Banking Sector is the backbone of a country’s economy as this directly affects country inflation, deflation, and other factors that impact the country’s economy vastly. There are different types of banks in India that can be bifurcated on the basis of the kind of business they handle. In this article, we will list all banks that are approved by the Reserve Bank of India to do the banking operations in India.
Table of Contents
Types of Banks
Public Sector Bank
Public sector banks are those banks where the Government of India has a majority stake i.e. more than 49.5%. These banks have their shares under the Ministry of Finance, the Government of India, or any of the State Finance Ministry. Establishing public sector banks allows the Government of India to provide the citizens with various public welfare schemes.
The banking system is the backbone of any country’s economy and hence, a significant presence of the Government is very important to govern the banking sector. The banking sector also generates a lot of jobs for the citizens. Public sector banking was started back in 1955 when the Imperial Bank of India was nationalized and the State Bank of India was formed.
Another big change in public sector banking was done during the Indra Gandhi era when she nationalized 14 additional banks. Further, after the Liberalization of the Indian Economy, and changing Government policies, currently, there are 12 public sector banks in India.
Private Sector Bank
Private banks are those banks whose majority stakes are owned by Private entities. After the Liberalization of the Indian economy during the 1991 economic crisis. The establishment of the Private sector banks took place. Big payers like HDFC, ICICI banks, etc. came into existence and diversified the banking sector in India. There are a total of 21 Private Sector Banks in India.
Small Finance Bank
Small Finance Banks are niche banks that provide banking services to account holders. They function like any other bank where lending and depositing of funds can be done, however, the bank’s presence is in that location where normal banks do not have their branches. This helps the banking system to reach out to every section of society and serve the unserved individuals.
Payments Bank
A payment Bank is a new bank system introduced to fulfill the lack of any payment-based bank. Before the introduction of payment, bank cash was the only medium that is used for payment at shops and local stores but with the introduction of Payments Bank the use of the digital method for payment has increased. With the Fintech boom and UPI payments system, the Indian banking system has grown rapidly in digital banking.
Regional Rural Bank
As the name suggests, Regional Rural Banks are those banks that have their main operations in a rural area. This does not mean that RRBs cannot have urban branches but, the RRBs primarily focus on rural customers.
RRBs are owned by the Ministry of Finance, Government of India and has smaller scale operation as compared to the public sector banks. The area of operations of an RRB is limited and has a geographical barrier.
Foreign Bank
As the name suggests Foreign banks are those banks that have branches in India but are headquartered outside of India. The main aim of the foreign banks in India is the facilitate a merchant with the export and import and other international business processes. The most famous foreign Bank in India is Citi Bank, Standard Charters Bank, Bank of America, etc.
Public Sector Banks
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Indian Bank
- Indian Overseas Bank
- Punjab & Sind Bank
- Punjab National Bank
- State Bank of India
- UCO Bank
- Union Bank of India
Private Sector Banks
- Axis Bank Ltd.
- Bandhan Bank Ltd.
- CSB Bank Ltd.
- City Union Bank Ltd.
- DCB Bank Ltd.
- Dhanlaxmi Bank Ltd.
- Federal Bank Ltd.
- HDFC Bank Ltd
- ICICI Bank Ltd.
- Induslnd Bank Ltd
- IDFC First Bank Ltd.
- Jammu & Kashmir Bank Ltd.
- Karnataka Bank Ltd.
- Karur Vysya Bank Ltd.
- Kotak Mahindra Bank Ltd
- Nainital Bank Ltd.
- RBL Bank Ltd.
- South Indian Bank Ltd.
- Tamilnad Mercantile Bank Ltd.
- YES Bank Ltd.
- IDBI Bank Ltd.
