunjab & Sind Bank<\/span><\/td>\n HDFC Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \nSyndicate Bank<\/span><\/td>\n ICICI Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \nUnion Bank of India<\/span><\/td>\n Induslnd Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \nUnited Bank Of India\u00a0<\/span><\/td>\n Kotak Mahindra Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \nUCO Bank<\/span><\/td>\n Yes Bank<\/span><\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n
\n\n\nVijaya Bank<\/span><\/td>\n IDFC<\/span><\/td>\n <\/td>\n<\/tr>\n \nIDBI Bank<\/span><\/td>\n Bandhan Bank Of Bandhan Financial Services<\/span><\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n4. Regional Rural Banks<\/h4>\n\n- Operating under the Regional Rural Bank Act of 1976, these banks started in 1975.<\/li>\n
- These banks aim at the development of rural and agricultural areas with the help of concessional loan offerings.<\/li>\n
- The establishment of 196 has taken place in between 1987 \u2013 2005.<\/li>\n
- The ownership of these banks belong 50% to the national government, 15% to the state government, and 35% to the commercial bank.<\/li>\n
- 3 geographically consecutive districts cannot have the branches of the same Regional Rural Bank.<\/li>\n
- From 2005 onwards, the merging of these banks took place then by the government due to which the number reduced to 86.<\/li>\n<\/ul>\n
5. Local Area Banks<\/h4>\n\n- Operating under the Companies Act, 1956 these banks originated in the year 1996.<\/li>\n
- These are commercially driven banks with the aim of earning profit.<\/li>\n
- These are run by private firms.<\/li>\n
- Currently, in India, there are 4 Local Area Banks located in the southern part of India.<\/li>\n<\/ul>\n
6. Specialized Banks<\/h4>\n\n- Banks which started for determined purposes are Specialized Banks.<\/li>\n
- The \u2018Export and Import\u2019 (EXIM) Bank is a part of the specialized banks. Export and import finances take place and loans occur via these banks.<\/li>\n
- Commercial and monetary responsibilities regarding rural artworks, handicrafts, villages, and agricultural development often take place by the \u2018National Bank for Agricultural & Rural Development\u2019 (NABARD).<\/li>\n
- The Small Industries Development Bank of India (SIDBI) offers loans for small scale industries and also upgrades them in terms of technology and equipment.<\/li>\n
- These are responsible for the economic and industrial development of the country.<\/li>\n<\/ul>\n
7. Small Finance Banks<\/h4>\n\n- Regulated and controlled by the national government of the country.<\/li>\n
- Responsible for offering finances and loans to minor businesses and trades such as farming or the poor unorganized sector.<\/li>\n<\/ul>\n
\n\n\nName of some Small Finance Banks<\/b><\/td>\n<\/tr>\n\nAU Small Finance Bank<\/span><\/td>\n<\/tr>\n\nCapital Small Finance Bank<\/span><\/td>\n<\/tr>\n\nESAF Small Finance Bank<\/span><\/td>\n<\/tr>\n\nEquitas Small Finance Bank<\/span><\/td>\n<\/tr>\n\nFincare Small Finance Bank<\/span><\/td>\n<\/tr>\n\nUtkarsh Small Finance Bank<\/span><\/td>\n<\/tr>\n\nJana Small Finance Bank<\/span><\/td>\n<\/tr>\n\nSuryoday Small Finance Bank<\/span><\/td>\n<\/tr>\n\nNortheast Small Finance Bank<\/span><\/td>\n<\/tr>\n\nUjjivan Small Finance Bank<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n8. Payments Banks<\/h4>\n\n- This latest introduction to the banking format design took place by the RBI.<\/li>\n
- The maximum deposit accepted in these banks is that of Rs.100000.<\/li>\n
- There is no facility of loans or credit cards available in such banks.<\/li>\n
- Net, online, mobile, ATM, and debit card banking can take place via.<\/li>\n<\/ul>\n
\n\n\nName of some Payment Banks<\/b><\/td>\n<\/tr>\n\nAirtel Payments Bank<\/span><\/td>\n<\/tr>\n\nIndia Post Payments Bank<\/span><\/td>\n<\/tr>\n\nFino Payments Bank<\/span><\/td>\n<\/tr>\n\nJio Payments Bank<\/span><\/td>\n<\/tr>\n\nPaytm Payments Bank<\/span><\/td>\n<\/tr>\n\nNSDL Payments Bank\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nConclusion<\/h2>\n
