Banking Sector

1. Economic Stability: Banks play a crucial role in maintaining the stability of the financial system and the overall economy. They act as custodians of monetary policy by implementing the central bank's directives, regulating the money supply, and influencing interest rates. Banks also provide stability through risk management practices, such as diversifying their loan portfolios and maintaining adequate capital reserves. 
2. Financial Inclusion: Banking systems strive to promote financial inclusion by providing access to financial services to all segments of society. By offering basic banking services, such as savings accounts and payment facilities, banks help individuals and businesses participate in the formal economy, build assets, and improve their financial well-being. 

Banking Sector in India 

In addition to cooperative credit institutions, the Indian banking system includes 12 public sector banks, 22 private sector banks, 46 foreign banks, 56 regional rural banks, 1485 urban cooperative banks, and 96,000 rural cooperative banks. There were 213,145 ATMs in India as of September 2021, with 47.5% of them located in rural and semi-urban areas. 

Bank assets increased in all industries in 2020–2022. In 2022, the total assets of the banking industry rose to US$ 2.67 trillion. 

 The combined assets of the public and private banking sectors were respectively $1,594.41 billion and $925.05 billion in 2022. 

The banking industry in India has always been one of the most stable systems in the world, despite the global upheavals. The government has always strived to promote financial inclusion through various initiatives aimed at bringing the country's underbanked population into the banking sphere.   

Personal loan origination is expected to expand at a 27% CAGR (FY21–FY26); digital lending will grow at a 48% CAGR. 

Bank Classification in India 

In India, banks are classified into various types based on their ownership, structure, and operations. Here is an overview of the different types of banks in India: 

1. Central Bank: The Reserve Bank of India (RBI) is the central bank of India which is responsible for formulating and implementing monetary policies and regulating the banking sector. 
2. Commercial Banks: Commercial banks play a crucial role in the Indian banking system. Regulated under the Banking Regulation Act of 1949, these banks are profit-oriented institutions. Their main functions include accepting deposits and providing loans to individuals, businesses, and the government. The categorization of commercial banks helps provide a comprehensive and diverse banking system that meets the various banking needs of individuals, businesses, and the government in India.  Commercial banks in India can be categorized into the following types: 

• Private Sector Banks: These banks have a majority of their stake held by private shareholders. They operate under the regulations set by the Reserve Bank of India (RBI) and offer a wide range of banking services and products to customers. 

• Public Sector Banks: Public sector banks are banks in which the majority ownership is held by the government. These banks play a significant role in providing banking services to various sectors of the economy and implementing government schemes and policies. 

• Regional Rural Banks: Regional Rural Banks (RRBs) are established with the aim of providing banking and financial services to rural and semi-urban areas. They are formed through a partnership between the government, sponsor banks (public or private sector banks), and the respective state government. 

• Foreign Banks: Foreign banks operate in India with headquarters located outside the country. They are governed by the regulations of both their home country and the Indian regulatory authorities. These banks offer a range of services and cater to both corporate and retail customers. 

1. Co-operative Banks: In India, there are two types of co-operative banks.  

• State Co-operative Banks: These banks serve as the apex institutions for co-operative banks within a specific state. They provide guidance, support, and coordination to the co-operative banks operating at the district or local levels. 

• Urban Co-operative Banks: These co-operative banks primarily operate in urban and semi-urban areas. They cater to the banking needs of individuals, businesses, and communities in cities and towns, offering services such as deposits, loans, and other financial products. 

1. Scheduled Banks: Scheduled banks in India are commercial banks that are listed in the Second Schedule of the Reserve Bank of India Act, 1934. To be classified as a scheduled bank, they need to fulfill certain criteria, including having a paid-up capital of Rs. 5 lakh or more. Being listed in the Second Schedule grants these banks certain privileges and benefits, including access to the central bank's credit facilities and the ability to conduct business across the country. Scheduled banks play a vital role in the Indian banking system, serving as key financial intermediaries and contributing to the country's economic growth. 

