Indian Banking system

The Indian banking system is one of the largest in the world and is regulated by the Reserve Bank of India (RBI), which is the central bank of India. It comprises a complex network of banks and financial institutions that offer a wide range of banking and financial services to individuals, businesses, and other organizations.

The Indian banking system is divided into two categories: Scheduled Banks and Non-Scheduled Banks. Scheduled Banks include commercial banks, co-operative banks, and regional rural banks, while Non-Scheduled Banks include non-banking financial companies (NBFCs).

Some of the major commercial banks in India include State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank, and Punjab National Bank (PNB). Co-operative banks are typically smaller than commercial banks and cater to a specific region or community. Regional rural banks (RRBs) provide banking services in rural areas and are jointly owned by the central government, the state government, and the sponsor bank.

The Indian banking system has undergone significant reforms over the years to improve efficiency, transparency, and financial inclusion. Some of the recent reforms include the implementation of the Goods and Services Tax (GST), the introduction of the Insolvency and Bankruptcy Code (IBC), and the implementation of the Unified Payments Interface (UPI) for digital payments.

Overall, the Indian banking system plays a critical role in the country's economy by providing financial services to millions of people and businesses across the country.