The commercial banking industry in India started in 1786 with the establishment of the Bank of Bengal in Calcutta.
British India at the time established three Presidency banks, namely,
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Bank of Bengal (established in 1809)
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Bank of Bombay (established in 1840)
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Bank of Madras (established in 1843)
In 1921, the three Presidency banks were amalgamated to form the Imperial Bank of India, which took up the role of a commercial bank, a bankers’ bank and a banker to the Government. The Imperial Bank of India was established mainly with European shareholders. After the establishment of the Reserve Bank of India (RBI) as the central bank of the country in 1935, the role of the Imperial Bank of India came to an end.
In 1865, the Allahabad Bank was established purely by Indian shareholders. Punjab National Bank came into being in 1895. Between 1906 and 1913, other banks like Bank of India, Central Bank of India, Bank of Baroda, Canara Bank, Indian Bank, and Bank of Mysore were set up.
After independence, the Government of India started taking steps to encourage the spread of banking in India. In order to serve the economy in general and the rural sector in particular, the All India Rural Credit Survey Committee recommended the creation of a state-partnered and state-sponsored bank taking over the Imperial Bank of India and integrating with it, the former state-owned and state associate banks. Accordingly, State Bank of India (SBI) was constituted in 1955. Subsequently, in 1959, the State Bank of India (subsidiary bank) Act was passed, enabling the SBI to take over eight former state-associate banks as its subsidiaries.
To better align the banking system to the needs of planning and economic policy, it was considered necessary to have social control over banks. In 1969, 14 of the major private sector banks were nationalised. This was an important milestone in the history of Indian banking. This was followed by the nationalisation of another six private banks in 1980. With the nationalisation of these banks, the major segment of the banking sector came under the control of the Government. The nationalisation of banks boost to branch expansion in rural and semi-urban areas, which in turn resulted in huge deposit , thereby giving a boost to the overall savings rate of the economy. It also resulted in scaling up of lending to agriculture and its allied sectors.
To create a strong and competitive banking system, a number of reform measures were initiated in the early 1990s. The thrust of the reforms was on increasing operational efficiency, strengthening supervision over banks, creating competitive conditions and developing technological and institutional infrastructure. These measures led to the improvement in the financial health, soundness and efficiency of the banking system.
One important feature of the reforms of the 1990s was that the entry of new private sector banks was permitted. Following this decision, new banks such as ICICI Bank, HDFC Bank, IDBI Bank (public bank) and UTI Bank (now Axis Bank) were set up.
Also read: List of Insurance Companies in India
Commercial banks in India have traditionally focused on meeting the short-term financial needs of industry, trade and agriculture. However, the increasing diversification of the Indian economy, the range of services extended by commercial banks.
Currently, commercial banks in India are categorised into five different groups according to their ownership and/or nature of operation:
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State Bank of India and its Associates
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Nationalised Banks
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Private Sector Banks
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Foreign Banks
