Banks in India Today
Banking Options in India - Choosing a Bank
Banks in India Today
NRI BANKING CHOICES
Banking in India has changed considerably in the past
decade. Just about every international bank has a presence now in India.
I remember the time in India when customers who went
to cash a cheque at their local banks, had to first line up to present
the cheque to a bank teller and were then given a token to take to a
different teller to get their
cash.
Fortunately things have changed for the better now. Indian banks are now almost at par with foreign banks when it comes to service.
The competition from foreign banks has resulted in improvements for Indians in the banking sector.
Banks in India now offer services to their customers that are not only comparable to western banks but also some services that are not offered in the west.
Home banking facility is one special customer service
that banks in India offer. My UTI bank account for instance allows me to
telephone my bank in India when I want to cash a personal cheque while I
am in India. During my visit to India in February 2007 I used this route
and called the bank on three different occasions to cash my personal
cheque. Once the bank gets a call for home banking from a customer they
send the cash to your residence, you accept the cash and hand over your
personal cheque to the bank employee. On the three different occasions
that I used this procedure to cash a cheque, a bank employee was at my
door within an average of 20 minutes. Of course this would depend on the
distance you are located from the branch. UTI calls this priority banking. I'm
sure many other banks offer this kind of service.
Some Indian banks now have also opened branches overseas and while the majority of their overseas customers probably tend to be Non Resident Indians these banks are doing well as they offer attractive rates and services to the thousands of NRI’s living abroad.
When it comes to selecting a bank to do business with. NRI's have lots of choices. Here is some information that may help you make an informed decision on selecting a bank in India.
Do remember that when choosing a bank don't let a high interest rate be
the only criteria in choosing a particular bank.
In India, banks running into financial problems is not uncommon. Last year 28 financial banking institutions ran into trouble. See list on bank acct safety page for list.
Types of banks in India:
1.
Public Sector Banks
2.
Private Sector Banks
3.
Co operative Banks
4.
Foreign Banks.
The following is a list
of Public Sector Banks in India
3. Bank of Baroda 4. Bank of India
5. Bank of Maharashtra 6. Canara Bank
7. Central Bank of India 8. Corporation Bank
9. Dena Bank 10. Indian Bank
11. Indian Overseas Bank 12. Punjab & Sind Bank
13. Oriental Bank of Commerce
15.
17. Union Bank of India 18. United Bank of India
19. Vijaya Bank
List of State Bank of
India and its subsidiary - Public Sector Banks
1. State Bank of India
3.
State Bank of Hyderabad
4. State Bank of Indore
5. State Bank of Mysore
6. State Bank of Saurashtra
7. State Bank of Travancore
List of Private Banks in India
1. Bank of Punjab 11. IDBI Bank
2. Bank of Rajasthan 12. IndusInd Bank
3. Catholic Syrian Bank 13. ING Vysya Bank
4. Centurion Bank 14. Jammu & Kashmir Bank
5. City Union Bank 15. Karnataka Bank
6. Dhanalakshmi Bank 16. Karur Vysya Bank
7. Development Credit Bank 17. Laxmi Vilas Bank
8. Federal Bank 18. South Indian Bank
9. HDFC Bank 19. United Western Bank
10. ICICI Bank 20. UTI Bank
List of Foreign Banks in India:
1. ABN-AMRO Bank 2. Abu Dhabi Commercial Bank
3. Bank of Ceylon 4. BNP Paribas Bank
5. Citibank 6. China Trust Commercial Bank
7. Deutsche Bank 8. HSBC
9. JPMorgan Chase Bank 10. Standard Chartered Bank
11. Scotia Bank 12. Taib Bank
The following are the list of foreign banks that
may be planning to set up business in India
by next year.
Royal Bank of Scotland
Switzerland's UBS
US-based GE Capital
Credit Suisse Group
Industrial and Commercial Bank of China
