Banks in India

The concept of Banking in India dates back to the first half of 18th century. Among the first banks in India were- the Bank of Hindustan, which was established in 1770 and liquidated in 1829-32; and the General Bank of India, established in 1786.

The operations of all the banks in India are controlled by the Reserve Bank of India which was established in April 1935, but was nationalised on 1 January 1949. The Reserve Bank of India was announced as the official Central Banking Authority for the smooth supervision of the banking industry in India. Banks in India are classified into 2 broad categories namely, Public sector banks and Private sector banks.

At present, there are 27 Public Sector Banks in India including SBI (plus its 5 associates) and 19 nationalized banks. Further, there are two banks which have been categorized by RBI as “Other Public Sector Banks”. IDBI and Bhartiya Mahila Bank come under this category. There are total of 91 commercial banks in India. For detailed study on different categories of the banks please click –

At Paisabazaar, we provide you with a brief profile of products and services of some of the Banks and Financial institutions comprising their product details and other must know information:



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