Indian banks, the backbone of the Indian economy, are the major contributors in the development of the economy. Banks in India can be categorized into two parts: Scheduled Commercial banks and Unscheduled Commercial Banks. Those banks which fulfill the conditions laid down by the Second Schedule of Reserve Bank of India Act 1934, vide section 42 (6), are called Scheduled Commercial Banks and other banks are known as Unscheduled Commercial Banks.
Scheduled Banks of India can be further categorized into Public sector banks, old private sector banks, new private sector banks and foreign banks.
Public Sector Banks are widely known as Nationalized banks of India. It includes: Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab National Bank, State Bank of India, State Bank of Indore, State Bank of Mysore, State Bank of Patiala, State Bank of Saurashtra, State Bank of Travancore, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India and Vijaya Bank.
Bank of Rajasthan Ltd., Catholic Syrian Bank Ltd., City Union Bank Ltd., Dhanalakshmi Bank Ltd., Federal Bank Ltd., ING Vysya Bank Ltd., Jammu and Kashmir Bank Ltd., Karnataka Bank Ltd., Lakshmi Vilas Bank Ltd., Nainital Bank Ltd. and Ratnakar Bank Ltd. are some of the old private sector banks in India. The policy of liberalization in the last decade has opened the door for the large number of private sector banks. UTI Bank(Axis Bank), ICICI Bank, HDFC Bank and Oriental Bank of Commerce were among the first few to take the advantage of this opportunity. IDBI Bank, Centurion Bank, UCO Bank, City Union Bank are the other leading private sector banks in India.
Although facing some hurdles in establishing themselves in India, foreign banks in India have made their mark in the country. ABN Amro Bank, Citi Bank, Deutsche Bank, HSBC Bank, Standard Chartered Bank are the well-known foreign players in the Indian banking sector.
