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Public Private Sector Banks and Foreign Banks in India

The system of banking in India dates back to the later half of the 18th century. The first bank that was established in India was known as The General Bank of India. It was founded in the year 1786, today it is defunct. State Bank of India is the oldest one in the country that still exists. It was previously known as Bank of Calcutta and started operations on June 1806.

Banks in India have come along way since liberalization. The banks in India are broadly categorized into Public, Private and Foreign banks.

Striking Facts about Banks in India

• Canara Bank was the first bank in India that was given an ISO
• Punjab National Bank was the first bank in India that began operations entirely with Indian capital
• South Indian Bank was the first bank in India in the private sector that became a scheduled bank in the year 1946 by the RBI Act
• State Bank of India is the largest, oldest and most successful commercial bank in the country
• State Bank of India offers a wide range of domestic, NRI and international products and services
• Bank of India was the first Indian bank that opened a branch outside the country in 1946 in London
• Allahabad Bank is the oldest Public Sector Bank in the country that has branches spread across all over India
• Allahabad Bank has been serving the nation for the past 132 years
• The Central Bank of India was the first commercial bank in India which was entirely owned and managed by the citizens of the country

Public sector Banks in India

India is home to a host of Public sector Banks. Public sector banks refer to those banks in which the government holds more than 50 percent of the shares.

List of Public sector Banks in India

• Bank of Baroda
• Bank of India
• Union Bank of India
• Punjab & Sind Bank
• UCO Bank
• Bank of Maharashtra
• Allahabad Bank
• Andhra Bank
• Punjab National Bank
• Syndicate Bank
• Canara Bank
• Central Bank of India
• Corporation Bank
• Dena Bank
• Indian Bank
• Indian Overseas Bank
• Oriental Bank of Commerce
• Punjab & Sind Bank
• UCO Bank
• United Bank of India
• Vijaya Bank

Services of Public sector Banks in India

The Public sector Banks in India provide the following services under the different sections:

Personal Banking

• Home Loan
• Loans
• deposit scheme
• Life Insurance
• General Insurance
• credit Cards
• Overdrafts
• Personal Loan
• Loan against Property
• current account
• gold schemes
• salary account scheme
• Mutual Fund Products

Corporate Banking

• Merchant Banking Services
• Accounts & Deposits
• IPO Monitoring Activity
• Loans & Advances
• Cash Management Services
• TUF Schemes
• Electronic Tax

NRI Banking

• Remit money schemes
• Rupee drawing arrangement
• Bank-western union remittances scheme

Priority & SME Credit

• Priority Credit
• SME Marketing Desk
• Regional Rural Banks
• SME Business
• Rural Development
• Consultancy Services related to agriculture
• Agri-Business Marketing Desk
• Social Banking
• Entrepreneurship Development for women

Loans & Advances:-

• Home Loan
• Loan for Personal needs of Teaching/Non- Teaching Staff
• Loan for Personal Needs
• Loan against Security of Mortgage of Property
• Loan for Pensioners
• Loan against approved Shares/Debentures/Mutual Funds

Private Banks in India

India also houses numerous private banks. Private Banks are the banks that have no government stakes. The shares in these banks are held entirely by financial institutions/general public.

List of Private Banks in India

• Bank of Rajasthan
• Centurion Bank
• Bank of Punjab
• Catholic Syrian Bank
• IndusInd Bank
• IDBI Bank
• ICICI Bank
• Jammu & Kashmir Bank
• ING Vysya Bank
• Karur Vysya Bank
• Laxmi Vilas Bank
• United Western Bank
• Axis Bank
• City Union Bank
• Dhanalakshmi Bank
• Development Credit Bank
• Federal Bank
• HDFC Bank
• Karnataka Bank
• South Indian Bank

Services of Private sector Banks in India

The Private sector Banks in India provide the following services under the different sections:

Personal banking

• Loans
• Forex and trade services
• Credit Card
• Online Payment services
• Investments and insurance
• Private Banking

NRI banking

• Accounts and deposits – savings accounts, foreign currency deposits, current accounts, accounts for returning Indians and fixed deposits
• Preferred banking
• Loans – home loan and loan against securities
• Ways to bank – banking online, banking in person and banking with your phone
• Payment services
• Fixed deposits
• Portfolio investment services
• Mutual funds
• Private banking

Corporate Bank

• Funded Services
• Non Funded Services
• Value Added Services
• Internet Banking
• Corporate Salary Accounts

Foreign Banks in India

Foreign Banks are international banks that have opened their branches in India. These banks have brought along with them the latest technologies and banking practices.

List of Foreign Banks in India

• ABN-AMRO Bank
• Bank of Ceylon
• Scotia Bank
• Abu Dhabi Commercial Bank
• China Trust Commercial Bank
• Standard Chartered Bank
• JPMorgan Chase Bank
• BNP Paribas Bank
• Citi Bank
• China Trust Commercial Bank
• Deutsche Bank
• HSBC
• JPMorgan Chase Bank
• Taib Bank

Services of Foreign Banks in India

The Foreign Banks in India provide the following services under the different sections:

• Credit cards
• Debit cum ATM cards
• Touch Screen Banking
• Mobile Banking
• Online Payment of Bills
• Bank statements through Email
• Loans which include home loans, business loans, personal loans, overdrafts
• Internet Banking
• Prepaid Mobile Recharge
• Insurance services which include Health insurance, Life Insurance, insurance on home loans and  travel insurance
• Investment Services which include Demat, Mutual Funds, and Deposits

Corporate banking services

• Current Accounts
• Citi Business cards
• Personal Wealth Management
• Business Loans

The NRI banking services

• E-Statements
• Forex services
• Foreign Exchange Services
• Dollar Checking Account

About the Author

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