Government Banks, Private Banks, Co-operative Banks and NBFCS in India
What is a Bank?
Banks are financial institutions that play an important function in the economy by providing diversified financial services. They accept deposits from individuals and businesses, which can be withdrawn on demand or through other means like checks or electronic transfers. Banks also lend money to individuals and businesses, helping them finance their various needs and investments. In addition to these core functions, banks offer services such as wealth management, investment banking, and foreign currency exchange. They act as intermediaries between savers and borrowers, facilitating the flow of funds in the economy. Banks are regulated by central banks and government authorities to ensure their stability and to protect depositors' funds.
Different Types of Banks
Government banks, Private Banks, Co-operative Banks and NBFCS (Non-Banking Financial companies)
List of all Government banks in India list 2024
1. State Bank of India (SBI)
2. Punjab National Bank (PNB)
3. Bank of Baroda (BoB)
4. Bank of India (BOI)
5. Central Bank of India
6. Canara Bank
7. Union Bank of India
8. Indian Bank
9. Indian Overseas Bank
10. Bank of Maharashtra
11. Punjab & Sind Bank
12. UCO Bank
13. IDBI Bank
14. Andhra Bank (Now merged with Union Bank of India)
15. Corporation Bank (Now merged with Union Bank of India)
16. Allahabad Bank (Now merged with Indian Bank)
17. Syndicate Bank (Now merged with Canara Bank)
18. Oriental Bank of Commerce (Now merged with Punjab National Bank)
19. United Bank of India (Now merged with Punjab National Bank)
20. Dena Bank (Now merged with Bank of Baroda)
List of all Private Banks in India 2024
1. HDFC Bank
2. ICICI Bank
3. Axis Bank
4. Kotak Mahindra Bank
5. Yes Bank
6. IndusInd Bank
7. Federal Bank
8. RBL Bank
9. IDFC First Bank
10. Bandhan Bank
11. South Indian Bank
12. Karur Vysya Bank
13. City Union Bank
14. Catholic Syrian Bank
15. Tamilnad Mercantile Bank
16. DCB Bank
17. Karnataka Bank
18. Jammu and Kashmir Bank
19. Lakshmi Vilas Bank (Now merged with DBS Bank India Limited)
20. Dhanlaxmi Bank
21. Nainital Bank
23. IDBI Bank
28. Federal Bank
30. South Indian Bank
31. Lakshmi Vilas Bank
32. Tamilnad Mercantile Bank
35. City Union Bank
List of cooperative banks in India, organized by State Government:
