Banks in India

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About Banking System In India

The concept of Banking in India dates back to the first half of 18th century. The first bank that was established in the country was The General Bank of India founded in 1786. After that came the State Bank of India in Kolkata in 1806 which was then known as The Bank of Bengal.

The operations of all the banks in India are controlled by the Reserve Bank of India. All the Indian banks are governed by the RBI or Reserve Bank of India. This governing body took over the reasonability of formally regulating the Indian banks in 1935. 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.

The banking scenario in India has already gained momentum, with the domestic and international banks gathering pace. All the banks in India are following the 'cost', determined by revenue minus profit model.

This means that all the resources should be used efficiently to improve the productivity and ensure a win-win situation. To survive in the long run, it is essential to focus on cost saving. Previously, banks focused on the 'revenue' model which is equal to cost plus profit. Post the banking reforms, banks shifted their approach to the 'profit' model, which meant that banks aimed at higher profit maximization.

Public Sector Banks In India

Banks such as State Bank of India, Bank of Baroda, Syndicate Bank and Canara Bank are known as Public sector banks. Public sector banks are controlled and managed by the Government of India. Public sector banks have been serving the nation for over centuries and are well known for their affordable and quality services.

The banking sector in India is mostly dominated by the Public sector banks. The Public sector banks in India alone account for about 75 percent of the total advances in the Indian banking industry. Public sector banks have shown remarkable growth over the last five four decades.

Allahabad Bank was the first fully owned Indian bank. It was founded in the year 1865.

List of Public Sector Banks In India

Branches of Public sector banks in the different states in India

Allahabad Bank in Andhra Pradesh
Visakhapatnam,Main Branch,
30-15-171 Daba Gardens, Near
Saraswati Park, Visakhapatnam-530020,
Andhra Pradesh

Allahabad Bank in Gujarat
2nd Floor, Navin House, Navrangpura
(Ph: 079 26460354)

Allahabad Bank in Karnataka
No. 2, FKCCI Building, K G Road, Bangalore
Sri. Sadanandam, Manager (Operations),
Phone no: 22262064,

Bank of Baroda in Gujarat
Opp Custom House, Navjivan Post,
Navrangpura, Ahmedabad - 380009
Phone no + (91)-(79)-27541936

Bank of Baroda in Karnataka
P B No.5010, No.66, Blue Moon Complex,
M G Road, Bangalore - 560001
Phone no + (91)-(80)-25583202

Bank of Baroda in West Bengal
3B, Abanindra Thakur Sarani,
Camac Street, Kolkata - 700016
Phone no + (91)-(33)-22264576

State Bank of India in West Bengal
134, Tollygunge Circular Road,
New Alipur, Kolkata - 700053
Phone no + (91)-(33)-24003924,

State Bank of India in Karnataka
No.591, Near ST Johns Water Tank,
Sarjapur Road, 3RD Block, Koramangala,
Bangalore - 560095
Phone no + (91)-(80)-25943198

State Bank of India in Rajasthan
State Bank Of India
Opp SAI Baba Tempo, Nh-8,
Delhi Jaipur Rd, Kukas Rajasthan,
Jaipur - 303101
Phone no + (91)-9799392968

Punjab National Bank in Maharashtra
Mumbai n c
kelkar road, nc kelkar
Maharashtra - 400028
Phone - 59 022-24301419/2430366
Fax - 24306881

Punjab National Bank in Tamil Nadu
TAMIL NADU - 631501
Phone no - 283 044-27222995, 27222107
IFSC Code - PUNB0028300

Punjab National Bank in Karnataka
Phone - 41 080-22237910
Fax - 080-22278794

Bank of India
Baghajatin super market, 2nd floor,
(kmc building),Raja s.c. Mullick Road
Phone no: 033 24251453

Bank of India in Maharashtra
Maharshi Dadhichi Marg,
Fort, Bombay - 022 22022494

Private sector banks in India

Private Banks are banks like HDFC bank, ICICI Bank, UTI bank and IDBI bank. The concept of private banking was introduced about 15 years ago. These are the banks that do not have any government stakes.

Private Banks have gained quite a strong foothold in the Indian banking industry over the last few years especially because of optimum use of technology. The Private Banks are accountable for a share of 18.2 percent of the Indian banking industry.

IndusInd Bank was the first private bank in India. Currently the bank is among the fastest growing Bank Private Banks in the country. IDBI which is ranked as the tenth largest global development bank is counted as one of the finest financial institutions in the subcontinent.

List of Private sector banks in India

Branches of Private sector banks in the different states in India

ICICI Bank LTD in Maharashtra
40 2nd Floor Raheja Point,
Near Western Express Highway,
Vakola Pipe Line,
Santacruz East, Mumbai - 400029

Gala No 2, Ground Flr, Kohli Niwas
Plot No 72, Tpsv Prabhat Colony,
Santacruz East,
Mumbai - 400055

ICICI Bank LTD in West Bengal
1 A, Elgin Apartment, Ashutosh
Mukherjee Road, Lala Lajpat RAI
Sarani, Kolkata - 700020

ICICI Bank LTD in West Bengal
31, Chowringhee Road, Near Park Street
Metro Station Park Street,
Kolkata - 700016

ICICI Bank LTD in Karnataka
No.496, Salarpuria House, Cmh Main Road,
Indiranagar, Bangalore - 560038

ICICI Bank LTD in Karnataka
No.1, 2ND Floor, ICICI Bank Towers,
Shobha Pearl, Opp to Mayo Hall,
Commissariat Road,
Bangalore - 560025

Bank of Punjab in Karnataka
No.543, Next To Food World,
Cmh Main Road,
Indiranagar, Bangalore - 560038

Bank of Punjab in West Bengal
72, Sarat Bose RD, Bhowanipur,
Kolkata - 700025

HDFC Bank in Gujarat
HDFC House, Ground Floor,
Astral Tower, Mithakhali Six Roads,
Mithakhali, Ahmedabad - 380009

HDFC Bank in Maharashtra
Narayan Property 26/A,
Chandivili Farm Road, Andheri East,
Mumbai - 400072

HDFC Bank in Maharashtra
Times Tower Mezanine Floor,
Kamala Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai - 400013

HDFC Bank in Andhra Pradesh
H No 1-10-60/3, Suryodaya Building,
Opp Shoppers Stop, Begumpet,
Hyderabad - 500016

HDFC Bank in Andhra Pradesh
D No 7-1-210, Ground Floor, Burugula
SVC Complex, Balkampet, Main Road,
Ameerpet, Hyderabad - 500016

Federal Bank in West Bengal
Dr Harendra Kumar Mukherjee
Sarani, Kolkata, West Bengal

Federal Bank in Maharashtra
Kandivili Mumbai greater
Bombay Maharashtra
Phone no: 022 28874433 28463083
Fax +91-484-2622672

Federal Bank in Karnataka
P B No. 25058, 44 & 45 Residency Road,
Bangalore, 560 025

Federal Bank in Karnataka
No 70, Gandhi Bazar Main Road,
First Floor, Basavanagudi,
Bangalore, 560 004,
Bangalore, Karnataka

Comparison between Private and Public Sector Banks

The Private sector banks introduced the concept of online banking in India. This was mostly because the private banks were technologically well equipped. Online banking is extremely common today since you can sit anywhere and go ahead with your banking transactions. You do not have to personally visit your bank.

The Private sector banks were using state of the art technology and fully computerized systems since the time they entered the Indian market whereas the Public sector banks were not.

However despite the technological challenges the public sector banks in India are still the preferred destinations for many as they are considered as safer options for money deposit.

Table representing the net income of a few private and public banks