IMPORTANT FACT ABOUT indian banking sector & financial services
Definition of Bank ::
An organization which keeps money safely for its customers; the office or building of such an organization. You can take money out, save, borrow or exchange money at a bank.
Legal definition of Bank ::
An officiall chartered institution and financial institution empowered to receive deposits, make loans, and provide checking and savings account services, all at a profit. In the United States banks must be organized under strict requirements by either the federal or a state government.
INDIAN GOVERNMENT MERGED 27 BANKS ::
The government of India announced the mergers on August 30, 2019
there were a total of 27 banks that have merged recently, and the number has reduced to 12
The main reason of mergers of all these Bank :: The main reason of mergers of all these banks was that
1 .Strengthen the banking sector.
2. Increase the wealth of shareholders.
3.These banks were merged because they were using a similar CBS platform that would benefit from the fast realization of gains.
Indian finance minister view ::
The Finance Minister said that they wish to create next-generation banks, and for that, it is essential that you would need banks that have a strong national presence and global reach. The good part of the merger was that the employees were not taken out; instead, they were adjusted in different banks
Banking Divisions Financial Institutions and others
- India Infrastructure Finance Company Ltd (IIFCL)
- Export-Import Bank of India (EXIM Bank)
- Small Industries Development Bank of India(SIDBI)
- National Housing Bank (NHB)
- Acuite Ratings & Research Limited
- List of CMDs of Financial Institutions
- Industrial Finance Corporation of India (IFCI)
Major Functions : Banking
The mandate of the Department of Financial Services covers the functioning of Banks, Financial Institutions, Insurance Companies and the National Pension System. The Department is headed by the Secretary, (Financial Services) who is assisted by five Additional Secretary(AS), three Joint Secretaries(JS), two Economic Advisers(EA) and a Deputy Director General(DDG).
All Nationalized Bank Name, Headquarter, with their Tag Line.::
1. Punjab National Bank ( With the merger of Oriental Bank Of Commerce and United Bank Of India),Headquater New Delhi.Tag line is "The name you can Bank Upon"
2. Indian Bank( With Merger of Allahabad Bank).Headquater Chennai,Tag line is "Your Tech-friendly bank"
3. State Bank of India.Headquater Mumbai.
"With you all the way, Pure Banking Nothing Else, The Nation’s banks on us"
4. Canara Bank( With Merger Of Syndicate Bank) .Headquater Bangalore.Tag line is "Together we can"
5. Union Bank of India( With Merger Of Andhra Bank and Corporation Bank).
Headquater Mumbai.Tag line "Good people to bank with"
6. Indian Overseas bank.Headquater Chennai.Tag line is "Good people to grow with"
7. UCO Bank.Headquater Kolkata .Tagline "Honors Your Trust"
8. Bank of Maharashtra .Headquater Pune.Tagline is " One Family One Bank"
9. Punjab and Sind Bank .Headquater Rajendra Place, New Delhi.Tag line"Where Service Is A Way Of Life"
10. Bank ofIndia.Headquater Mumbai,
Tagline "Relationships beyond Banking"
11. Central Bank of India.Headquater
Mumbai.Tag line "Central To you Since 1911, Build A Better Life Around Us"
12. Bank of Baroda,Headquater
Gujarat.Tag line is "India’s International Bank"
Main Function and service of bank ::
The main function and services of our all Indian banks are as follow--
1.Wealth management
2.Currency exchange
3.Savings account
4.Financial services
5.Safeguarding money
6.Investing the deposits in funds
Best Public Sector (PSU) Banks in India 2022
List of Public sector( PSU ) Banks with their Number of Branches and its Headquarter
State Bank of India (SBI) branches -24000 .Headquater-Mumbai
Punjab National Bank (With Merger of Oriental Bank of Commerce and United Bank of India) branches-11437. Headquater-New Delhi.
Bank of Baroda (With Merger of Dena Bank & Vijaya Bank) 8581 Headquater-Vadodara
Canara Bank (With Merger of Syndicate Bank)Branches- 10391 Headquater- Bengaluru
Union Bank of India (With Merger of Andhra Bank and Corporation Bank) Branches-9500 Headquater-Mumbai
Bank of India branches-5825 .Headquater- Mumbai.
Indian Bank (With Merger of Allahabad Bank) Branches-6000.Headquater-Chennai
Central Bank of India Branches- 2876 .Headquater-Mumbai
Indian Overseas Bank.Branches 2995 . Headquater-Chennai
UCO Bank.Branches- 2377.Headquater- Kolkata
Bank of Maharashtra .Branches-1860 .Headquater- Pune
Punjab & Sindh Bank.Branches- 1045 .Headquater- New Delhi
Private Sector Banks in India 2021
List of Private Banks ,Number of Branches, Number of ATMs, Headquarter,
Axis Bank 4094 17315 Mumbai
Bandhan Bank 1000 485 Kolkata, West Bengal
Catholic Syrian Bank 426 290 Thrissur, Kerala
City Union Bank 600 1724 Thanjavur, Tamil Nadu
DCB Bank 323 4,99 Mumbai, Maharashtra
Dhanlaxmi Bank 269 3,46 Thrissur, Kerala
Federal Bank 1252 1598 Aluva, Kerala
HDFC Bank 4787 13514 Mumbai, Maharashtra
ICICI Bank 4882 15159 Mumbai, Maharashtra
IDBI Bank 1892 3693 Mumbai, Maharashtra
IDFC First Bank 301 216 Mumbai, Maharashtra
IndusInd Bank 1004 2662 Mumbai, Maharashtra
Jammu & Kashmir Bank 958 1322 Srinagar, Jammu and Kashmir
Karnataka Bank 835 1503 Mangaluru, Karnataka
Karur Vysya Bank 668 1641 Karur, Tamil Nadu
Kotak Mahindra Bank 1369 2429 Mumbai, Maharashtra
Lakshmi Vilas Bank 570 1045 Chennai, Tamil Nadu
Nainital Bank 135 - Nainital, Uttarakhand
RBL Bank 342 - Mumbai, Maharashtra
South Indian Bank 852 1393 Thrissur, Kerala
Tamilnad Mercantile Bank Limited 509 1156 Thoothukudi, Tamil Nadu
Yes Bank 1050 1305 Mumbai, Maharashtra
Value of Indian Banks::
These banks for more than 75% of the total banking business in the nation. They are called nationalized banks. The government holds the majority stakes at these banks. Post-merger, SBI is the largest public sector banks by volume. It also ranks amongst the top 50 banks in the world.
Private shareholders hold majority stakes in private sector banks. Reserve Bank of India lays down all the rules and regulations.
