The First Banking in India were Bank of Hindustan established in 1770. The Largest Bank in India is the State Bank of India (SBI) – This was one of the three banks funded by Presidencies of British India Government, the other two were the Bank of Bombay and the Bank of Madras. Currently Indian banking sector classified into Scheduled Banks (include Public Sector Banks, Regional Rural Banks (RRBs); Private Sector Banks & Foreign Banks) and Non-Scheduled banks. The Scheduled Banks regulated under the 2nd Schedule of the Reserve Bank of India (RBI) Act, 1934. The Non-Scheduled banks regulated under the Banking Regulation Act, 1949. Currently 27 Public Sector Banks available in India, Its include 19 Nationalized banks, 06 are State Bank of India (SBI) & its associate banks, 02 other public sector Banks (Bharatiya Mahila Bank & IDBI Bank) and 02 banks Newly proposed (India Post Payments Bank). More than 20 Private Sector Banks also available in India.
- In Banking