Banking Banking Awareness Origin and Development of Banking in India Origin and Development of Banking in India

Origin and Development of Banking in India

Category : Banking

 

Origin and Development of Banking in India

 

A bank is a financial institution that provides banking and other financial services to their customers. A bank is generally understood as an institution which provides Fundamental Banking Services such as accepting deposits and providing loans.

 

History of Banking in India

Banking system has been existing in India since ancient times. Though it was not in organised form before the arrival of Britishers, various banking activities were performed. After the arrival of Britishers in 17th century foreign banking system started declining. Mayser's Alexander and company established the first European bank The Bank of Hindustan in 1770.

The development of Banking system in India can be understood with the help of following choronology. We can summarise the origin of banking in India in the following way,

 

Early Phase of Indian Banks before 1935

The pre-independence period was largely characterised by the existence of private banks organized as joint stock companies. Most banks were small and had private shareholding of the closely held variety. They were largely localized and many of them failed.

  • The first bank in India, the General Bank of India, was setup in 1786. Bank of Hindustan and Bengal Bank followed.
  • The East India Company established Bank of Bengal (1809), Bank of Bombay (1840) and Bank of Madras (1843) as independent units and called them Presidency banks. These three banks were amalgamated in 1920 to form Imperial Bank of India, a bank of private shareholders, mostly Europeans.
  • Allahabad Bank was established, exclusively by Indians, in 1865.
  • Awadh Commercial Bank was the first bank established in 1981 and governed by exclusively the Indians on the basis of extending loans.
  • Punjab National Bank was setup in 1894 with headquarters in Lahore.
  • Between 1906 and 1913, Bank of India (1906), Central Bank of India (1911), Bank of Baroda (1909), Canara Bank, Indian Bank (1907) and Bank of Mysore (1913) were setup.
  • To streamline the functioning and activities of commercial banks, the Government of India came up with the Banking Companies Act, 1949, which was later changed to the Banking Regulation Act, 1949.

 

Organization of RBI

Banking crisis during 1913-1917 and failure of 588 banks in various parts of the country underlined the need for regulating and controlling the commercial banks. RBI was established as regulator of banking system of India. It was established in 1935. The Head Office of the RBI was established in Calcutta (now Kolkata, but was moved to Bombay (now Mumbai) in 1937.     

The general functions of the banks are as follows

  • To provide security to the savings of customers.
  • To control the supply of money and credit.
  • To encourage public confidence in the working of the financial system increase savings speedily and efficiently.
  • To avoid focus of financial powers in the hands of a few individuals and institutions.
  • To set equal norms and conditions (i.e. rate interest, period of lending, etc) to all types of customers.

 

Banking Sector Reforms till 1991

In 1955, government nationalised the Imperial Bank of India and gave the name 'State Bank of India' to act as the principal agent of the RBI and to handle banking transactions of the Union Government and State Governments all over the country.

7 banks owned by the Princely states were nationalised in 1959 and they became subsidiaries of the State Bank of India. In 1969, 14 commercial banks in the country were nationalised.

In the phase of banking sector reforms, 7 more banks were nationalised in 1980. With this, 80% of the banking sector in India came under the government ownership.

 

New Phase of Indian Banking System, Reforms after 1991

  • This phase has introduced many more products and facilities in the banking sector as part of the reforms process.
  • In 1991, under the chairmanship of M Narasimham, a committee was setup, which worked for the liberalisation of banking practices
  • In this phase, the country is flooded with foreign banks and their ATM stations. Efforts are being put to give a satisfactory service to customers.
  • Phone banking and net banking are introduced. The entire system became more convenient and swift.

 

Nationalisation of Banks

The nationalisation of commercial banks took place with an aim to achieve Social Welfare, Controlling Private Monopolies, Expansion of Banking, Reducing Regional Imbalance, Priority Sector Lending and Developing Banking Habits. In order to have more control over banks, on 19th July, 1969 Mrs Indira Gandhi, the then Prime Minister nationalised 14 large commercial banks whose reserves were more than ` 50 crore. Following is the list of banks, -which got nationalized at that time

  • Allahabad Bank
  • Bank of India
  • Central Bank of India
  • Canara Bank
  • Indian Bank
  • Punjab National Bank
  • Syndicate Bank
  • UCO Bank
  • Union Bank
  • United Bank of India
  • Bank of Baroda
  • Bank of Maharashtra
  • Dena Bank
  • Indian Overseas Bank

 

On 15th April, 1980 the banks with more than ` 200 crore of reserves got nationalised.

