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Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate banking).
By 2013 the Indian Banking Industry employed 1,175,149 employees and had a total of 109,811 branches in India and 171 branches abroad and manages an aggregate deposit of ₹ 67,504.54 billion (US$810 billion or €830 billion) and bank credit of ₹ 52,604.59 billion (US$630 billion or €640 billion).
It is now usually given free of cost. For some time, the rate of interest on the balance in the savings account in Indian banks was regulated by the Reserve Bank of India. However, the bank can now keep any rate of interest they deem fit. Banks have to follow the RBI's know your customer guidelines to allow an individual to open a savings ...
Standard Chartered India (officially Standard Chartered Bank India Branches) is a foreign branch of Standard Chartered, incorporated in the United Kingdom with limited liability. [1] It is considered as a foreign bank under the Banking Regulation Act, 1949 and thus is regulated by the Reserve Bank of India (RBI).
The word bank was taken into Middle English from Middle French banque, from Old Italian banco, meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during the Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths.
Investment banking in India started in the 19th century when European merchant banks began establishing trading houses in the country. [11] Foreign investment banks dominated the sector until the 1970s, when the State Bank of India launched its Bureau of Merchant Banking, and ICICI Securities became the first Indian private sector financial institution to offer merchant banking services. [11]
TCS BaNCS is a core banking software suite developed by Tata Consultancy Services for use by retail banks. [2]It includes functions for universal banking, core banking, payments, wealth management, forex and money markets, compliance, insurance, securities processing, custody, financial inclusion, Islamic banking and treasury operations.
The Reserve Bank of India approved his appointment for a period of three years, effective from 19 December 2018. [21] The bank transitioned from infrastructure financing to retail banking in four years since the merger. Its CASA ratio increased from 8.6% to 49.77% and retail deposits went up from 27% to 76% of total deposits, as of March 2023 ...