A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services, such as wealth management, currency exchange, and safe deposit boxes.
There are two types of banks: commercial/retail banks and investment banks. In most countries, banks are regulated by the national government or central bank.
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.
As of 2021, August 21st., there are X no of banks in India.
Banks In India