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Regional Rural Banks
Complete List of Banks in India (as of 2017)
Nationalised Banks
- Allahabad Bank
- Andhra Bank
- Bank of India
- Bank of Baroda
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- Indian Bank
- Indian Overseas Bank
- IDBI Bank
- Oriental Bank of Commerce
- Punjab & Sindh Bank
- Punjab National Bank
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
- Bhartiya Mahila Bank
Private-sector banks
- Axis bank
- Bandhan Bank
- Fedaral Bank
- HDFC Bank
- ICICI Bank
- IDFC Bank
- IndusInd Bank
- Jammu and Kashmir Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Lakshmi Vilas Bank
- Nainital Bank
- RBL Bank
- South Indian Bank
- Tamilnadu Mercantile Bank Limited
- Yes Bank
- Equitas Small Finance Bank
- Capital Small Finance Bank
- Coastal Local Area Bank
- Krishna Bhima Samruddhi Local Area Bank
- Subhadra Local Area Bank
- Ujjivan Small Finance Bank
- Fincare Small Finance Bank
- Vijaya Bank
- DCB Bank
Payments Bank
- Aditya Birla Idea Payments Bank
- Airtel Payments Bank
- India Post Payments Bank
- Jio Payments Bank
- Paytm Payments Bank
Foreign banks with branches in India
Australian banks
Australia and New Zealand Banking Group
Commonwealth Bank of Australia
National Australia Bank
Westpac Banking Corporation
Bahraini banks
Bank of Bahrain and Kuwait
Bangladeshi banks
AB Bank
Sonali Bank
Belgian bank
Antwerp Diamond Bank
Canadian bank
Bank of Nova Scotia
Chinese bank
Industrial & Commercial
Bank of China
French banks
BNP Paribas
Credit Agricole
Societe Generale
German banks
Deutsche Bank
Indonesian bank
Bank Internasional Indonesia
Japanese banks
Mizuho Corporate Bank
Sumitomo Mitsui Banking
Bank of Tokyo-Mitsubishi
Mauritian bank
State Bank of Mauritius
Dutch bank
Rabobank
Qatari bank
Doha bank
Russian banks
Sberbank
VTB
Omani bank
HSBC Bank Oman
Singaporean banks
DBS Bank
United Overseas Bank
South African bank
FirstRand Bank
South Korean banks
Shinhan Bank
Woori Bank
Sri Lankan bank
Bank of Ceylon
Swiss banks
Credit Suisse
UBS AG
Taiwanese bank
Chinatrust Commercial Bank
Thai bank
Krung Thai Bank
UAE banks
Abu Dhabi Commercial Bank
Mashreq Bank
UK banks
HSBC
Barclays Bank
Standard Chartered Bank
Royal Bank of Scotland
US banks
American Express
Bank of America
Citibank
J.P. Morgan Chase Bank
Regional Rural Banks
Andhra Pradesh
Andhra Pragathi Grameena Bank
Andhra Pradesh Grameena Vikas Bank
Chaitanya Godavari Grameena Bank
Saptagiri Grameena Bank
Assam
Assam Gramin Vikash Bank
Langpi Dehangi Rural Bank
Arunachal Pradesh
Arunachal Pradesh Rural Bank
Bihar
Uttar Bihar Gramin Bank
Madhya Bihar Gramin Bank
Bihar Gramin Bank
Chhattisgarh
Chhattisgarh Rajya Gramin Bank
Gujarat
Dena Gujarat Gramin Bank
Baroda Gujarat Gramin Bank
Saurashtra Gramin Bank
Haryana
Sarva Haryana Gramin Bank
Himachal Pradesh
Himachal Pradesh Gramin Bank
Jharkhand
Jharkhand Gramin Bank
Vananchal Gramin Bank
Jammu & Kashmir
Jammu And Kashmir Grameen Bank
Ellaquai Dehati Bank
Karnataka
Kaveri Grameena Bank
Karnataka Vikas Grameena Bank
Pragathi Krishna Gramin Bank
Kerala
Kerala Gramin Bank
Madhya Pradesh
Narmada Jhabua Gramin Bank
Central Madhya Pradesh Gramin Bank
Madhyanchal Gramin Bank
Maharashtra
Maharashtra Gramin Bank
Vidarbha Kokan Gramin Bank
Manipur
Manipur Rural Bank
Meghalaya
Meghalaya Rural Bank
Mizoram
Mizoram Rural Bank
Nagaland
Nagaland Rural Bank
Odisha
Odisha Gramya Bank
Odisha State Co-Operative Bank Ltd.
Utkal Grameen Bank
Rushikulya Gramya Bank
Punjab
Punjab Gramin Bank
Malwa Gramin Bank
Sutlej Gramin Bank
Puducherry
Puduvai Bharathiar Grama Bank
Rajasthan
Baroda Rajasthan Kshetriya Gramin Bank
Marudhara Rajasthan Gramin Bank
Tamil Nadu
Pandyan Grama Bank
Pallavan Grama Bank
Telangana
Telangana Grameena Bank
Tripura
Tripura Gramin Bank
Uttar Pradesh
Sarva UP Gramin Bank
Prathama Bank
Allahabad UP Gramin Bank
Baroda UP Gramin Bank
Gramin Bank Of Aryavrat
Kashi Gomti Samyukt Gramin Bank
Uttarakhand
Uttarakhand Gramin Bank
