List of Scheduled Commercial Banks in India, Functions, Examples

Scheduled Commercial Banks

Scheduled Commercial Banks in India are banks that are listed under the Second Schedule of the Reserve Bank of India Act, 1934. These banks are regulated by the Reserve Bank of India (RBI) and are authorized to carry out banking activities in India.

Scheduled Commercial Banks Categories

Scheduled Commercial Banks can be divided into the following categories:

Scheduled commercial banks offer a wide range of banking services such as accepting deposits, providing loans, issuing credit cards, facilitating money transfers, and offering various financial products. They play a crucial role in the Indian economy by supporting economic activities, promoting savings, and channelling funds for investment and development.

Read about: Banking System in India

List of Public Sector Scheduled Commercial Banks

Here is a list of some of the major Public Sector Scheduled Commercial Banks in India:

• State Bank of India (SBI)
• Punjab National Bank (PNB)
• Bank of Baroda (BOB)
• Canara Bank
• Union Bank of India
• Indian Bank
• Bank of India (BOI)
• Central Bank of India
• Indian Overseas Bank
• UCO Bank
• Bank of Maharashtra
• Punjab & Sind Bank
• IDBI Bank Ltd.
• Andhra Bank (merged with Union Bank of India)
• Allahabad Bank (merged with Indian Bank)

Read about: List of RBI Governors of India

List of Private Sector Indian Banks

Here is a list of some of the major private sector scheduled commercial banks in India:

• HDFC Bank
• ICICI Bank
• Axis Bank
• Kotak Mahindra Bank
• Yes Bank
• IndusInd Bank
• Federal Bank
• IDFC First Bank
• Bandhan Bank
• RBL Bank
• South Indian Bank
• DCB Bank
• Karur Vysya Bank
• Tamilnad Mercantile Bank (TMB)
• Lakshmi Vilas Bank (LVB) (merged with DBS Bank India Limited)

Read More: Types of Banks in India

List of Private Sector International Banks in India

International scheduled commercial banks operating in India typically refer to foreign banks that have established a presence and are authorized to conduct banking operations in the country. Here is a list of some prominent international scheduled commercial banks operating in India:

• Citibank
• Standard Chartered Bank
• HSBC Bank
• Deutsche Bank
• Bank of America
• Barclays Bank
• JPMorgan Chase Bank
• Royal Bank of Scotland (RBS)
• ABN AMRO Bank
• BNP Paribas
• DBS Bank
• State Bank of Mauritius (SBM)
• Industrial and Commercial Bank of China (ICBC)
• United Overseas Bank (UOB)
• Mizuho Bank

Read More: Indian Financial System

Regional Rural Banks

RRBs are created through a partnership between the Government of India, the concerned State Government, and the sponsoring commercial bank. They operate at the regional level and primarily cater to the banking needs of rural and semi-urban areas.

RRBs are regulated by the Reserve Bank of India (RBI) and are listed under the Second Schedule of the RBI Act, 1934, which classifies them as scheduled commercial banks. They provide a range of banking services, including deposits, loans, remittances, and other financial products, with a focus on the agricultural and rural sectors.

It’s worth noting that while RRBs are classified as scheduled commercial banks, they have a specific mandate to serve rural areas and promote rural development, distinguishing them from other scheduled commercial banks.

Read about: Finance Ministers of India List

Scheduled Commercial Banks UPSC

Scheduled commercial banks are a relevant topic in the UPSC syllabus, particularly in the Economics section. Aspirants can find UPSC online coaching and UPSC mock tests to prepare for this topic effectively. Scheduled commercial banks, listed in the Second Schedule of the RBI Act, 1934, are regulated by the RBI and play a significant role in India’s economy. Online coaching platforms and mock tests help candidates understand the concepts and assess their knowledge for the UPSC exam.

Read about: Insurance Sector in India

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