Financial Institutions of India and their Establishment Date
Financial Institutions of India and their Establishment Date
Punjab National Bank, which is abbreviated as PNB was established in 1895 at Lahore, with its head quarter at New Delhi now. PNB provide banking and financial services to its customers. As on 31 March 2006, PNB has total 4066 branches across country, out of which 1944 branches are located in rural areas, 801 in semi–urban, 792 in urban, 528 metropolitan branches and one foreign branch at Kabul, Afghanistan. In 2006, the bank has opened 40 additional branches while 17 branches were merged, as a part of network rationalization. The bank has the largest network of branches and business outlets among other banks.
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India’s central banking institution, Reserve Bank of India (RBI) was established 80 years ago on 1 April 1935. RBI controls the monetary policy of the Indian rupee. Its head quarter is located at Mumbai. The bank is headed by the Governor, currently Raghuram Rajan is the Govermor of RBI. The bank has four zonal offices at Chennai, Delhi, Kolkata and Mumbai with 19 regional offices and 10 sub-offices located across country. RBI performs its functions under the guidance of Board for Financial Supervision. It is also known as Banker’s Bank, as it regulates and supervises financial system of other banks and financial institution of India.
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Industrial Credit and Investment Corporation of India commonly known as ICICI bank was established in the year 1994. It is a multinational banking and financial services company of India. Its head quarter is located in Mumbai. The bank is one of the big 4 banks of country along with SBI PNB and BOB. The bank has 4,070 branches and 13,449 ATMs across country. The bank is also located in 16 other countries except India.
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Small Industries Development Bank of India (SIDBI) was established on 2nd April 1990. It’s a financial institution established to aid the growth and development of micro, small and medium-scale enterprises of country. It provides support to micro-finance institutions for capacity building and onlending. Currently it has opened 7 branches.
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Life Insurance Corporation of India (LIC) is a state owned insurance group and investment company of India. LIC was established on 1st September 1956. It is India’s largest insurance company. Its head quarter is located in Mumbai. The slogan of LIC is ‘Yogakshemam vahamyaha’ that means ‘Your welfare is our responsibility’. At present, S.K. Roy is the Chairman of LIC.
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The Imperial Bank of India (IBI) is the largest commercial bank of Indian subcontinent. It was established on 27th January 1921. In the year 1955, the bank was subsequently transformed in SBI. Its head quarter is located in Mumbai.
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HDFC Bank Limited is banking and financial services company of India. The bank was established in August 1994. Its head quarter is located in Mumbai. In terms of market capitalization the bank is among the top 50 most valued global bank. The bank has 4,281 branches in 2,505 cities of country. It also has overseas branches at Bahrain, Hong Kong and Dubai. The bank has two subsidiaries HDB Financial Services Limited and HDFC Securities Limited.
IFCI was esatblished on… click NEXT to know
Industrial Finance Corporation of India, which is currently known as IFCI was established in the year 1956. It is government owned development bank of India to provide long-term finance to industries. Its head quarter is located in New Delhi.
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Export-Import Bank of India (EXIM Bank) is Indian export finance institution. It was established in the year 1982. Its head quarter is located in Mumbai. The bank provide corporate finance, line of credits, export credits, film financing, export services etc. to its customers.
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National Housing Bank is a wholly owned subsidiary of Reserve Bank of India. It was founded on 9th Junly 1988, under the National Housing bank Act 1987. Its an apex financial institution for housing. It was established with the objective to operate as a principle agaency to promote housing finance institutions both at local and regional level. It keeps surveillance through On-site and Off-site mechanisms and co-ordinates with other regulators. It registers, regulates Housing Finance Companies. The bank has total 319 branches across India.
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State Bank of India (SBI) is an Indian multinational Public Sector Bank and financial services company of India owned by government of India. The Bank was founded on 1st July 1955. Its headquarter is in Mumbai along with its corporate office situated in Mumbai. It has 17,000 branches including 190 foreign offices. It is the largest banking and financial services company in India in terms of assets and large number of customers. It has 5 associate banks namely State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Musore, State Bank of Patiala and State Bank of Travancore. It is one of the largest employer company having 222,033 employees.
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Regional Rural Banks is a local level banking organization, which was established in September 1975. It was incorporated to serve the basic banking and financial services to rural areas of country.