Small Finance Banks
- Au Small Finance Bank Limited
- Capital Small Finance Bank Limited
- Equitas Small Finance Bank Limited
- Suryoday Small Finance Bank Limited
- Ujjivan Small Finance Bank Limited
- Utkarsh Small Finance Bank Limited
- ESAF Small Finance Bank Limited
- Fincare Small Finance Bank Limited
- Jana Small Finance Bank Limited
- North East Small Finance Bank Limited
- Shivalik Small Finance Bank Limited
- Unity Small Finance Bank Limited
Payments Banks
- India Post Payments Bank Limited
- Fino Payments Bank Limited
- Paytm Payments Bank Limited
- Airtel Payments Bank Limited
Regional Rural Banks
- Andhra Pragathi Grameena Bank
- Andhra Pradesh Grameena Vikas Bank
- Arunachal Pradesh Rural Bank
- Aryavart Bank
- Assam Gramin Vikash Bank
- Bangiya Gramin Vikas Bank
- Baroda Gujarat Gramin Bank
- Baroda Rajasthan Kshetriya Gramin Bank
- Baroda UP Bank
- Chaitanya Godavari Grameena Bank
- Chhattisgarh Rajya Gramin Bank
- Dakshin Bihar Gramin Bank
- Ellaquai Dehati Bank
- Himachal Pradesh Gramin Bank
- J&K Grameen Bank
- Jharkhand Rajya Gramin Bank
- Karnataka Gramin Bank
- Karnataka Vikas Grameena Bank
- Kerala Gramin Bank
- Madhya Pradesh Gramin Bank
- Madhyanchal Gramin Bank
- Maharashtra Gramin Bank
- Manipur Rural Bank
- Meghalaya Rural Bank
- Mizoram Rural Bank
- Nagaland Rural Bank
- Odisha Gramya Bank
- Paschim Banga Gramin Bank
- Prathama UP Gramin Bank
- Puduvai Bharathiar Grama Bank
- Punjab Gramin Bank
- Rajasthan Marudhara Gramin Bank
- Saptagiri Grameena Bank
- Sarva Haryana Gramin Bank
- Saurashtra Gramin Bank
- Tamil Nadu Grama Bank
- Telangana Grameena Bank
- Tripura Gramin Bank
- Utkal Grameen bank
- Uttar Bihar Gramin Bank
- Uttarakhand Gramin Bank
- Uttarbanga Kshetriya Gramin Bank
- Vidharbha Konkan Gramin Bank
Foreign Bank
- AB Bank Ltd.
- Abu Dhabi Commercial Bank Ltd.
- American Express Banking Corporation
- Australia and New Zealand Banking Group Ltd.
- Barclays Bank Plc.
- Bank of America
- Bank of Bahrain & Kuwait BSC
- Bank of Ceylon
- Bank of China
- Bank of Nova Scotia
- BNP Paribas
- Citibank N.A.
- Cooperatieve Rabobank U.A.
- Credit Agricole Corporate & Investment Bank
- Credit Suisse A.G
- CTBC Bank Co., Ltd.
- DBS Bank India Limited
- Deutsche Bank
- Doha Bank Q.P.S.C
- Emirates Bank NBD
- First Abu Dhabi Bank PJSC
- FirstRand Bank Ltd
- HSBC Ltd
- Industrial & Commercial Bank of China Ltd.
- Industrial Bank of Korea
- J.P. Morgan Chase Bank N.A.
- JSC VTB Bank
- KEB Hana Bank
- Kookmin Bank
- Krung Thai Bank Public Co. Ltd.
- Mashreq Bank PSC
- Mizuho Bank Ltd.
- MUFG Bank, Ltd.
- NatWest Markets Plc
- PT Bank Maybank Indonesia TBK
- Qatar National Bank (Q.P.S.C.)
- Sberbank
- SBM Bank (India) Limited
- Shinhan Bank
- Societe Generale
- Sonali Bank Ltd.
- Standard Chartered Bank
- Sumitomo Mitsui Banking Corporation
- United Overseas Bank Ltd
- Woori Bank
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I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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