[2023] Types of Banks in India | All Banks List in India

How many types of banks are there in India? , Types of Banks in India – Indian Banking ,Sector All Banks List in India 2023

In today’s modern times, bank or banking services are a part of our daily life. We use banking services from recharge to payment. I have often seen doubts about bank accounts. After all, in which kind of bank should I open my account? But before that you have to understand, what are the types of banks in India? Types of Banks in India – Indian Banking Sector

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Unless you do not know how many types of banks are there in India. Till then how will you be able to choose the right bank for you?

The process of modern banking in India began in the late 18th century. The oldest profit-oriented bank is the ‘Bank of Calcutta’ started in 1806 and currently known as the ‘State Bank of India’. Presently, there are 34 banks in India, out of which 12 are public sector banks and 22 are private sector banks.

Banks have helped in promoting the economic development of the country and have encouraged the culture of savings among the people of the country. Let us learn about the different types of banks in India.

Types of Banks in India

There are many types of banks in India which are broadly divided into 2 categories i.e. Scheduled Banks and Non – Scheduled Banks.

Scheduled Banks

1 –Central Bank

• A main bank that checks on and synchronizes with all other banks in a particular country is known as the country’s Central Bank.
• The post of Central Bank in India is of ‘Reserve Bank of India’ (RBI).
• RBI is also known as ‘Government’s Bank’ or ‘Banker’s Bank’.
• RBI is responsible for regulating and guiding other banks in the country.
• From this the country’s currency i.e. Indian Rupee emerges.
• It determines and executes financial and monetary strategies, approaches and policies.
• RBI ignores the economic system of the country by handling the finance.
• It is also responsible for foreign exchange.
• All these works are always done under the supervision of the government of the country.

2 – Cooperative Banks (Cooperative Bank)

Such banks work under the act of the state government.
The main objective of these banks is to ensure the social well-being of the public.
This is done by offering loans that are open to concession based on the convenience of the user.
They have 3 level format:

Level 1: State level cooperative banks include RBI, Govt and NABARD finance. There is a public distribution of money. Concessional CRR, SLR charges are also applicable on these banks.

The ownership is by the state government and the various members elect the key management.

Level 2: District Level Cooperative Bank. These are mainly established to enhance the development in the agriculture sectors of the rural areas. But they also run non-agricultural cooperatives with other unions etc. There is a district level bank in each district in India.

These banks are represented by one State Apex Central Cooperative Bank for each state. Members are involved in many different professions. These banks get loans at 1% to 2% less interest rate than the standard bank rate

Level 3: Rural or village level co-operative banks focus their main attention on primary agriculture. NABARD is responsible for monitoring these banks. At this level there exist Primary Agricultural Credit Societies (PACs) which work at the grassroots level.

This aid provides short and medium term loans to their members and acts as a link between the higher financial institutions of the country and their members. As of March 2018, there were 96248 such banks in the country.

State Co-operative Banks (SCBs) list

In India, at present, there are total 32 State Co-Operative banks.

• The Andaman and Nicobar State Co-operative Bank Ltd.
• The Andhra Pradesh State Co-operative Bank Ltd.
• The Arunachal Pradesh State Co-operative Apex Bank Ltd.
• The Assam Co-operative Apex Bank Ltd.
• The Bihar State Co-operative Bank Ltd.
• The Chandigarh State Co-operative Bank Ltd.
• The Delhi State Co-operative Bank Ltd.
• The Goa State Co-operative Bank Ltd.
• The Gujarat State Co-operative Bank Ltd.
• The Haryana State Co-operative Apex Bank Ltd.
• The Himachal Pradesh State Co-operative Bank Ltd.
• The Jammu and Kashmir State Co-operative Bank Ltd.
• Jharkhand state cooperative bank ltd.
• The Karnataka State Co-operative Apex Bank Ltd.
• The Kerala State Co-operative Bank Ltd.
• The Madhya Pradesh Rajya Sahakari Bank Maryadit
• The Maharashtra State Co-operative Bank Ltd.
• The Manipur State Co-operative Bank Ltd.
• The Meghalaya Co-operative Apex Bank Ltd.
• The Mizoram Co-Operative Apex Bank Ltd.
• The Nagaland State Co-operative Bank Ltd.
• The Orissa State Co-operative Bank Ltd.
• The Pondicherry State Co-operative Bank Ltd.
• The Punjab State Co-operative Bank Ltd.
• The Rajasthan State Co-operative Bank Ltd.
• The Sikkim State Co-operative Bank Ltd.
• The Tamil Nadu State Apex Co-operative Bank Ltd.
• The Tripura State Co-operative Bank Ltd.
• The Uttar Pradesh Co-operative Bank Ltd.
• The West Bengal State Co-operative Bank Ltd.
• The Chhattisgarh RajyaSahakari Bank Maryadit
• The Uttaranchal Rajya Sahakari Bank Ltd.

Non – Scheduled Banks (Non-Scheduled Bank)

3 – Commercial Banks (Commercial Bank)

• Such banks work under the Banking Companies Act 1956.
• These are often run by the government or a private firm.
• The main objective of such banks is to earn maximum profit through their commercial policies.
• Deposits by its users act as a major resource of its reserve.
• Concessional interest fares are offered only when directed by CBI.
• These are suitable for operation in both urban and rural areas.

There are 3 major types of these banks:

Public Sector Banks (Public Sector Banks,

In this the denominating shareholder is either the government or the central bank of the country.

List of Public Sector Banks in India