Indian Banking System
Indian Banking System
Introduction
Banks play
an important part in driving a country’s economic progress and running the
financial sector. The banking system is important in promoting economic growth
by channelling funds into investments and increasing resource allocative
efficiency. An efficient Indian Banking System is increasingly seen as a
necessary prerequisite for the country’s development. These institutions, which
serve as a hub for savers and investors, are at the heart of India’s financial
system. The Indian banking system is governed by a central bank known as the
Reserve Bank of India (RBI), which controls the entire Indian financial sector.
Structure
of Indian Banking System
The Indian
Banking System includes commercial banks, regional rural banks, urban
cooperative banks, and primary agricultural credit societies. India’s modern
banking began in the 18th century. The State Bank of India is the biggest and
oldest surviving bank. It began as the Bank of Calcutta in mid-June 1806. Today
it is one of the largest lenders in the country. The Indian subcontinent reaped
the benefits of a favourable trade balance, with exports outnumbering imports
by wide percentages
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