Indian banking industry play important role in economic development. India is not only the world’s largest independent democracy, but also emerging economic for the past 3 demo declared India’s banking system has serval outstanding achievement to get its cradit the banking sector is one of the biggest service sector in India help channel saving to investments and encourage growth by allocating saving investment that have potential to yeeld higher returns modern banking in India organised in the last declared of 18th century. Among the first bank where the bank of Hindustanwhich was established in 1770 and liquidated in 1829 and general Bank of India established in 1786 but failed in 1791. The largest and oldest Bank of India is State Bank of India ( SBI) . It organised and started working as the bank of Kolkata in mid June 1806 in 1909 it was renamed the bank of Bengal after freedom of India it become State Bank of India in 1955 for many years the presidency Bank had a act us vice City centre banks there until the reserve Bank of India is 1935 under the reserve Bank of India act the Indian at sector is broadly classified into schedule and non scheduled banks the schedule bank are those in the induded under 2nd schedule of The reserve Bank of India
Generally supply product range and Richard a banking in India is fairly metric thought reach in rural India and to the poor still remain aur challenge the government has developed initiatives to address book thought the State Bank of India expanding its branch network and thought national Bank of agriculture and rural development and (NABARD) with facility link microfinance
Despite considerable expension banking question remain low in composition of global market meaning of in India major part of the population is finally if only 40% of adult population has a bank account 13% of people have a debit card and only 2% have a credit card 25,000 plus village have a bank branch out of the 600,000 village in the country this indicates the scope for expransion what Indian Bank
the reserve Bank and the government of India have taken many steps for inclusive growth and development RBI encourage the information communication and technology ICT model helping banks to counter the berries video of geography and Archieve financial inclusion
In 2006 RBI permitted Bank to use business facilities and business correspondets as intermediaries to provide financial and banking service in September 2010 banks where to imagine for profit companiesSBC over and above the individual entities permitted early on sep 30 , 2012 Bank have opened 158 159 BC out like providing banking service in 1992 702 villages
The unique identification authority of India UIDAI thought its UID number and aadhaar enabled payment system EPS permit online financial inclusion transaction at POS ( micro ATM using handed device) with the BC making use of the authentication . aadhaar enabled payment system APS is banking lead model which is in alignment with u i d a i s strategy to use UID number route government benefit transfer payment benefeciaries.
There are 6 kind of
1 Central Bank. 2 cooperative Bank
3 commercial bank. 4 rigional rural
5 local area Bank 6 specialized Bank
1 Central Bank = central bank is a pencil institution given priveleged control over the production and distribution of money and credit for nation or nations . In modern economics the centre bank is usually responsible for the for monetary policy and regulation of number Bank
2 cooperative Bank = cooperative Bank is a retail and American banking organised banking institution take deposit and lend money in most part of the world cooperative banking as discussed here include retail banking carried out by credit union, mutual savings banks ,building society and Co operative a spell us kal banking service provided by mutual organisation to cooperative business
3 commercial Bank= the team commercial bank refers to a financial institution that concept deposit offers checking account service make various loans and opposite basic financial product like certificate of deposit CD and savings account to individual and small business
4 rigional Bank= rigional banking is a depository institution Bank savings and loan or credit union
5 Local area banks = donon kaliya banks and a b are small private bank conceived a low cost structures
6 Specialized bank= specialised Bank are defined as those Bank that her banking corporation that service a specific type of economic activity.
By-
Shatakshi Yadav
