The Facts about Banking Sector in India that you don't know

The Facts about Banking Sector in India that you don’t know

Facts about Banking Sector in India.In Bank exams in India, banking awareness is an important section. This section will test the knowledge of candidates in the banking system in India. So, the banking system knowledge is important for candidates preparing for the bank exams. They should keep themselves aware of the certain facts and figures about the banking sector in the country. Let us explore such facts:

The first in Banking Sector in India:

The first always hold a better name irrespective of whether it is banking or any other sector. For instance, there are many first initiatives in this sector that laid the foundation for this huge growth. Let us explore the first here:

  • The First Indian Bank started with Indian Capital – Punjab National Bank
  • The First Indian Bank to open a branch in a foreign country – Bank of India in 1946.
  • The first and oldest public Bank in India – Allahabad Bank
  • The first bank set up in India – The Bank of Hindustan in 1770
  • The first bank to introduce credit card in India – The Central Bank of India
  • The first bank to introduce mutual fund in India – State Bank of India
  • The first bank to introduce internet banking – ICICI
  • The first bank to launch cheque system in India – Bengal Bank in 1784
  • The first bank to introduce savings bank in India – Presidency Bank in 1833
  • The first bank to launch ATM service in India – HSBC
  • First Indian Bank to get ISO Certification – Canara Bank

Bank branches in India and Facts about Banking Sector in India:

India holds the pride of being the home for largest bank branches in the world. As per the IMF Data for the year 2015, there were more than 1.2 lakh branches in the country. India is followed by China in the second position and Colombia in the third position.Facts about Banking Sector in India

The data published by the Reserve Bank of India for June 2016 quarter shows that India now has more than 1.3 lakh branches. This is an excellent indication that Indians are more into savings mode. This data will help candidates preparing for upcoming bank exams.

Bank for agriculture and rural development:

To ensure the agriculture, village, cottage, small-scale industries, handicrafts and other allied economic activities in rural areas get credit for promotion, the NABARD was established. Expanded as the National Bank for Agriculture and Rural Development, this bank was established in the year 1982. The bank aims at ensuring integrated rural development and securing prosperity in rural areas.

An attractive environment for investors:

The banking sector decided to make the environment in the country favorable and attractive for investors. So, the Investment Commission in India was set up in 2004.

For the development of small-scale Industries:

India is well-aware of the fact that the economy of the country greatly relies on the contributions made by small-scale industries. So, to motivate small entrepreneurs to set up their own industries, the SIDBI came into existence. SIDBI stands for Small Industries Development Bank of India.

The main function of this bank is to promote and finance for small-scale sector. This bank was established in the year 1990.

To motivate exports and imports:

India is a major exporter of many goods and services. To help businesses that are planning to export goods to other countries, the EXIM Bank was established. The name of this bank is Export-Import Bank of India. The purpose is to promote foreign trade in Mother India.

To motivate housing:

It is the aim of many Indians from the middle-income community to build a house. With a view to motivating them, the NHB was established. This National Housing Bank established in 1988 provides housing finance to individuals. It is a wholly owned subsidiary of RBI.

Candidates planning to apply for Bank Exams in 2018 should be aware of these facts about the banking sector. This will help them score well in the banking awareness section of the bank exam. Performing well in this test will help candidates to get their dream position in banks.

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