Those six banks which got nationalised are the following

  • Andhra Bank
  • Corporation Bank
  • New Bank of India
  • Oriental Bank of Commerce
  • Punjab and Sindh Bank
  • Vijaya Bank

Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank. It was the only merger between nationalised banks. Now, total nationalised banks were 19.

 

Indian Banking Structure

An outline of the Indian banking structure may be presented as follows

 

 

Reserve bank of India

(Central Bank and Supreme Monltary Authority)

 

  • Indian banking industry has been divided into two parts, organised sectors and unorganized sectors.
  • The organised sector consists of Reserve Bank of India, Commercial Banks, Co-operative Banks and Specialised Financial Institutions (ICICI, IFC, etc).

 

Scheduled Banks

Scheduled banks are those banks whose minimum paid up capital and reserve amounts to ` 25 lakh. These bank have to submit details of their activities to the Reserve Bank of India every week. All Indian and foreign commercial banks, RRBs and co-operative banks are scheduled banks.

 

Non-Scheduled Banks

Non-scheduled banks are depository or lending institutions that do not meet the Second Schedule of Reserve Bank of India Act.

These banks may be legal entities, but they do not have procedural endorsement of the government. The bank has to pay compulsorily a reserve capital of ` 5 lakh to the RBI and this capital must be maintained throughout their operational period. It is an important condition for Non-scheduled bank.

 

Tit – Bits

  • IDBI Bank Ltd. merged with IDBI Ltd, on 2nd April, 2005.
  • Bank of Punjab Ltd. merged with Centunan Bank Ltd. on 1st Oct, 2005.
  • On 13th August, 2010, The Bank of Rajasthan merged with ICICI Bank Ltd.
  • Kotak Mahindra Bank merged with ING Vyasa Bank in 2014.

 

Commercial Banks

This is a financial institution providing services for businesses, organisations and individuals. Services include offering current, deposit and saving accounts as well as giving out loans to businesses. A commercial bank is defined as a bank whose main business is deposit-taking and making loans. Commercial bank may be Scheduled Commercial and Non-Scheduled Commercial Bank.

 

Functions of Commercial Banks

The main functions of commercial banks are as follows

(i) Receive Deposits The most important activity of a Commercial Bank is to mobilise deposits from the public. Depending upon the nature of deposits, funds deposited with bank also earn interest. Thus, deposits with the bank grow along with the interest earned. Some of the important deposit accounts are as given below.

(ii) Current Account Current account is a type of deposit account that caters to the need of professionals and businessmen alike. These deposits are the most liquid deposits and there are no limits for numbers of transaction or amount of transactions in a day.

(iii) Saving Account It is generally opened in bank by salaried persons or by the persons who have a fixed regular income. This facility is also given to students, senior citizens, pensioners and so on. The saving account holder is allowed to withdraw money from the account as and when required. The interest which is given on saving accounts is sometime attractive, but often nominal.

(iv) Fixed Account A deposit of money that pays higher interest than a savings account, but imposes conditions on the amount, frequency, and/or period of withdrawals is called fixed account.

 

Difference between Saving Account and Current Account

Basis of  Difference   

Savings Account     

Current Account

Purpose     

To encourage  saving         

Many transaction

Ideal for     

Salaried person

Business person

Minimum Amount

Less amount  

Higher amount(depending on the bank)

Interest Rates

4% - 6%       

Normally, no interest is paid

Overdraft   

Not Allowed  

Allowed

 

(v) Cash Credit Account It can be opened as per terms and conditions of sanction of given credit limits. The rules prescribed for the current accounts is applicable to Cash Credit accounts, in addition to the sanctioned terms and conditions.

