All throughout the world, there are innumerable banks, each with an own name and branding. More than 5,000 banks are located just in the United States. However, as new banks are founded and old ones are merged with or bought, this figure is continuously shifting. Due to these ongoing changes, it is difficult to estimate the precise number of banks in existence.
There are 21 private banks that have been approved by the Reserve Bank of India (RBI) in India. Old private sector banks and new private sector banks are the two categories into which these institutions fall. The new private sector banks were founded after the Indian economy was liberalized in 1991, but the older private sector banks were founded previously.
There are 21 private banks in India. (1) Axis Bank (2) Bandhan Bank (3) Catholic Syrian Bank (4) City Union Bank (5) DCB Bank (6) Dhanlaxmi Bank (7) Federal Bank (8) HDFC Bank (9) ICICI Bank (10) IDBI Bank (11) IDFC First Bank (12) Jammu and Kashmir Bank (14) Karur Vysya Bank (15) Kotak Mahindra Bank (16) Lakshmi Vilas Bank (17) Nainital Bank (18) RBL Bank (19) South Indian Bank These private banks each have their own distinct administration, customer base, and history. They provide a vast array of financial goods and services, including credit cards, loans, savings accounts, current accounts, fixed deposits, and insurance.
As a result of the banking industry’s ongoing changes, it is challenging to estimate the precise number of bank names in existence. We do know that there are 21 private banks in India that the RBI has authorized, each having a distinct background and set of services.