How Many Private And Public Sector Banks Are There In India?
Nowadays, having a bank account is required from a young person to an older person to save money and get funds from the government through various student schemes such as scholarships. Also, following the Government of India's Pradhan Mantri Jan Dhan Yojana Financial Inclusion Program – the chances of someone not having a bank account are limited. But did you know that the Reserve Bank of India (RBI) is the country's top financial regulator? The RBI Act of 1934 founded it. Scheduled banks and non-Scheduled banks are the two main types of Indian banks.
Do you have a good understanding of the best public sector banks and top banks in India? If not, don't worry; we'll tell you everything you need to know about India's top 10 public and private banks, as well as their banking products.
Types Of Banks
Banks are classified into two categories, a) Scheduled Bank and b) non-Scheduled bank.
Schedule Bank: Scheduled banks are those that are listed in the RBI Act of 1934's second schedule. Commercial banks are further separated into two types based on ownership: private sector banks and public sector banks.
Private Sector Banks: Private individuals own the majority of the stock. Private banks include HDFC Bank, ICICI Bank, and AXIS Bank, among others.
Public Sector Banks: In this type of bank, the government owns the majority of the stock. Punjab National Bank, State Bank of India, and Central Bank of India are examples of public sector banks.
Non-Scheduled bank: Non-scheduled banks are those that do not follow the RBI's rules. Because they are not listed in the Second Schedule of the RBI Act, 1934, they are judged incapable of serving and protecting the interests of depositors.
Private Sector Banks 2021
According to the report of 2020, India had 22 private sector banks in total. The names of private sector banks in India 2020 are - HDFC Bank, ICICI Bank, IndusInd Bank, Axis Bank, Bandhan Bank, CSB Bank, Jammu & Kashmir Bank, Karnataka Bank, City Union Bank, DCB Bank, Dhanlaxmi Bank, Federal Bank, IDFC FIRST Bank, Kotak Mahindra Bank, Lakshmi Vilas Bank, Karur Vysya Bank, Nainital Bank, South Indian Bank, RBL Bank, Tamilnad Mercantile Bank, YES Bank, and IDBI Bank.
But as per the 2020 report, there are 27 public sector banks, 21 private banks, and four local banks in total. Let’s take a look at the list of private sector banks given below.
List Of Private Sector Banks
List Of Public Sector Banks 2020
Let’s take a look at the list of public sector banks now.
In India, the banks are divided or classified into different categories. Every category or type of bank has different types of functions to perform. The Reserve Bank of India (RBI) has the highest baking regulator authority in India. It regulates the monetary policy in the country. You might have several other questions regarding the banking system in India, such as which is a private bank, HDFC bank is private, or the government is Axis Bank A private bank, how many private sector banks are there in India 2020, how many banks will become private in 2021, etc. Answers to all these questions as mentioned above are provided in this article in a comprehensive manner.
FAQs on List of All Public and Private Sector Banks in India
Question1: What is the name of the number 1 government bank in India?
Answer: When it comes to the number of branches, ATMs, net earnings, total assets managed, and other factors, SBI is, without a doubt, India's largest bank. SBI controls over 20% (approximately) of the Indian banking sector, with close to 3 lakh workers. With a vast network of over 22,000 branches, 58,500 ATMs, and 66,000 BC outlets, SBI, India's largest bank, serves over 44 crore customers with an unwavering focus on innovation and customer-centricity, which stems from the Bank's core values of Service, Transparency, Ethics, Politeness, and Sustainability.
The Bank has successfully diversified businesses through its 11 subsidiaries, i.e., SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has spread its presence globally and operates across time zones through 233 offices in 32 foreign countries.
Question 2: Name the second largest bank in India.
Answer: ICICI Bank is India's second-largest bank, with approximately 1,750 ATMs and nearly 450 branches and offices. With total consolidated assets of Rs.14.76 trillion in 2020, India's second-largest private sector bank. ICICI Bank has a significant branch network across the country, with 5288 branches and 15158 ATMs.
ICICI Bank was founded in the year of 1994 and is headquartered in Vadodara, Gujarat. Fixed Deposits, loans, insurance, savings and current accounts, privileged banking, and credit cards are just some of the financial goods and services they offer. They employ more than 85000 individuals throughout the country. Customers can access ICICI Bank's services through a variety of delivery channels and group organizations.
Question 3: Which is the highest banking regulatory authority in India?
Answer: The RBI is the money market and the highest banking regulator in India. Its functions include Printing and circulating currency throughout the country. Though originally privately owned, since nationalization in 1949, the Reserve Bank is wholly owned by the Government of India.
Question 4: Which bank the ING Vysya Bank got amalgamated with in 2016?
Answer: ING Vysya Bank and Kotak Mahindra Bank decided to merge on November 20, 2014, in an all-stock merger, becoming India's fourth-largest private sector bank. The merger was approved by the Reserve Bank of India on April 1, 2015. The entire merger procedure was completed on May 15, 2016.
Question 5: Which is the largest private bank in India?/ HDFC bank is private or government?
Answer: This causes doubt in many people’s minds - HDFC bank is private or government. Yes, it is a private bank. As of March 2021, HDFC Bank was the leading Indian private bank with over 15 trillion Indian rupees. Within the banking sector, HDFC bank comes second after the public State Bank of India, which is worth nearly 40 trillion Indian rupees in terms of assets during the same period.
Examples of private banks are - HDFC Bank, ICICI Bank, Axis Bank, IDBC First Bank, etc.
Here’s also a few more examples of public sector banks: State Bank of India, Canara Bank, Punjab National Bank, UCO Bank, etc.