The above article increases awareness of the history and types of banks present in India. It also boosts preparations for competitive exams. Many well-known banks are also classified into the given categories.<\/p>\n
This article also explains how various institutions link to each other and where their services are best available. This encourages people to sensibly invest in their choice of bank by granting them enough knowledge on how each bank works. Add more content<\/p>\n","protected":false},"excerpt":{"rendered":"
The process of modern banking in India began in the late 18th century. The oldest profit-oriented bank is the \u2018Bank Of Calcutta\u2019 started in 1806 and is presently known as the \u2018State Bank Of...<\/p>\n","protected":false},"author":6,"featured_media":83187,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22591],"tags":[23373,23310,23372,23371],"class_list":["post-83177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-awareness-tutorials","tag-banking-sector-in-india","tag-banks-in-india","tag-indian-banks","tag-types-of-banks-in-india"],"yoast_head":"\n
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- \n
- A chief bank that keeps a check on and synchronizes with all the other banks in a particular country is known as the Central Bank of the country.<\/li>\n
- In India, the post of the Central Bank is that of the ‘Reserve Bank of India\u2019 (RBI).<\/li>\n
- The RBI is also known as the \u2018government\u2019s bank\u2019 or the \u2018banker\u2019s bank\u2019.<\/li>\n
- The RBI is responsible for regulating and guiding other banks in the country.<\/li>\n
- It emanates the currency of the country i.e the Indian Rupee.<\/li>\n
- It executes and carries out financial and monetary strategies, approaches, and determining policies.<\/li>\n
- The RBI overlooks the pecuniary system of the country by handling the finances.<\/li>\n
- It is also responsible for foreign exchange.<\/li>\n
- All of these functions always take place under the supervision of the government of the country.<\/li>\n<\/ul>\n
2. Cooperative Banks<\/h4>\n
- \n
- Such banks operate under the state government\u2019s act.<\/li>\n
- The main objective of these banks is to ensure the social well \u2013 being of the public.<\/li>\n
- This is done by offering loans that are open to concession based on user comfort.<\/li>\n
- These have a 3 level format:<\/li>\n<\/ul>\n
Level 1:<\/strong> The state-level cooperative banks include The RBI, government, and NABARD finance. Public distribution of money takes place. Concessional CRR, SLR charges also apply upon these banks. (CRR- 3%, SLR- 25%).<\/p>\n
The ownership belongs to the state government and the various members choose the major management.<\/p>\n
Level 2:<\/strong> The district-level cooperative banks. These are set up to enhance development in the agricultural sectors of majorly the rural areas. But they also run non – agricultural cooperatives with other unions, etc. Each district has a district-level bank in India.<\/p>\n
These banks are together represented by a State Apex Central Co-operative bank for each state. The members indulge in multiple different professions. These banks get loans at an interest rate of 1% to 2% lower than the standard bank rate<\/p>\n
Level 3:<\/strong> The rural or village level cooperative banks with their main focus on primary agriculture. NABARD is responsible for keeping a check on these banks. Primary Agricultural Credit Societies (PACs) exist on this level which works on grassroots levels.<\/p>\n
This help provides short and middle term loans to their members and acts as a link between the higher financial institutions of the country and their members. As of March 2018, there were 96248 such banks in the country.<\/p>\n
Non \u2013 Scheduled Banks<\/h3>\n
3. Commercial Banks<\/h4>\n
- \n
- Such banks operate under the Banking Companies Act of 1956.<\/li>\n