(vi) Recurring Deposit Account In banking terminology, the term recurring deposit refers to the periodic placement of a fixed sum of funds with a bank or financial institution into a special term account, with a specified tenure, generally between 1 and 5 years.

At the end of the tenure, the funds with accrued interest are typically withdrawn by the depositor.

(vii) To Lend Money Another important function of a Commercial Bank is to grant loans and advances. Such loans and advances are given to the public and business community at a higher rate of interest than allowed by banks on various deposit accounts.

Types of loans of commercial bank are given below

  • Overdraft
  • Debt and loan
  • Retrenchment of exchange bills
  • Cash credit
  • Investment in public securities

 

(viii) Agency Functions Agency functions include the following

  • Collection of cheques, dividends and interests
  • Payment of rent, insurance premiums
  • Dealing in foreign exchange
  • Purchase and sale of securities
  • Act as trustee, executor, attorney, etc
  • Act as correspondent
  • Preparations of Income Tax returns

 

(ix) Miscellaneous Functions Issuing letters of credit, travellers cheques, circular notes, etc.

  • Undertaking safe custody of valuables, important documents and securities by providing safe deposit vaults or lockers.
  • Underwriting of share, debentures, etc.
  • Underwriting loans floated by government and public bodies.

 

Non-Performing Asset (NPA)

It is a classification used by financial institutions that refers to loans that are in jeopardy of default. Once The borrower has failed to make interest or principal payments for 90 days the loan is considered to be a Non-performing asset. (Also known as 'non-performing loan’,) Nonperforming assets are problematic for financial institutions since the depend on interest payments for income.

 

Private Banks

Private Banks are banks owned by either an individual or a general partner(s) with limited partner(s). But licence is provided by Reserve bank of India.

 

Private Sector Banks

 

Bank

Place

Kotak Mahindra Bank, (1985)

Mumbai

ICICI Bank, (1994)

Vadodara

AXIS Bank, (1994) (UTI renamed in 30th July, 2007)

Ahmedabad

Indusland Bank, (1994)

Pune

Global Trust Bank, (1994)

Secunderabad

HDFC Bank, (1995)

Mumbai

Times Bank, (1995)

Faridabad

Centurion Bank, (1995)

Panji

Bank of Punjab, (1995)

Chandigarh

Development Credit Bank Ltd. (1995)

Mumbai

Yes Bank, (2004)

Mumbai

Bandhan Bank, (2015)

Kolkata

IDFC Bank, (2015)

Mumbai

         

Types of Banks on the Basis of Function

Following are the types of banks classified on the basis of their functions.

 

Agricultural Banks

An agricultural bank may, in particular undertake the following types of business

(i) granting short term credit to buy seeds, fertilizers and other inputs, and

(ii) granting long term credit to purchase land, to make permanent improvements on land, to purchase agricultural machinery and equipment, etc,

 

Post Office Saving Banks

It is a bank which accepts deposit of small amount only and provide the withdrawal facilities to their customers. ATM facility is also available in this bank.

 

Foreign Exchange Banks

Foreign Exchange Bank is the bank which is involved in sale and purchase of the foreign exchange bill and exchange of one currency for another or the conversion at one currency into another currency.

The foreign exchange banks work through financial institutions and it operates on several levels. Behind the scenes banks turn to a smaller number of financial firms known as 'dealers/ who are actively involved in large quantities of foreign exchange trading. Payment of International Loans, Export-Import of securities and forward exchange trade are also done by these banks.

 

Foreign Banks

These banks are registered and have their headquarters in a foreign country but operate their branches in our country.

 

Important Foreign Bank in India

Name of Bank

Country of Incorporation

AB Bank Ltd.

Bangladesh

KBC Bank NV

Belgium

Industrial and Commercial Bank of China Ltd.

China

Deutsche Bank

Germany

HSBC Ltd

Hong Kong

The Royal Bank of Scotland NV

Netherlands

Doha Bank

Qatar

DBS Bank Ltd.

Singapore

Shinhan Bank

South Korea

Korea Exchange Bank

South Korea

Bank of Ceylon

Sri Lanka

UBS AG

Switzerland

Abu Dhabi Commercial Bank Ltd.