West Bengal
Bangiya Gramin Vikash Bank
Paschim Banga Gramin Bank
Uttarbanga Kshetriya Gramin Bank
Co-operative banks
State Co-operative Banks
- Andaman and Nicobar State Co-operative Bank
- Andhra Pradesh State Co-operative Bank
- Arunachal Pradesh State Co-operative Apex Bank
- Assam Co-operative Apex Bank
- Bihar State Co-operative Bank
- Bharat Co-operative Bank
- Chandigarh State Co-operative Bank
- Chhattisgarh Rajya Sahakari Bank Maryadit
- Delhi State Co-operative Bank
- Goa State Co-operative Bank
- Gujarat State Co-operative Bank
- Gujarat State Co-operative Agriculture & Rural Development Bank
- Haryana State Co-operative Apex Bank
- Himachal Pradesh State Co-operative Bank
- Jammu and Kashmir State Co-operative Bank
- Jharkhand State Co-operative Bank
- Karnataka State Co-operative Apex Bank
- Kerala State Co-operative Bank
- Madhya Pradesh Rajya Sahakari Bank Maryadit
- Mogaveera Co-operative Bank
- Maharashtra State Co-operative Bank
- Manipur State Co-operative Bank
- Meghalaya Co-operative Apex Bank
- Mizoram Co-operative Apex Bank
- Nagaland State Co-operative Bank
- Orissa State Co-operative Bank
- Pondichery State Co-operative Bank
- Punjab State Co-operative Bank
- Rajasthan State Co-operative Bank
- Sikkim State Co-operative Bank
- The Rajkot Commercial Co-Operative Bank Ltd
- The Tamil Nadu State Apex Co-operative Bank
- Telangana State Co-Operative Apex Bank Limited
- Tripura State Co-operative Bank
- Uttar Pradesh Co-operative Bank
- Uttarakhand State Co-operative Bank
- West Bengal State Co-operative Bank
- Tumkur Grain Merchant’s Co-operative Bank
- Nagpur Nagrik Sahakari Bank Limited
- Tumkur Veerashaiva Co-operative Bank Limited
Urban Co-operative Banks
- Apna Sahakari Co-Op Bank Ltd
- Ahmedabad Mercantile Co-Op Bank
- Kalupur Commercial Coop. Bank
- Mehsana Urban Co-Op Bank
- Nutan Nagarik Sahakari Bank
- Rajkot Nagrik Sahakari Bank
- Sardar Bhiladwala Pardi Peoples Coop Bank
- Surat Peoples Coop Bank
- Rajdhani Nagar Sahkari Bank
- Adhyapaka Urban Co-operative Bank
- Andhra Pradesh Mahesh Co-Op Urban Bank
- Indian Mercantile Co-operative Bank
- Abhyudaya Co-operative Bank
- Bassein Catholic Co-operative Bank
- Bharat Co-operative Bank (Mumbai)
- Bharati Sahakari Bank
- Bombay Mercantile Co-operative Bank
- Citizencredit Co-operative Bank
- Cosmos Co-operative Urban Bank
- Dombivli Nagari Sahakari Bank
- Goa Urban Co-operative Bank
- Gopinath Patil Parsik Janata Sahakari Bank
- Greater Bombay Co-operative Bank
- Jalgaon Janata Sahakari Bank
- Janakalyan Sahakari Bank
- Janalaxmi Co-operative Bank
- Janata Sahakari Bank
- Junagadh Commercial Co-operative Bank
- Kallappanna Awade Ichalkaranji Janata Sahakari Bank
- Kalyan Janata Sahakari Bank
- Karad Urban Co-operative Bank
- Mahanagar Co-operative Bank
- Mapusa Urban Co-operative Bank of Goa
- Nagar Urban Co-operative Bank
- Nasik Merchant’s Co-operative Bank
- New India Co-operative Bank
- NKGSB Co-operative Bank
- Pravara Sahakari Bank
- Punjab & Maharashtra Co-operative Bank
- Rupee Co-operative Bank
- Sangli Urban Co-operative Bank
- Saraswat Co-operative Bank
- Shamrao Vithal Co-operative Bank
- Solapur Janata Sahakari Bank
- Thane Bharat Sahakari Bank
- The Kapole Co-operative Bank
- TJSB Sahakari Bank
- Zoroastrian Co-operative Bank
- Nagpur Nagrik Sahakari Bank
- Shikshak Sahakari Bank
- Akola Janata Commercial Co-operative Bank
- Akola Urban Co-operative Bank
- Khamgaon Urban Co-operative Bank
- Muneshwra swamy BANK
- Eenadu Urban Co operative Bank
- Rohit Kataria Co-operative Bank
- Dakshin Barasat Service Co-Operative Society Private Limited
- Barasat, Kolkata
- Sangli District Primary Teachers Bank Ltd, Sangli
- Chartered Mercantile M.B. Ltd, Lucknow, U.P.
- Lic of india staff co operative bank.
- Ahand Anand Co-Op Bank
- Varchha Co-op Bank
- The Surat District Co-Op Bank Ltd
- The Sutex Co-op. bank Ltd.
- The Bardoli Nagarik Sahakari Bank Ltd
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