Page 33 - DMGT512_FINANCIAL_INSTITUTIONS_AND_SERVICES

Financial Institutions and Services

Notes 2. Commercial Banks
3. Regional Rural Banks
4. Non-banking Financial Companies

5. Co-operative Societies, etc.
Let us take them in details now:

1. Financial Authorities: Also known as financial regulators, they include:
(a) Central Board of Direct Taxes (CBDT)
(b) Central Board of Excise & Customs (CBE&C)

(c) Reserve Bank of India (RBI)
(d) Securities and Exchanges Board of India (SEBI)
(e) Insurance Regulatory and Development Authority (IRDA).

2. Commercial Banks: The main commercial banks in India include:
(a) Abu Dhabi Commercial Bank
(b) Allahabad Bank

(c) Bank Internasional Indonesia
(d) Bank of Bahrain and Kuwait BSC

(e) Bank of India
(f) Corporation Bank
(g) Federal Bank

(h) ICICI Bank
(i) IDBI Bank

(j) IndusInd Bank Limited
(k) SBI Commercial and International Bank Ltd.
(l) State Bank of India

(m) State Bank of Hyderabad
(n) State Bank of Travancore
(o) Union Bank of India

(p) The Karur Vysya Bank Limited.
3. Regional Rural Banks (RRBs): The Government of India set up RRBs on October 2, 1975.
The banks provide credit to the weaker sections of the rural areas, particularly the small
and marginal farmers, agricultural labourers, artisans and small entrepreneurs.

Initially, five RRBs were set up which were sponsored by Syndicate Bank, State Bank of
India, Punjab National Bank, United Commercial Bank and United Bank of India. Presently
the number of the RRBs stands at 95 (source www.rbi.org.in).

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