- These are often run by either the government or any private firm.<\/li>\n
- The major aim of such banks is to earn maximum profit through their commercial policies.<\/li>\n
- The deposit amount by its users acts as a major resource of its reserve.<\/li>\n
- Concessional interest fares are only offered when directed by the CBI.<\/li>\n
- These are appropriate for operation in both urban and rural areas.<\/li>\n<\/ul>\n
These further have 3 major types:<\/p>\n
a. Public Sector Banks:<\/strong> The denominating shareholder is either the government or the central bank of the country.<\/p>\n
b. Private Sector Banks:<\/strong> The denominating shareholder is either an individual, some private organization, or a selected group of individuals.<\/p>\n
c. Foreign Banks:<\/strong> Such banks have their head offices and main operating systems in a foreign country with their branches in India.<\/p>\n
\n\n
\n Public Sector Banks<\/b><\/td>\n Private Sector Banks<\/b><\/td>\n Foreign Banks<\/b><\/td>\n<\/tr>\n \n State Bank Of India\u00a0<\/span><\/td>\n Catholic Syrian Bank<\/span><\/td>\n Australia and New Zealand Banking Group Ltd.<\/span><\/td>\n<\/tr>\n \n Allahabad Bank\u00a0<\/span><\/td>\n City Union Bank<\/span><\/td>\n National Australia Bank<\/span><\/td>\n<\/tr>\n \n Andhra Bank\u00a0<\/span><\/td>\n Dhanlaxmi Bank<\/span><\/td>\n Westpac Banking Corporation\u00a0<\/span><\/td>\n<\/tr>\n \n Bank Of Baroda\u00a0<\/span><\/td>\n Federal Bank<\/span><\/td>\n Bank Of Bahrain & Kuwait BSC<\/span><\/td>\n<\/tr>\n \n Bank Of India\u00a0<\/span><\/td>\n Jammu and Kashmir Bank<\/span><\/td>\n AB Bank Ltd.<\/span><\/td>\n<\/tr>\n \n Bank Of Maharashtra\u00a0<\/span><\/td>\n Karnataka Bank<\/span><\/td>\n HSBC<\/span><\/td>\n<\/tr>\n \n Canara Bank\u00a0<\/span><\/td>\n Karur Vysya Bank<\/span><\/td>\n CITI Bank<\/span><\/td>\n<\/tr>\n \n Central Bank Of India\u00a0<\/span><\/td>\n Lakshmi Vilas Bank<\/span><\/td>\n Deutsche Bank<\/span><\/td>\n<\/tr>\n \n Corporation Bank\u00a0<\/span><\/td>\n Nainital Bank<\/span><\/td>\n DBS Bank Ltd.<\/span><\/td>\n<\/tr>\n \n Dena Bank<\/span><\/td>\n Ratnakar Bank<\/span><\/td>\n United Overseas Bank Ltd.<\/span><\/td>\n<\/tr>\n \n Indian Bank<\/span><\/td>\n South Indian Bank<\/span><\/td>\n J.P. Morgan Chase Bank<\/span><\/td>\n<\/tr>\n \n Indian Overseas Bank<\/span><\/td>\n Tamilnad Mercantile Bank<\/span><\/td>\n Standard Chartered Bank<\/span><\/td>\n<\/tr>\n \n Oriental Bank Of Commerce<\/span><\/td>\n Axis Bank<\/span><\/td>\n Total Banks include 40 of them.<\/span><\/td>\n<\/tr>\n \n Punjab National Bank<\/span><\/td>\n Development Credit Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \n Punjab & Sind Bank<\/span><\/td>\n HDFC Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \n Syndicate Bank<\/span><\/td>\n ICICI Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \n Union Bank of India<\/span><\/td>\n Induslnd Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \n United Bank Of India\u00a0<\/span><\/td>\n Kotak Mahindra Bank<\/span><\/td>\n <\/td>\n<\/tr>\n \n UCO Bank<\/span><\/td>\n Yes Bank<\/span><\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n
\n\n
\n Vijaya Bank<\/span><\/td>\n IDFC<\/span><\/td>\n <\/td>\n<\/tr>\n \n IDBI Bank<\/span><\/td>\n Bandhan Bank Of Bandhan Financial Services<\/span><\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n 4. Regional Rural Banks<\/h4>\n
- \n
- Operating under the Regional Rural Bank Act of 1976, these banks started in 1975.<\/li>\n
- These banks aim at the development of rural and agricultural areas with the help of concessional loan offerings.<\/li>\n
- The establishment of 196 has taken place in between 1987 \u2013 2005.<\/li>\n
- The ownership of these banks belong 50% to the national government, 15% to the state government, and 35% to the commercial bank.<\/li>\n
- 3 geographically consecutive districts cannot have the branches of the same Regional Rural Bank.<\/li>\n