UAE

Barclays Bank Pie.

United Kingdom

Standard Chartered Bank        

United Kingdom

American Express Banking Corporation

USA

Bank of America

USA

                      

 

Co-operative Banks

Co-operative banks operate in both urban and rural areas. All banks registered under the Co-operative Societies Act, 1912 are considered co-operative banks.

Commercial banks, are driven by profit while co-operative banks work on a "no profit, no loss" basis. These are regulated by the Reserve Bank of India under the Banking Regulation Act, 1949 and Banking Laws (Application to Co-operative Societies) Act, 1965.

There are two types of co-operative banks.

(i) State Co-operative Banks SCBs mean the principal co-operative society in a state, the primary object of which is the financing of other co-operative societies in the state.

(ii) District/Central Urban Co-operative Banks UCBs are registered under the Co-operative Societies Act of the respective State Governments. UCBs having a multi-state presence are registered under the Multi-State Co-operative Societies Act and are regulated by the Central Government.

 

Development Banks

Development banks are specialized financial institutions. To promote economic development, development banks provide medium term and long term loans to the entrepreneurs at relatively low rate of interest rates.

Some examples of development banks in India are Industrial Development Banks of India (IDBI), Industrial Financial Corporation of India (IFCI), etc.

 

Retail Banks

A retail bank is a bank that works with customers offering basic banking services. Examples include savings banks, savings and loan associations, and recurring and fixed deposits. Products and service include safe deposit boxes, checking and savings accounting, certificates of deposit (CDs), mortgages, personal, consumer and car loans.

 

Central Banks

Central banks are bankers' banks. They guarantee stable monetary and financial policy from country to country and play an important role in the economy of the country.

Typical functions include implementing monetary policy, managing foreign exchange and gold reserves, making decisions regarding official interest rates, acting as banker to the government and other banks, and regulating and supervising the banking industry.

These banks buy government debt, have a monopoly on the issuance of paper money, and often act as a lender of last resort to commercial banks.

It controls and coordinates currency and credit policies of any country. The Reserve Bank of India is the central bank of India.

 

Investment Banks

An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities. An investment bank may also assist companies involved in mergers and acquisitions, and provide ancillary services such as market making, trading of derivatives, fixed income instruments, foreign exchange, commodities, and equity securities.

Investment banks aid companies in acquiring funds and they provide advice for a wide range of transactions.

 

Online Banks

Online banking gives you the ability to manage your money online - over the internet - so you do not have to visit a bank branch. Operate entirely online - there are no physical branch locations to talk with a teller or personal banker. Many brick-and-mortar banks also offer online services, such as the ability to view accounts and pay bills online, but internet only banks are different: they often offer competitive rates on saving accounts and they're likely to offer free checking.

 

Types of Banking in India on the Basis of the Organisation

 

Branch Banking

Branch banking is the most common type of banking and still an integral part of Indian banking system as most Indians still believe in cash transactions and prefer to visit banks in person for routine banking operations. Banks branches are the face of the banks where customers can visit and talk to the officials for pelting better insights into new policies, investment schemes, other banking services, etc.

 


Unit Banking

Unit banking, which originated in US, is a limited way of banking where banks operate only from a single branch (or a few branches in the same area) taking care of local community.

 

Mixed Banking

When the banks undertake activities of commercial and investment banking together; it is called mixed banking. Mixed banking promotes rapid industrialisation.

 

Chain Banking

Chain banking system is involved when a group of persons came together to own and control three or more independently chartered banks. Individuals secure enough stocks to get the controlling interest in the banking corporations involved. The management can also be established via a board of directors.

 

Wholesale Banking

Wholesale banking involves banking services for high net-worth clients like corporate, commercial banks, mid-size companies, etc,

The services which come under the net of wholesale banking involves wholesaling, underwriting, market making, consultancy, mergers and acquisitions, joint ventures, fund management, etc.

 

Relationship Banking

Relationship banking involves going beyond the normal banking services and understanding customer's needs before offering him any special product,

The knowledge about existing and potential clients is essential for all banks.