1. Non-Scheduled Banks: Non-scheduled banks in India are local area banks that are not listed in the Second Schedule of the Reserve Bank of India Act, 1934. These banks operate at a local or regional level and cater to the banking needs of specific areas or communities. Unlike scheduled banks, non-scheduled banks do not have access to certain privileges and facilities provided by the central bank. They are subject to regulations and supervision by the Reserve Bank of India but have certain limitations compared to scheduled banks in terms of their scope of operations and coverage. 
2. Small Finance Banks: Small Finance Banks in India are niche banks licensed under Section 22 of the Banking Regulation Act, 1949. Their primary objective is to provide financial inclusion to underserved sections of society, including inclusive micro industries, unorganized sector entities, and marginal farmers. These banks are governed by the provisions of the Reserve Bank of India Act, 1934. By offering specialized banking services, Small Finance Banks aim to address the banking needs of economically weaker sections and contribute to inclusive economic growth. 
3. Payments Banks: Payments banks are a recently introduced banking model in India, with the concept developed by the RBI. These banks have the authorization to accept deposits, but with certain restrictions - the maximum limit being Rs. 1 lakh per customer. The primary focus of payments banks is to provide essential financial services and foster financial inclusion. They offer various services such as ATM cards, net banking, and digital payment facilities. The overarching objective of payments banks is to extend the reach of banking services, particularly to unbanked individuals, and promote the adoption of digital transactions. 

List of Public Sector Banks in India 

Given below in the table is the list of all the public sector banks in India: 

List of Private Sector Banks in India 

Given below in the table is the list of all the private sector banks in India: 

List of Foreign Banks in India   

Given below in the table is the list of all the foreign banks in India:   

List of Small Finance Banks in India   

Given below in the table is the list of all the Small Finance banks in India:   

Bank Schemes in India 

There are various schemes offered by banks in India in cohesion with the Government of India with the aim of providing financial assistance to different categories of people especially those who belong to economically and socially weaker groups. Given below is the list of some of the bank schemes offered in India: 

1. Pradhan Mantri Jan Dhan Yojana (PMJDY): PMJDY was announced on 15 August 2014 with the aim of ensuring that every household in India has bank account and aimed at financial inclusion for all. According to this, a person without a savings account may open one without the need for a minimum balance and may open a modest account if they self-certify that they lack any of the legally necessary documentation needed to open a savings account. The account holders are given a RuPay debit card with a built-in accident insurance policy worth Rs.2 lakh and access to an overdraft facility after six months of credit history or successful account operation.  
2. Pradhan Mantri Suraksha Bima Yojana (PMSBY): People in the age range of 18 to 70 who have bank accounts and give their permission to enable auto-debit on or before May 31 for the coverage period of 1 June to May 31 on an annual renewal basis are eligible for the scheme. For accidental death and total disability, the risk coverage under the plan is Rs.2 lakh, and for partial disability, it is Rs. 1 lakh. A single installment of the Rs. 20 annual premium is to be taken out of the account holder's bank account using the "auto-debit" feature. Public Sector General Insurance Companies, or any other General Insurance Company prepared to offer the product on comparable conditions with the required approvals and join up with banks for this reason, are the ones offering the plan. A premium of Rs 20 per year will be deducted from the account holder's bank account through a one-time 'automatic debit' facility. The plan is offered by the general insurance companies of the public sector or any other general insurance company willing to offer the product on similar terms with the necessary approval and cooperation with banks for this purpose. As of 06.30, 2022, cumulative subscriptions are over 29.01 cores according to PMSBY.   

