List of Banks and Insurance Companies in India

The list of banks and insurance companies in India is a crucial topic for banking and finance exams, as well as for general knowledge. Candidates aspiring for banking and finance exams should be well-versed in the banks and insurance companies currently operating in the country.

Regulatory Bodies

• Banks: All banks in India are regulated by the Reserve Bank of India (RBI).
• Insurance Companies: Insurance companies are governed by the Insurance Regulatory & Development Authority (IRDA).

Types of Banks in India

• Public Sector Banks: These are banks in which the government holds a majority stake.
• Private Sector Banks: These are banks in which the majority stake is held by private entities.
• Regional Rural Banks (RRBs): These banks are established to provide banking services in rural areas.
• Foreign Banks: These are banks that have their headquarters in a foreign country but have branches in India.
• Small Finance Banks: These banks are set up to provide financial services to the unbanked and underbanked population.
• Payments Banks: These banks are primarily focused on providing payment services.

Insurance Companies in India

There are both public sector and private sector insurance companies in India. Some of the major insurance companies include:

• Life Insurance Corporation of India (LIC): This is the largest life insurance company in India.
• General Insurance Corporation of India (GIC): This is the largest general insurance company in India.
• New India Assurance Company Limited: This is a public sector general insurance company.
• Oriental Insurance Company Limited: This is a public sector general insurance company.
• United India Insurance Company Limited: This is a public sector general insurance company.

The list of banks and insurance companies in India is vast and diverse. Candidates appearing for competitive exams held by the IRDA or the RBI should thoroughly understand the banking and insurance sectors in India.

Indian Banking System

Public Sector Banks (PSBs)

PSBs are banks in India where the government holds a majority stake of more than 50%. Here are some of the leading PSBs in India:

Private Sector Banks

Private sector banks are banks in India where the majority of shares are held by private shareholders rather than the government. Here are some of the leading private sector banks in India:

Indian Banks

Private Sector Banks

Regional Rural Banks (RRBs)

Regional Rural Banks (RRBs) are government-owned scheduled commercial banks operating at regional levels across different states of the country.

List of RRBs with their respective year of establishment, headquarters, and sponsor bank.

Foreign banks operating as wholly owned subsidiary in India

The following banks are incorporated outside India but operating as wholly owned subsidiaries in the country:

• DBS Bank
• State Bank of Mauritius

Foreign banks with branches in India

The following banks are incorporated outside India but have branches in the country:

Commercial Banks

Small Finance Banks

Small Finance Banks are niche banks that provide basic banking services such as accepting deposits and lending credit.

Payments Banks

Payments Banks are a new type of bank that can accept restricted deposits and provide basic banking services, but cannot issue loans or credit cards.

Some Other Payment banks are as following:

Fino Payments Bank

• Year of Establishment: 2017
• Tagline: “Qadar Aapki Mehnat Ki”
• State of Operation: Maharashtra

NSDL Payments Bank

• Year of Establishment: 2018
• Tagline: “Technology Trust And Reach”
• State of Operation: Maharashtra

Cooperative Banks

Cooperative banks are financial institutions established on a cooperative basis, primarily owned by their members. Here’s a list of cooperative banks currently operational in India:

• The Andaman and Nicobar State Cooperative Bank Ltd.
• The Andhra Pradesh State Cooperative Bank Ltd.
• The Arunachal Pradesh State Cooperative Apex Bank Ltd.
• The Assam Cooperative Apex Bank Ltd.
• The Bihar State Cooperative Bank Ltd.
• The Chandigarh State Cooperative Bank Ltd.
• The Delhi State Cooperative Bank Ltd.
• The Goa State Cooperative Bank Ltd.
• The Gujarat State Cooperative Bank Ltd.
• The Haryana State Cooperative Apex Bank Ltd.
• The Himachal Pradesh State Cooperative Bank Ltd.
• The Jammu and Kashmir State Cooperative Bank Ltd.
• The Karnataka State Cooperative Apex Bank Ltd.
• The Kerala State Cooperative Bank Ltd.
• The Madhya Pradesh Rajya Sahakari Bank Maryadit
• The Maharashtra State Cooperative Bank Ltd.
• The Manipur State Cooperative Bank Ltd.
• The Meghalaya Cooperative Apex Bank Ltd.
• The Mizoram Cooperative Apex Bank Ltd.
• The Nagaland State Cooperative Bank Ltd.
• The Orissa State Cooperative Bank Ltd.
• The Pondicherry State Cooperative Bank Ltd.
• The Punjab State Cooperative Bank Ltd.
• The Rajasthan State Cooperative Bank Ltd.
• The Sikkim State Cooperative Bank Ltd.
• The Tamil Nadu State Apex Cooperative Bank Ltd.
• The Tripura State Cooperative Bank Ltd.
• The Uttar Pradesh Cooperative Bank Ltd.
• The West Bengal State Cooperative Bank Ltd.
• The Chhattisgarh RajyaSahakari Bank Maryadit
• The Uttaranchal Rajya Sahakari Bank Ltd.

This concludes the list of banks operating in India based on their type.

List of Banks & Insurance Companies in India – Major Insurance Companies

The insurance business in India is divided into two categories: General Insurance and Life Insurance. Here are the details:

General Insurance

General insurance covers assets like cars, bikes, homes, and valuable metals like gold, silver, and money. Here are 34 general insurance companies currently operating in India:

General Insurance Companies in India

Life Insurance Companies in India

Life insurance is a contract between an insurer or assurer (insurance company) and insurance policy holder (insured). Under a life insurance contract, the insurer promises to pay a certain sum of money upon the death of an insured person.

FAQs:

What are the different types of banks in India?

• Public Sector Banks
• Private Sector Banks
• Regional Rural Banks (RRBs)
• Foreign Banks
• Small Finance Banks
• Payments Banks
• Cooperative Banks

Which body regulates banks in India?

• Reserve Bank of India

Which body regulates the insurance industry in India?

• Insurance Regulatory & Development Authority

Why is it important to learn about banks and insurance companies in India?

• Candidates appearing for banking and/or insurance exams should be familiar with the list of banks and insurance companies in India.

What are payments banks?

• Payments banks are a type of bank that can accept deposits and make payments but cannot lend money. # Payments Banks: A New Model of Banking

Payments Banks are a new type of bank introduced by the Reserve Bank of India (RBI). These banks are designed to provide basic banking services to individuals and small businesses, with a focus on accepting restricted deposits (currently limited to INR 2 lakh per customer).