 

Correspondent Banking

Correspondent banks are financial institutions that provide banking or financial services on. behalf of other equal or unequal financial institution.

These are used to conduct banking operations in foreign countries as the domestic banks have limited access to foreign markets and cannot directly reach clients.

The services which come under the blanket of correspondent banking are cash/fund management; international fund transfers, clearance of cheques, drawing of demand drafts, etc.

 

Rural Banking

Rural banking has become integral to the Indian financial markets with a majority of Indian population still living in rural or semi-urban areas.

 

Universal Banking

Universal banking is a system of banking under which big banks undertake a variety of banking services like commercial banking, investment banking, mutual funds, merchant banking, insurance, etc.

In simple words, Universal Banking means that Financial Institutions (FIs) and Banks are allowed to undertake all kinds of activity of banking, financing and related businesses.

Narrow Banking

The Narrow Banking is very much an antonym to the Universal Banking. Narrow Banking means Narrow in the sense of engagement of funds and not in activity. The Tarapore Committee had recommended that to bring down the Non-Performing Assets (NPAs), the incremental sources of the banks (called narrow banks) should be restricted only to investments in Government Securities. Thus, Tarapore Committee is best known for giving Concept of Narrow Banking as a solution to the problem of Non-Performing Assets.

Social Banking

The concept of social banking was to provide banking for the poor population, working for their developmental needs, providing them with easy formal credit, minimal requirements to open accounts, ease of access and friendly staff etc.

 

Virtual Banking

Virtual or internet banking is a system where all the transactions of the bank are done online and there are no physical branches of the banks.

 

India's Key Banks State Bank of India

On the recommendation of All India Rural Credit Survey Committee, Imperial Bank was nationalised to become State Bank of India on 1st July, 1955.

 

Shareholding

Government of India held around 62% equity shares in SBI. Over 800000 individual shareholders hold approx. 5.7% of its shares. Life Insurance Corporation of India is the largest non-promoter shareholder in the company with 10.9% shareholding.

 

Shareholders                  

Shareholding

Promoters Government of India     

62.31 %

Insurance Companies              

11.90%

Foreign Institutional Investors       

09.79%

 

Functions of State Bank of India

The functions of SBI can be grouped under two categories, viz., the Central banking functions and Ordinary banking functions. The SBI acts as an agent of the RBI at the places where the RBI has no branch.

Accordingly, it renders the following functions

  • Banker to the government
  • Banker to banks in a limited way
  • Maintenance of currency chest
  • Acts as clearing house
  • Renders promotional functions

 

General/Ordinary Banking Functions

Besides the above specialized functions, the SBI renders the following functions

  • Accepting deposits from the public under current, savings, fixed and recurring deposit accounts.
  • Advancing and lending money and opening cash credits upon the security of stocks, securities, etc.
  • Drawing, accepting, discounting, buying and selling of bills of exchange and other negotiable instruments.
  • Investing funds, in specified kinds of securities.
  • Advancing and lending money to court of wards with the previous approval of State Government.
  • Issuing and circulating letters of credit, etc.
  • The State Bank may (with the sanction of the Central Government) enter into negotiations for acquiring the business of any other Banking Institutions.

                               

SBI Agriculture Loan

SBI provides SBI Agriculture loan (term loan) for asset (bullocks, farm machinery, sheep, etc.) purchase as well as asset creation (poultry, orchard development, dairy development, etc.) which are connected with activities in rural areas.

The rate of interest varies from 8.5% to 12.75% depending on the loan amount and in the extreme cases of very high loan amounts, credit risk assessment is required. Repayment period varies from 5-15 years and is based on the income generation of activity for which loan was taken

 

Merging of SBI and Mahila Bank

The Union Cabinet, on 15th June, 2016, approved the merger of five associate banks as well as Bharatiya Mahila Bank with State Bank of India. It is the first move to consolidate the country's struggling Public Sector Banks. The country's largest lender, State Bank of India (SBI), has decided to merge its five associate Public Sector Banks (PSBs) and the Bharatiya Mahila Bank (BMB) with itself.

In this regard, the SBI has informed the Bombay Stock Exchange (BSE) that it is seeking in-principle approval for acquistior from the Union government.

