National Banks of India

National Banks of India

The Reserve Bank of India is the central bank to serve the purpose of keeping a supervision of financial sector in India. Commercial banks, financial institutions and non banking finance firms works under the radar of RBI. RBI has main role in introducing offsite surveillance of banks, restructuring bank inspections, monitoring the cash flow, inflation, financial institutions and strengthening the position of auditors.

Apart from RBI, there are Nationalised bank where, the Government of India has more than 50% of voting rights in the board.

The list of Nationalised banks in India are:
  • State Bank of India
  • Punjab National Bank
  • Bank of Baroda
  • IDBI Bank
  • Syndicate Bank
  • Bank of India
  • Canara Bank
  • Union Bank of India
  • Corporation Bank
  • Allahabad Bank
  • Bank of Maharashtra
  • Indian Overseas Bank
  • Oriental Bank of Commerce
  • Central Bank of India
  • Dena Bank
  • Andhra Bank
  • Indian Bank
  • Punjab & Sindh Bank
  • UCO Bank
  • United Bank of India
  • Vijaya Bank

State Bank of India:

State Bank of India is the largest Nationalised bank in India with a revenue of $ 24 Billion. It is expected to enter the league of Largest 50 banks in the World, after the merger with banks like State Bank of Hyderabad, State Bank of Bikaner & Jaipur, State Bank of Patiala, State Bank of Mysore, State Bank of Travancore and Bharatiya Mahila Bank. The history of State Bank of India roots from Bank of Culcutta from 1806, till the formation of Imperial bank of India in 1921. Post Independence, Independent India on their first five year plan, wanted to take the banking services to rural India to strengthen the Indian economy. So they integrated Imperial bank with all the other state banks to form State Bank of India (SBI) on July 1955.

The eight banking subsidiaries of SBI are:

  • State Bank of Travancore (SBT)
  • State Bank of Patiala (SBP)
  • State Bank of Hyderabad (SBH)
  • State Bank of India (SBI)
  • State Bank of Bikaner and Jaipur (SBBJ)
  • State Bank of Indore (SBIR)
  • State Bank of Saurashtra (SBS)
  • State Bank of Mysore (SBM)

Products and Services offered by SBI:

  • Personal Banking
  • Agriculture/Rural Banking
  • NRI Services
  • ATM Services
  • Demat Services
  • Corporate Banking
  • Mobile Banking
  • International Banking
  • Safe Deposit Locker
  • E-Pay
  • E-Rail
  • SBI Vishwa Yatra Foreign Travel Card
  • Broking Services
  • Gift Cheques
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