HISTORY OF THE COMPANY The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in 1806 in Calcutta. Three years later the bank received its charter and was re–designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first joint–stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921.
The banks in India also perform agency functions like dealing in foreign exchange and securities, purchase and sale of securities, trustee, executor and attorney etc. They also provide general utility services like safety locker facilities, insurance, money transfer, issue of letters of credit and provide trade information etc. The banking institutions of India are classified as non - scheduled and scheduled banks as per the second schedule of RBI Act, 1934. The scheduled banks are later classified as Public and private sector banks depending on the stake holders in the bank. India has 27 public sector banks of which 8 belong to the State Bank Group, the oldest and the largest banking institution in the country.
of Pharmaceutical Sciences, Nagpur University (Nagpur) 27. School of Pharmacy, Devi Ahilya University (Indore) 28. Faculty of Pharmaceutical Sciences, M D University (Rohtak) 29. PSG College of Pharmacy (Coimbatore) 30. Government College of Pharmacy
IndusInd Bank Ltd. is a new generation Indian bank established in 1994. IndusInd Bank is considered as the first new generation private sector bank in India. It has always been tech-savvy and frequently adopts the latest technology available to the banking sector to stay updated and provide the best services to its customers. The bank has been expanding across the country with high global level service benchmarks. IndusInd Bank has more than 1000 branches across the country with representative offices in London, Dubai, and Abu Dhabi.
NARENDRA MODI: Since 2014, when Narendra Modi became the Prime Minister of India, his focus has been on modernizing and reforming India's infrastructure and government, reducing bureaucracy, encouraging increased foreign direct investment, improving national standards of health and sanitation and improving foreign relations. Since Modi's leadership, India's foreign direct investment has risen by 61% than the previous year. Modi has also initiated 'Make In India' which encourages multinational and domestic companies to manufacture their products in India. This move has led to India surpassing China and US in terms of Foreign direct investments. Modi has also initiated projects for growth in infrastructure and transportation to improve and expand the country's roads and railway networks
The commercial banks of the country including the Imperial Bank of India had till then confined their operations to the urban sector and were not equipped to respond to the emergent needs of economic regeneration of the rural areas. In order, therefore, to serve the economy in general and the rural sector in particular, the All India Rural Credit Survey Committee recommended the creation of a state-partnered and state-sponsored bank by taking over the Imperial Bank of India, and integrating with it, the former state-owned or state-associate banks. An act was accordingly passed in Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955. More than a quarter of the resources of the Indian banking system thus passed under the direct control of the State. Later, the State Bank of India (Subsidiary Banks) Act was passed in 1959, enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries (later named
This % is decided by the reserve bank, according to the RBI act of 1935. This is the concept of cash reserve ratio. This ratio is changed from time to time to regulate the flow of cash in the economy. An increase in the ratio leads to contraction of credit, and thus reduces inflationary pressures, and a decrease in the ratio results in expansion of credit, and helps increase money supply in the economy. STATUTORY LIQUIDITY
The Reserve Bank of India as a regulatory institution continuously strive to raise the bar of customer service and customer excellence, it has constantly focused on the inadequacies in the customer service in the banking industry, exhorted the various banks through policies and process. The Reserve Bank of India, constituted many committees and commissions to study the level of customer service available to the customer and subsequently advised the banks through recommendations and suggestions. It has periodically worked to enhance the quality of customer service in the banks by rationalizing the process, technological up gradation, periodical training and also suggest various incentives to facilitate change on the continuous basis. There is a widespread perception and feel that the customer does not get the minimum level of service forget about the required level of service. Thus, there is a need to empower the customers and they shall be made aware of products and services of the banks.
It is the job of the executives to know the reliability of the customers they are dealing with. Offering credit cards to new customers, extending lines of credit for existing customers and approving loans can be risky for banks if customer data is not mined thoroughly and carefully. By analyzing patterns and trends such details can be predicted with increased accuracy. RBI maintains a historical database of fraudulent actions which were detected and reported using data mining. Two different approaches have been developed by financial institutions to detect fraud patterns.