Andhra Pradesh
1. The Andhra Pradesh State Co-operative Bank Ltd.
2. The Andhra Pradesh State Co-operative Apex Bank Ltd.
Bihar
1. Bihar State Co-operative Bank Ltd.
Gujarat
1. The Gujarat State Co-operative Bank Ltd.
2. Ahmedabad Mercantile Co-operative Bank Ltd.
Haryana
1. The Haryana State Co-operative Apex Bank Ltd.
Karnataka
1. The Karnataka State Co-operative Apex Bank Ltd.
2. The Bangalore City Co-operative Bank Ltd.
Kerala
1. The Kerala State Co-operative Bank Ltd.
2. Kerala State Co-operative Agricultural and Rural Development Bank Ltd.
Madhya Pradesh
1. The Madhya Pradesh Rajya Sahakari Bank Maryadit
2. The Madhya Pradesh State Co-operative Bank Ltd.
Maharashtra
1. The Maharashtra State Co-operative Bank Ltd.
2. The Mumbai District Central Co-operative Bank Ltd.
3. The Thane District Central Co-operative Bank Ltd.
Odisha
1. The Odisha State Co-operative Bank Ltd.
Punjab
1. The Punjab State Co-operative Bank Ltd.
2. The Punjab State Cooperative Agricultural Development Bank Ltd.
Rajasthan
1. The Rajasthan State Co-operative Bank Ltd.
Tamil Nadu
1. The Tamil Nadu State Apex Co-operative Bank Ltd.
2. The Tamil Nadu State Co-operative Bank Ltd.
Telangana
1. Telangana State Co-operative Apex Bank Ltd.
Uttar Pradesh
1. The Uttar Pradesh Co-operative Bank Ltd.
2. The Uttar Pradesh Sahakari Gram Vikas Bank Maryadit
West Bengal
1. The West Bengal State Co-operative Bank Ltd.
2. The West Bengal State Co-operative Agriculture and Rural Development Bank Ltd.
Assam
1. Assam Co-operative Apex Bank Ltd.
Chhattisgarh
1. Chhattisgarh Rajya Sahakari Bank Maryadit
Goa
1. The Goa State Co-operative Bank Ltd.
Himachal Pradesh
1. The HP State Co-operative Bank Ltd.
Jharkhand
1. The Jharkhand State Co-operative Bank Ltd.
Manipur
1. Manipur State Co-operative Bank Ltd.
Meghalaya
1. Meghalaya Co-operative Apex Bank Ltd.
Mizoram
1. Mizoram Co-operative Apex Bank Ltd.
Nagaland
1. Nagaland State Co-operative Bank Ltd.
Puducherry
1. The Puducherry State Co-operative Bank Ltd.
Sikkim
1. Sikkim State Co-operative Bank Ltd.
Tripura
1. Tripura State Co-operative Bank Ltd.
Uttarakhand
1. The Uttarakhand State Co-operative Bank Ltd.
Others
1. The National Co-operative Bank Ltd. (Multi-State)
Listing all Non-Banking Financial Companies (NBFCs) in India would be an extensive task due to their large number and the constant addition or removal of entities. However, I can provide you with some of the major NBFCs in India across different sectors:
Housing Finance NBFCs:
1. Housing Development Finance Corporation Limited (HDFC)
2. LIC Housing Finance Ltd.
3. Indiabulls Housing Finance Ltd.
4. DHFL (Dewan Housing Finance Corporation Ltd.)
5. PNB Housing Finance Ltd.
Infrastructure Finance NBFCs:
1. IDFC Limited
2. L&T Finance Holdings Ltd.
3. REC Limited
4. Power Finance Corporation Ltd. (PFC)
5. India Infrastructure Finance Company Limited (IIFCL)
Microfinance NBFCs:
1. Bandhan Financial Services Pvt. Ltd.
2. Bharat Financial Inclusion Ltd. (now part of IndusInd Bank)
3. Ujjivan Financial Services Ltd.
4. SKS Microfinance Ltd. (now part of Bharat Financial Inclusion Ltd.)
Asset Finance NBFCs:
1. Bajaj Finance Limited
2. Mahindra & Mahindra Financial Services Ltd. (MMFSL)
3. Shriram Transport Finance Company Ltd.
4. Sundaram Finance Ltd.
5. Tata Capital Financial Services Ltd.
Consumer Finance NBFCs:
1. Muthoot Finance Ltd.
2. Manappuram Finance Ltd.
3. Bajaj Finserv Ltd.
4. Aditya Birla Finance Ltd.
5. Tata Capital Ltd.
Investment and Wealth Management NBFCs:
1. Bajaj Allianz Financial Distributors Ltd.
2. Aditya Birla Money Ltd.
3. IIFL Finance Ltd.
4. Motilal Oswal Financial Services Ltd.
5. Edelweiss Financial Services Ltd.
Equipment Finance NBFCs:
1. Srei Infrastructure Finance Ltd.
2. Tata Capital Financial Services Ltd.
3. L&T Finance Holdings Ltd.
4. Bajaj Finance Limited
This list includes some of the prominent NBFCs in India across different sectors. However, many more NBFCs are operating in the country, each specializing in different financial services and products.
FAQS:
When should a bank apply customer due diligence?
Banks should apply customer due diligence (CDD) measures when establishing a business relationship with a customer, carrying out periodic transactions, or suspecting money laundering or terrorist financing. CDD is a process where banks verify the identity of their customers and assess the risks associated with them. This process helps banks understand the nature of the customer's activities, and the source of their funds, and ensure compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. By applying CDD measures, banks can mitigate risks, protect their reputation, and comply with legal and regulatory requirements.