Top Financial Institutions: Your Guide to Reliable Financial Partners

The Indian banking sector is at its peak at this time with many national and international banks offering the best of their services and products to the consumers. The history of Indian banking industry goes back to the 18^th century. Bank of Hindustan was the country’s first bank which was established in 1770. It, however, was liquidated later in 1829-32. General Bank of India was the other bank which was established in 1786.

These financial institutions are the very important part of any economy. They offer banking and investment services to the customers by acting as an intermediary between the consumer and the capital/debt markets. They control the supply of money in the economy and market by transferring the funds from the pockets of investors to the companies and individuals in the form of loans, investments and deposits. Some big financial groups are key players in controlling the flow of money in the economic system of the country.

Financial institutions are not just limited to banks. It is a broad term which encompasses investment banks, commercial banks, insurance companies, brokerage firms, credit unions, finance firms, asset management funds among others.

Indian banks come under the aegis of the Reserve bank of India which controls the operations and monetary aspects of the banks in the country. RBI was established in April 1935 and was nationalised in January 1949. Its main function is to ensure smooth and strict guidance and look over the Indian banks.

Indian banks are broadly categorised as- Public Sector Banks and Private Sector Banks. Currently, India has 27 Public Sector Banks and 19 nationalized banks. Apart from these, RBI has also categorised two banks viz. IDBI and Bhartiya Mahila Bank under “Other Public Sector Banks”. Along with these, the country also has a total of 91 commercial banks.

The major banks in the country are:

• Abhyudaya Co-operative Bank Limited

• India Post Payments Bank

• Allahabad Bank

• American Express

• Andhra Bank

• Axis Bank

• Bajaj Finserv

• Bank of Baroda

• Bank of India

• Bank of Maharashtra

• Canara Bank

• Capital First

• Central Bank of India

• Citi Bank