Types of banks in India:
With an increase in the range of financial activities in the Indian banking sector, there are different of banks that cater to specific requirements of the customers. Today, we have banks catering to customers through personalized services and banks offer specific services. Typically, banks can be classified on the basis of their ownership as specified bellow:
1. NationalizedBanks,also known as Public Sector Bank.
2. Private Banks those are bellongs to Indian origin.
3. Foreign Banks those have branches in India.
But the current banking scenario has changed considerably. The following are the main types of banks in India (on the basis of activities):
# Privately Owned: These banks operate on a purely profit basis. Also called central
banks and new generation banks, these are controlled by the state governments
of their respective countries. While they are known to offer quick, easy and
convenient options for customers, they are not considered as reliable & committed
to growing the wealth of their customers as nationalized banks.
# Publicly Owned: These banks are operated and controlled by the government.
These banks actively maintain a huge number of operations that constitute the
country’s liquidity in the banking sector. They are considered safe, reliable and
committed to the customers and the process established by R.B.I.
# Retail banks: These banks deal with consumers and small business owners directly.
The major products offered by them include savings and current accounts, credit
cards, and loans, such as mortgages. These also cater to high net worth clients
offering them wealth management services.These can be further divided into:
1.Offshore banks: Most of these are private banks that operate in spheres of
reduced taxes.
2.Community banks: These banks operate on a local basis and serve people and
markets that have usually been devoid of banking services.
3.Postal savings banks: These banks operate in collaboration with the nation’s
national postal systems.
4.Building societies: Typically owned by their clients, these Kind of banks are offer a
broad range of retail banking services.
5.Ethical banks: These banks only acknowledge investments that are socially and
environmentally useful.
6.Business banks: These banks serve medium scale businesses & organizations.
7.Corporate banks: These banks typically deal with major business entities.
8.Investment banks: These banks help clients in mergers and acquisitions & other
services related to financial markets. Some investment banks conduct underwriting
services only.Some investment banks are merchant banks that perform traditional
banking activities related to trade-finance.
List of banks in India
Nationalized banks
1. Allahabad Bank
2. Andhra Bank
3. Bank of Baroda
4. Bank of India
5. Bank of Maharashtra
6. Canara Bank
7. Central Bank of India
8. Corporation Bank
9. Dena Bank
10. IDBI Bank
11. Indian Bank
12. Indian Overseas Bank
13. Oriental Bank of Commerce
14. Punjab National Bank
15. State Bank of India (Commonly known as S.B.I.)
16. State Bank of Bikaner & Jaipur
17. State Bank of Hyderabad
18. State Bank of Mysore
19. State Bank of Patiala
20. State Bank of Travancore
21. State Bank of Indore - (merged with SBI in 2010)*
22. State Bank of Saurashtra - (merged with SBI in 2008) *
23. Syndicate Bank
24. Union Bank of India
25. UCO Bank
26. United Bank of India
27. Vijaya Bank
[* State Bank of Indore and Saurashtra are now known as SBI]
Private Banks
1. Axis Bank (Formerly UTI Bank)
2. HDFC Bank
3. ICICI Bank (Siddhashila)
4. Kotak Mahindra Bank
5. Karnataka Bank
6. Yes Bank
7. IndusInd Bank
8. The Nainital Bank Ltd.
9. ING Vysya Bank
Foreign Banks
1. ABN AMRO Bank N.V. - Royal Bank of Scotland
2. Abu Dhabi Commercial Bank Ltd
3. American Express Bank
4. Antwerp Diamond Bank
5. Arab Bangladesh Bank
6. Bank International Indonesia
7. Bank of America
8. Bank of Bahrain & Kuwait
9. Bank of Ceylon
10. Bank of Nova Scotia
11. Bank of Tokyo Mitsubishi UFJ
12. Barclays Bank
13. BNP Paribas
14. Calyon Bank
15. ChinaTrust Commercial Bank
16. Citibank
17. DBS Bank
18. Deutsche Bank
19. HSBC (Hongkong & Shanghai Banking Corporation)
20. JPMorgan Chase Bank
21. Krung Thai Bank
22. Mashreq Bank
23. Mizuho Corporate Bank
24. Oman International Bank
25. State Bank of Mauritius
26. Shinhan Bank
27. Société Générale
28. Sonali Bank
29. Standard Chartered Bank
30. UBS
31. VTB
To Know more about each Bank please click on it.
You can also found Brief History, products & services offered by that Bank
& can download online forms, ATM location and many more.