Bank transfers in INR — indian rupee exchange rate
Banks account for about half of India's financial assets and are the main credit providers in its financial system. Non-banking financial corporations have grown as alternative intermediaries of finance in recent years, but they, too, are mainly provided by banks.
For ordinary citizens, banks in India are an opportunity to open a personal account, issue a bank card, or take a loan or deposit.
Types of INR Banks
Indian banks are generally categorized as follows:
- State-owned and nationalized. This includes 27 financial institutions. It has the most significant number of branches across the country. They account for as much as 75 percent of deposits. They provide all types of essential modern banking services.
- Scheduled banks — the term covers banks that are not subject to the rules laid down by the Reserve Bank of India (RBI) but are required to maintain specific amounts with the RBI and enjoy the facility of financial placement and remittances at concessional rates from the RBI.
The second category mainly includes commercial banks and state cooperative banks.
Major banks in India
The following financial institutions (and not only them) allow you to open an account and card in Indian rupees:
State Bank of India (SBI)
The main national bank is the largest of the public sector. It, too, is headquartered in Mumbai. In 2021, the institution was ranked among the top 250 largest corporations worldwide, according to the Fortune Global 500. SBI has a market share of 22-24 per cent in India, in addition to a significant presence in the overseas space, with nearly 200 foreign offices in 36 countries. Over 24,000 branches and 2 million employees.
Punjab National Bank
A state-owned bank based in New Delhi. Founded in 1893, it is now the second-largest bank in its category in terms of business volume and network spread. The bank has over 180 million customers, 12,200+ branches and over 13,000 ATMs.
HDFC Bank Ltd.
The largest private bank in the country, leading in all rankings. Headquartered in the capital city, Mumbai. It offers various products and services, including retail and commercial banking, consumer, auto, business loans, and credit and debit cards. Number of branches exceeds 5,000.
ICICI Bank Ltd.
An industrial credit and investment corporation with offices in Mumbai and Vadodara. It has subsidiaries in the UK and Canada and many branches in neighbouring Asian countries, Arab states, Africa and the USA. The number of branches is about 5000, and the number of employees is about 130 thousand.
Exchange from any INR bank
The most convenient way to exchange the Indian rupee for dollars, euro, and cryptocurrency - these are exchangers. They work quickly, do not require identity verification, and provide the widest choice of exchange directions.
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