The industry handles finances in an exceedingly country together with money and credit. Given their importance in the economy, banks are kept under strict regulations. In India, the Reserve Bank of India (RBI) is the apex banking institution that regulates the monetary policy in India. Banks are the institutional bodies that accept deposits and grant credit to the entities and play a major role in maintaining the economic stature of a country.
Classification Of Bank
Banks are classified into Scheduled and Non-Scheduled Banks. Scheduled banks will additionally be classified into Business Banks and Cooperative banks. Commercial Banks can be further classified into Public Sector Banks, Private Sector Banks, Foreign banks and Regional Rural Banks (RRB). On the opposite hand, Cooperative banks are classified into urban and rural. So let’s talk about the main two types of banks in India that are Public sector bank and privet sector bank.
Public Sector Banks
Public Sector Banks (PSBs) are banks, where a majority stake more than 50% is held by a government. The shares of those banks are listed on stock exchanges. There are 21 public sector banks in India. Out of these, 19 banks are nationalized and 2 banks that come under PSUs are State Bank of India and IDBI Bank. There are a total of 21 nationalized banks in the country namely below:
1.State Bank Of India 2.Bank Of Maharastra 3.IDBI bank 4.Corporation Bank 5.Bank Of Baroda 6.Vijaya Bank 7.Indian Bank 8 .UCO Bank 9.Union Bank Of India 10. Andhra Bank 11.Central Bank Of India 12.Bank Of India 13.Canara Bank 14.Allahabad Bank 15.Punjab National Bank 16.Dena Bank 17.Oriental Bank Of Commerce 18.Syndicat Bank 19.United Bank Of India 20.Indian Overseas Bank 21.panjab & Sind Bank
Private Sector Banks
These include banks in which major stake or equity is held by private shareholders. All the banking rules and regulations laid down by the RBI will be applicable on private sector banks as well. Given below is the list of private-sector banks in India
1.HDFC Bank 2.ICICI bank 3.Axis Bank 4.YES Bank 5.DCB Bank 6.City Union Bank 7.karnataka Bank 8.Lakshmi Vilas Bank 9.RBL Bank 10.Federal Bank 11.IDFC Bank 12.Bandhan Bank 13.Nainital Bank 14.South India Bank 15.Dhanlakshmi Bank 16.Catholic Syrian Bank 17.jammu & Kashmir Bank 18.Karur Vysya Bank 19.Kotak Mahindra Bank 20.Indualnd Bank 21.Tamilnadu Tamilnadu Bank