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This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934. [1] [2]At end-March 2024, India's commercial banking sector consisted of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 45 foreign banks (FBs), 12 SFBs, six PBs, 43 RRBs, and two LABs.
The forms used in the list are English-language forms provided by India. Source list update. Addition of sources: Statoids, Geonames 30 October 2014 Add one state. IN-TG Telengana [2] Change spelling. IN-OR Orissa → IN-OR Odisha Update list source and code source. 22 November 2019 Change of subdivision category from state to Union territory.
India is a federal constitutional republic governed under a parliamentary system consisting of 28 states and 8 union territories. [1] All states, as well as the union territories of Jammu and Kashmir, Puducherry and the National Capital Territory of Delhi, have elected legislatures and governments, both patterned on the Westminster model. The ...
The act dissolved the Indian Empire, the Imperial Legislative Council and the Chamber of Princes. The Union of India was consequently established from 9 former Indian provinces (East Punjab, United Provinces, Central Provinces, Madras, Bombay, Bihar, Orissa, West Bengal and Assam) and 562 former Indian states.
Public Sector Undertakings (Banks) are a major type of government-owned banks in India, where a majority stake (i.e., more than 50%) is held by the Ministry of Finance (India) of the Government of India or State Ministry of Finance of various State Governments of India.
On 30 August 2019, Finance Minister announced that Allahabad Bank would be merged with Indian Bank. The proposal would create the seventh largest PSB in the country with assets of ₹ 8.08 lakh crore (US$93 billion). [66] [54] The Union Cabinet approved the merger on 4 March 2020. Indian Bank assumed control of Allahabad Bank on 1 April 2020. [57]
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The Indian Financial System Code (IFS Code or IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India: the National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) systems.