5 subsidiary banks are

  • State Bank of Bikaner & Jaipur (founded in 1943)
  • State Bank of Hyderabad (founded in 1941)
  • State Bank of Mysore (founded in 1913)
  • State Bank of Patiala (founded in 1917)
  • State Bank of Travancore (founded in 1945)

 

Associate Banks of SBI and their Merger

In 1959, the government passed the State Bank of India (Subsidiary Banks) Act. Under this Act, 8 SBI subsidiaries were made. Three of them had already merged with SBI. State Bank of Saurashtra, State Bank of lndore (founded in 1920). In 1963, SBI merged State Bank of Jaipur (founded in 1943) and State Bank of Bikaner (founded in 1944) to form State Bank of Bikaner and Jaipur. State Bank of Saurshtra merged with SBI in 2008. Then in 2010, the State Bank of lndore (founded in 1920) also merged with SBI leaving the associate banks of SBI to 5 in number.

At present, the SBI has 14 regional hubs and 57 Zonal Offices that are located at important cities throughout India. It has more than 17000 branches in India presently, of which 9851 (66%) are in Rural and Semi-urban areas. It has 190 overseas branches spread over 36 countries.

 


 Other Important Banks in India

United Bank of India

 

Headquarters                  Kolkata, West Bengal, India

Founded                        1950, India

Nationalisation               1969

Punch Line                    The Bank that begins with 'U'

Regional Rural Bank sponsored by UBI are

  • Tripura Gramin Bank
  • Assam Gramin Vikash Bank
  • Bangiya Gramin Vikash Bank
  • Manipur Rural Bank

 

UCO Bank

Headquarters                  Kolkata

Founded                        6 jauanry, 1943

Nationalisation               1969

Punch Line                    Honors Your Trust

Regional Rural Bank sponsored by UCO Bank are

  • Bihar Kalpatharu Gramin Bank
  • Jaipur Thar Gramin Bank
  • Kalinga Gramin Bank
  • Mahakaushal Kshetriya Gramin Bank
  • Paschim Banga Gramin Bank

 

Union Bank of India

Headquarters                  Mumbai

Founded                        11 November, 1919

Nationalisation               1969

Punch Line                    Good People to Bank With

Regional Rural Bank sponsored by Union Bank are

  • Rewa Sidhi Gramin Bank
  • Kashi Gomti Samyut Gramin Bank

 

Central Bank of India

           

Headquarters                  Mumbai

Founded                        21 Decembar, 1911

Nationalisation               1969

Punch Line                    Build A Better Life Around Us

Regional Rural Bank sponsored by CBI are

  • Ballia Etawah Gramin Bank
  • Satpura Narmada Kshetriya Gramin Bank
  • Surguja Kshetriya Gramin Bank
  • Uttar Banga Kshetriya Gramin Bank
  • Uttar Bihar Gramin Bank
  • Vidharha Kshetriya Gramin Bank
  • Hadoti Kshetriya Gramin Bank

 

Allahabad Bank

(A Govt. of India Undertaking)

Headquarters                  Kolkata

Founded                        1865

Nationalisation               1969

Punch Line                    Tradition of Trust

Regional Rural Bank sponsored by Allahabad Bank are

  • Sharda Gramin Bank
  • Allahabad UP Gramin Bank

 

Andhra Bank

Headquarters                  Hyderabad

Founded                        20 November, 1923

Nationalisation               1980

Punch Line                    Much More to do with You in Focus

Regional Rural Bank sponsored by Andhra Bank are

  • Chhattisgarh Gramin Bank
  • Rushikulya Gramin Bank

 

Bank of Baroda

Headquarters                  Baroda

Founded                        20 July, 1908

Nationalisation               1969

Punch Line                    India's International Bank

Regional Rural Bank sponsored by Bank of Baroda are

  • Nainital Almora Kshetriya Bank
  • Baroda Gujarat Gramin Bank
  • Baroda UP Gramin Bank
  • Baroda Rajasthan Gramin Bank
  • Jhabua Dhar Kshetriya Gramin Bank

 

Bank of India

         