- From 2005 onwards, the merging of these banks took place then by the government due to which the number reduced to 86.<\/li>\n<\/ul>\n
5. Local Area Banks<\/h4>\n
- \n
- Operating under the Companies Act, 1956 these banks originated in the year 1996.<\/li>\n
- These are commercially driven banks with the aim of earning profit.<\/li>\n
- These are run by private firms.<\/li>\n
- Currently, in India, there are 4 Local Area Banks located in the southern part of India.<\/li>\n<\/ul>\n
6. Specialized Banks<\/h4>\n
- \n
- Banks which started for determined purposes are Specialized Banks.<\/li>\n
- The \u2018Export and Import\u2019 (EXIM) Bank is a part of the specialized banks. Export and import finances take place and loans occur via these banks.<\/li>\n
- Commercial and monetary responsibilities regarding rural artworks, handicrafts, villages, and agricultural development often take place by the \u2018National Bank for Agricultural & Rural Development\u2019 (NABARD).<\/li>\n
- The Small Industries Development Bank of India (SIDBI) offers loans for small scale industries and also upgrades them in terms of technology and equipment.<\/li>\n
- These are responsible for the economic and industrial development of the country.<\/li>\n<\/ul>\n
7. Small Finance Banks<\/h4>\n
- \n
- Regulated and controlled by the national government of the country.<\/li>\n
- Responsible for offering finances and loans to minor businesses and trades such as farming or the poor unorganized sector.<\/li>\n<\/ul>\n
\n\n
\n Name of some Small Finance Banks<\/b><\/td>\n<\/tr>\n \n AU Small Finance Bank<\/span><\/td>\n<\/tr>\n \n Capital Small Finance Bank<\/span><\/td>\n<\/tr>\n \n ESAF Small Finance Bank<\/span><\/td>\n<\/tr>\n \n Equitas Small Finance Bank<\/span><\/td>\n<\/tr>\n \n Fincare Small Finance Bank<\/span><\/td>\n<\/tr>\n \n Utkarsh Small Finance Bank<\/span><\/td>\n<\/tr>\n \n Jana Small Finance Bank<\/span><\/td>\n<\/tr>\n \n Suryoday Small Finance Bank<\/span><\/td>\n<\/tr>\n \n Northeast Small Finance Bank<\/span><\/td>\n<\/tr>\n \n Ujjivan Small Finance Bank<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n 8. Payments Banks<\/h4>\n
- \n
- This latest introduction to the banking format design took place by the RBI.<\/li>\n
- The maximum deposit accepted in these banks is that of Rs.100000.<\/li>\n
- There is no facility of loans or credit cards available in such banks.<\/li>\n
- Net, online, mobile, ATM, and debit card banking can take place via.<\/li>\n<\/ul>\n
\n\n
\n Name of some Payment Banks<\/b><\/td>\n<\/tr>\n \n Airtel Payments Bank<\/span><\/td>\n<\/tr>\n \n India Post Payments Bank<\/span><\/td>\n<\/tr>\n \n Fino Payments Bank<\/span><\/td>\n<\/tr>\n \n Jio Payments Bank<\/span><\/td>\n<\/tr>\n \n Paytm Payments Bank<\/span><\/td>\n<\/tr>\n \n NSDL Payments Bank\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Conclusion<\/h2>\n
The above article increases awareness of the history and types of banks present in India. It also boosts preparations for competitive exams. Many well-known banks are also classified into the given categories.<\/p>\n
This article also explains how various institutions link to each other and where their services are best available. This encourages people to sensibly invest in their choice of bank by granting them enough knowledge on how each bank works. Add more content<\/p>\n","protected":false},"excerpt":{"rendered":"
The process of modern banking in India began in the late 18th century. The oldest profit-oriented bank is the \u2018Bank Of Calcutta\u2019 started in 1806 and is presently known as the \u2018State Bank Of...<\/p>\n","protected":false},"author":6,"featured_media":83187,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22591],"tags":[23373,23310,23372,23371],"class_list":["post-83177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-awareness-tutorials","tag-banking-sector-in-india","tag-banks-in-india","tag-indian-banks","tag-types-of-banks-in-india"],"yoast_head":"\n
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