1. Pradhan Mantri Mudra Yojana (PMMY): This scheme debuted in 2015 where under loans up to Rs 50,000 are granted under the 'Shishu' sub-program; from Rs.50,000 to Rs.5,000,000 under the ‘Kishore’ sub-program; and from Rs.5.0 Lakh to Rs.10.0 Lakh under the ‘Tarun’ sub-program. Collateral is not needed to secure loans. Rs.16,22,203 crores in sanction were available in 30.7 crores of accounts as of 20 August 2021. 
2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): PMJJBY is available to people between the ages of 18 and 50 whose bank accounts agree to join/activate direct debit. Aadhar is the main KYC of the bank account. Lifetime insurance worth Rs.2 lakh for a period of one year from June 1 to May 31 and renewable. The annual premium is Rs.436, and it must be automatically deducted from the subscriber's bank account on or before 31 May of each year, depending on the option chosen. The Life Insurance Corporation and all other life insurers that are prepared to offer the product on comparable conditions with the required approvals and tie up with banks for this reason are offering the scheme. Over 13.11 crore people have enrolled in PMJJBY as of 30 June 2022. 
3. Atal Pension Yojana (APY): APY is open to all bank/postal savings account holders between the ages of 18 and 40, and contributions vary according to selected pension level. Subscribers will receive a guaranteed minimum monthly stipend of Rs.1,000, Rs.2,000, Rs.3,000, Rs 4,000 or Rs.5,000 at age 60. Under APY, subscribers will be able to receive a monthly pension upon their death the pension capital, accumulated at the age of 60 years is returned to the applicant's agent register. The minimum pension will be guaranteed by the government, i.e., if the capital accumulated on a contribution basis produces a lower than estimated return on investment and is not sufficient to provide the guaranteed minimum pension, the central government will finance this shortfall. In addition, if the return on investment is higher, policyholders will receive enhanced retirement benefits. In the event of the subscriber's premature death, the government has chosen to provide the spouse of the subscriber the option to continue making contributions to the subscriber's APY account for the remainder of the vesting term, up until the original subscriber would have reached the age of 60. Until the spouse's death, the subscriber's spouse is entitled to receive the same pension payment as the subscriber. The nominee of the subscriber is entitled to inherit the pension money that was collected up to the subscriber turned 60 after the deaths of both the subscriber and the spouse. A total of 321.02 lakh customers were signed up for APY as of31 July 2021. 
4. Stand Up India Scheme: This scheme facilitates bank loans from Rs.10 lakh to Rs.1 crore to at least one Scheduled Caste/Tribal borrower and at least one female borrower per bank branch. products for start-ups. This business may be in a manufacturing, service, or agricultural-related trade. The plan being implemented by all commercial banks is scheduled to benefit at least 2.5 thousand borrowers. The program is active and loans are granted through ordinary commercial banks throughout the country. The Credit Guarantee Fund for Stand-Up India was established by the Indian government to expand collateral-free coverage. (CGFSI). On the special Stand-Up India website, applicants can also submit their applications for the programme online.(www.standupmitra.in). 1,18,462 accounts have received a total of Rs.26,688 crore in funding as of 23 August 2021. 
5. Pradhan Mantri Vaya Vandana Yojana (PMVVY): This scheme was launched in 2016 to protect people aged 60 and over against future declines in interest income due to uncertain market conditions, as well as to provide social security in old age. The scheme is run through the Life Insurance Corporation of India (LIC) and is open to underwriting until 31 March 2023.  For the fiscal year 2020–21 and a 10-year policy period, PMVVY guarantees an assured rate of return of 7.40% annually. Yojna pension payment method is monthly, quarterly, semi-annually or annually depending on the choice of the subscriber. The minimum purchase price under the scheme is Rs.1,62,162 for a minimum pension of Rs.1,000 per month and the maximum purchase price is Rs.15 lakh per senior to receive the pension amount. is Rs.9,250.    

Bank Exams 

IBPS PO, Clerk, SO, etc. are well-known and the main source of employment for both recent graduates and seasoned professionals. Other than this, the main draws of working in the banking industry are the lucrative pay, job stability, benefits, and allowances.  

Because of these incentives, many of students seek for openings at banks. This is what causes the competition to grow exponentially more difficult. The official authorities put you through a variety of IQ tests to prepare you for such a situation. 

Along with the recruitment body IBPS, which conducts a number of bank tests on behalf of numerous other banks enrolled with it, the key bank exams in India include SBI, RBI, NABARD, etc. Every year, these banks hold exams to hire suitable candidates for a number of bank openings. 

Given below is the list of some of the bank exams that you can appear for: 

There are private bank exams that you can appear for. The list is given below: 

1. OSCB BA/AM/SM 
2. PO & Clerk in J&K Bank 
3. HP State Cooperative Bank 

1. Karnataka Bank PO 
2. Bihar State Cooperative Bank 
3. Saraswat Bank 
4. Punjab State Cooperative Bank 
5. Canara Bank SO 

1. South Indian Bank Legal Officers 
2. J&K Bank SO 
3. Cotton Corp. Management Trainee 
4. HARCO Clerk, Jr Accountant, and Senior Accountant 

There are other Government Bank exams that you can appear for. The list is given below: 

1. ESIC SSO 
2. ECGC PO 
3. Nainital Bank Clerk and PO  
4. ESIC UDC/MTS/Steno 
5. Central Bank of India SO 

1. India Post 
2. Specialist Officers Scale-I & II in Bank of Maharashtra 
3. Bank Note Press, Dewas 
4. SBI Pharmacist 
5. Punjab and Sind Bank 

1. GIC Assistant Manager 
2. Exim Bank SO 
3. Indian Overseas SO 
4. IDBI Bank SO 
5. Exim Bank Management Trainee 

1. Bank of India Security & Fire Officer 
2. Canara Bank SO 
3. Bank of India Officer Scale 1,2,3,4 
4. Bank of India Officer 
5. Punjab National Bank SO 

1. National Housing Bank Assistant Manager 
2. Nainital Bank SO 
3. Employees Provident Fund Organisation Assistant 
4. Employees Provident Fund Organisation SSA 

You can keep a tab where these banks will announce opening for different roles. You can then accordingly apply for these roles by filling the application form and submitting the necessary documents. You can then appear for the exam. If you clear the round, you will be recruited for the role for which you had applied for.