Headquarters                  Mumbai

Founded                        7 September, 1906

Nationalisation               1969

Punch Line                    Relationships Beyond Banking

Regional Rural Bank sponsored by Bank of India are

  • Narmada Malwa Gramin Bank
  • Wainganga Krishna Gramin Bank
  • Aryavat Gramin Bank
  • Jharkhand Gramin Bank

 

Bank of Maharashtra

Headquarters                  Pune

Founded                        16 September, 1935

Nationalisation               1969

Punch Line                    One Family One Bank

Regional Rural Bank sponsored by Bank of Maharashtra is

  • Maharashtra Gramin Bank

 

Canara Bank

Headquarters                  Bengaluru

Founded                        1906

Nationalisation               1969

Punch Line                    It's easy to Change for those who you love; Together we can

Regional Rural Bank sponsored by Canara Bank are

  • Shreyas Gramin Bank
  • South Malabar Gramin Bank

 

Indian Bank

Headquarters                  Chennai

Founded                        5 March, 1907

Nationalisation               1969

Punch Line                    Taking Banking Technology to Common man, your tech-friendly bank

Regional Rural Bank sponsored by Indian Bank are

  • Pallavan Grama Bank
  • Puduvai Bharthiar Grama Bank
  • Saptagiri Gramin Bank

 

Corporation Bank

Headquarters                  Mangalor

Founded                        12 March, 1906

Nationalisation               1980

Punch Line                    Prosperity for All

Regional Rural Bank sponsored by Corporation Bank is

  • Chikmagalur Kodagu Gramin Bank

 

Dena Bank

Headquarters                  Mumbai

Founded                        26 May, 1938

Nationalisation               1969

Punch Line                    Trusted Family Bank

Regional Rural Bank sponsored by Dena Bank are

  • Dena Gujarat Gramin Bank
  • Durg Rajnadgaon Gramin Bank

 

Punjab National Bank

Headquarters                  New Delhi

Founded                        1895

Nationalisation               1969

Punch Line                    The Name you can Bank Upon

Regional Rural Bank sponsored by PNB are

  • Punjab Gramin Bank
  • Rajasthan Gramin Bank
  • Sarva UP Gramin Bank
  • Haryana Gramin Bank
  • Himachal Gramin Bank
  • Madhya Bihar Gramin Bank

 

Indian Overseas Bank

Headquarters                  Chennai

Founded                        1937

Nationalisation               1969

Punch Line                     Good People to Grow with

Regional Rural Bank sponsored by Overseas Bank are

  • Neelachal Gramin Bank
  • Pandyan Gramin Bank

 

 

Oriental Bank of Commerce

Headquarters                  New Delhi

Founded                        1943

Nationalisation               1980

Punch Line                    Where Every Individual is Committed

 

Punjab and Sindh Bank

Headquarters                  New Delhi

Founded                        24 June, 1908

Nationalisation               1980

Punch Line                     Where Service is a Way of Life

Regional Rural Bank sponsored by PSB is

  • Sutlej Gramin Bank

 

Vijaya Bank

Headquarters                  Bengaluru

Founded                        1931

Nationalisation               1980

Punch Line                    A Friend you can Bank Upon

Regional Rural Bank sponsored by Vijaya Bank is

  • Visveshvaraya Gramin Bank

 

Syndicate Bank

Headquarters                  Manipal

Founded                        1925

Nationalisation               1969

Punch Line                    Yaur Faithful and Friendly Financial Partner

Regional Rural Bank sponsored by Syndicate Bank are

  • Andhra Pragathi Gramin Bank
  • Gurgaon Gramin Bank
  • Karnataka Vikas Gramin Bank

 

IDBI Bank

Headquarters                  Mumbai

Founded                        July, 1964

Punch Line                    Banking for all, not just for big boys, Aao Sochein Bada.

In September 2004, the Reserve Bank of India incorporated IDBI as a 'scheduled bank' under the RBI Act, 1934.                          

 

Bharatiya Mahila Bank      

Headquarters                  New Delhi, India              

Founded                        19 November, 1913           

Punch Line                    Empowering Women, Empowering India

  • State Ownership Bank



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