Modern banking in India is said to be developed during the British era. In the first half of the 19th century, the British East India Company established three banks – the Bank of Bengal in 1809, the Bank of Bombay in 1840 and the Bank of Madras in 1843. But in the course of time these three banks were amalgamated to a new bank called Imperial Bank and later it was taken over by the State Bank of India in 1955.
Allahabad Bank was the first fully Indian owned bank. The Reserve Bank of India was established in 1935 followed by other banks like Punjab National Bank, Bank of India, Canara Bank and Indian Bank.
In 1969, 14 major banks were nationalized and in 1980, 6 major private sector banks were taken over by the government.
Banking Services in IndiaBanking in India is so convenient and hassle free that one (individual, groups or whatever the case may be) can easily process transactions as and when required. The most common services offered by banks in India are as follow:
* Bank accounts: It is the most common service of the banking sector. An individual can open a bank account which can be either savings, current or term deposits.
* Loans: You can approach all banks for different kinds of loans. It can be a home loan, car loan, personal loan, loan against shares and educational loans.
* Money Transfer: Bnaks can transfer money from one corner of the globe to the other by issuing demand drafts, money orders or cheques.
* Credit and debit cards: Most banks offer credit cards to their customers which can be used to purchase products and services,or borrow money.
* Lockers: Most banks have safe deposit lockers which can be used by the customers for storing valuables, like important documents or jewelery.
Banking service for NRIs:Non Resident Indians or NRIs can open accounts in almost all Indian banks. The three types of accounts that NRIs can open are:
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Non-Resident (Ordinary) Account - NRO A/c
* Non-Resident (External) Rupee Account - NRE A/c
* Non-Resident (Foreign Currency) Account - FCNR A/c
To know about different types of Bank, Click here.
For list of banks in India, Click here.