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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.
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra.It is the 48th largest bank in the world by total assets and ranked 178th in the Fortune Global 500 list of the world's biggest corporations of 2024, being the only Indian bank on the list. [11]
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. The shares of these government-owned-banks are listed on stock exchanges.
The scheduled banks are further classified into: nationalised banks; State Bank of India and its associates; Regional Rural Banks (RRBs); foreign banks; and other Indian private sector banks. [7] The SBI has merged its Associate banks into itself to create the largest Bank in India on 1 April 2017.
Many of the largest banks in the world are part of larger bank holding companies. This structure allows them to offer various financial services, making them more resilient and competitive in the global market. GlobalData and Forbes India maintain their own lists of the top ten largest banks in the world ranked by their market capitalization ...
1955 Imperial Bank of India and its subsidiaries (State Bank of India and its subsidiaries) 1969 Nationalization of 14 Indian banks. 1972 Nationalisation and restructuring of 107 insurance companies under the General Insurance Corporation of India. [27] 1973 Coal industry under Coal India Limited and the oil and gas industry under the Oil and ...
A 2018 stamp dedicated to the 100th anniversary of the Union Bank of India. Union Bank of India was established on 11 November 1919 in Bombay (now Mumbai) by Seth Sitaram Poddar. [1] The bank's corporate office was inaugurated by Mahatma Gandhi. At the time of India's independence in 1947, the bank had four branches – three in Mumbai and one ...
Arnad Bank had been established on 23 December 1942 and at the time of its acquisition had only one branch. Cochin Commercial Bank had been established on 3 January 1936, and at the time of its acquisition had 13 branches. [7] The Government of India nationalised Canara Bank, along with 13 other major commercial banks in India, on 19 July 1969 ...