Interesting Facts About the Banking Sector in India
March 12, 2019
The modern banking sector was set up in India in the last decade of the 18th century. Since then, it’s evolved and matured in many ways. However, it’s growth can be divided into two categories which are:
● Pre-Independence Phase (1770-1947)
The first bank that was successful and exists even today is the State Bank of India (SBI). It started as the Bank of Calcutta in 1809, then renamed to the Bank of Bengal in 1809, and since then it’s has expanded all across the country.
Today, the Indian banking sector comprises 27 public sector banks, 21 private sector banks, 56 regional rural banks, 49 foreign banks, 1,562 urban cooperative banks, and 94,384 rural cooperative banks.
In the past few years, the government has taken many initiatives to push financial inclusion. One of these is the Pradhan Mantri Jan Dhan Yojana (PMJDY) that has helped in the creation of over 335 million accounts (at the time of writing). It’s also rolled out schemes like Pradhan Mantri Mudra Yojna, and Pradhan Mantri Awas Yojna to help the people avail loans at affordable interest rates.