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Bank Sector- were the Money of the Country is organized

In India the contemporary banking system commenced since late 18th century.† The General Bank of India and Bank of Hindustan (1770-1829) were among the cardinal banks established in India. In the allo...

In India the contemporary banking system commenced since late 18th century.† The General Bank of India and Bank of Hindustan (1770-1829) were among the cardinal banks established in India. In the allotment criteria of British East India Company, Bank of Bombay, Bank of Madras and State bank of India (SBI) were the three presidency banks established among which SBI is the oldest and the largest bank still in the perseverance. In 1921, Imperial Bank of India was formed uniting these three banks. Thereafter, Indiaís independence provoked it as State Bank of India in 1955.

After the nationalization in Indian government, all the banks have dwelled under government domination which is run by a commercial profit-making Public Sector undertaking (psu). The Indian bank sectors include PSUs, state banks, new private commercial banks (in 1990s) and some prime foreign banks. National Bank of Agriculture and Rural Development has being popularized with micro finance any many other facilities for the distant Indian regions like in rural India. The government controls 84% of the total branches.

In the Public Sector Banks, a majority stake is held by the Central government and after the normalization these banks were established to distribute the economic and wealth endowment.

There are 26 Public Sector Banks (PSBs) in India which includes Allahabad Bank Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, IDBI 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, State Bank of India and some banks affiliated to SBI-

*State Bank of Bikaner and Jaipur,
*State Bank of Hyderabad,
*State Bank of Mysore,
*State Bank of Patiala,
*State Bank of Travancore,
*State Bank of Saurashtra.

In Private Sector Banks, majority of the stake and handling of the business activities of these banks is held by private shareholders but not by the government. Due to professional management and organized structure these sector banks have become durable. This type of banking was the ancient way of banking in the banking sector.

Private Banks include Bank of Bengal, Bank of Bombay and Bank of Madras which were later acknowledged as Imperial Bank of India. In 1935, all the functionalities any responsibilities were possessed by Reserve Bank of India (RBI). RBIís liberalization caused the formation of some new licensed private banks among which Housing Development Finance Corporation Limited was the first who got acquired its license from the RBI.

The new private sector banks were Catholic Syrian Bank, City Union Bank, Dhanlaxmi Bank, Federal Bank, ING Vysya Bank, Jammu and Kashmir Bank, Karnataka Bank, Karur Vysya Bank, Lakshmi Vilas Bank, Nainital Bank, Ratnakar Bank, SBI Commercial and international Bank, South Indian Bank, Tamilnad Mercantile Bank Limited and United Western Bank.

Some extended new private banks are Axis Bank (earlier UTI Bank), Bank of Punjab, Centurion Bank Ltd. (Merged Bank of Punjab in late 2005 to become Centurion Bank of Punjab, acquired by HDFC Bank Ltd. in 2008), Development Credit Bank (Converted from Co-operative Bank, now DCB Bank Ltd.), HDFC Bank, [[ICICI Bank]] previously ICICI and then both merged; total merger SCICI+ICICI+ICICI Bank Ltd], IndusInd Bank, Kotak Mahindra Bank, Yes Bank, Times Bank (Merged with HDFC Bank Ltd.), Global Trust BankHealth Fitness Articles, India (Merged with Oriental Bank of Commerce) and IDBI Bank Ltd.

Source: Free Articles from ArticlesFactory.com

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