The Bank Of New York Mellon

Published Date: 02 Nov 2017

Malaysia

Mumbai

Everest Bank Ltd.

Nepal

New Delhi

24.03.2004

24

DNB Bank ASA

Norway

Mumbai

27.8.2008

25

Caixa Geral de Depositos

Portugal

Mumbai

Goa (EC)

8.11.1999

26

Vnesheconombank

(Bank for Foreign Economic Affairs)

Russia

New Delhi

1.3.1983

27

Promsvyazbank

Russia

New Delhi

25.04.2006

28

Gazprombank

Russia

New Delhi

12.7.2010

29

Hana Bank

South Korea

New Delhi

 

30

Korea Exchange Bank

South Korea

New Delhi

27.8.2008

31

Kookmin Bank

South Korea

Mumbai

1.06.2012

32

Industrial Bank of Korea

South Korea

New Delhi

22.11.2012

33

Banco de Sabadell SA

Spain

New Delhi

2.08.2004

34

Banco Bilbao Vizcaya Argentaria

Spain

Mumbai

2.4.2007

35

CaixaBank S.A.

Spain

New Delhi

1.2.2011

36

Hatton National Bank

Sri Lanka

Chennai

1.01.1999

37

Svenska Handlesbanken

Sweden

Mumbai

1.08.2006

38

Skandinaviska Enskilda Banken AB

Sweden

New Delhi

1.02.2008

39

Zurcher Kantonalbank

Switzerland

Mumbai

27.06.2006

40

Mega International commercial Bank

Taiwan

Mumbai

2.12.2008

41

Asya Katilim Bankasi AS

Turkey

Mumbai

1.9.2012

42

Emirates Bank International

UAE

Mumbai

16.06.2000

43

First Gulf Bank

UAE

Mumbai

26.10.2009

44

Duncan Lawrie Ltd

United

Kingdom

Kolkata

30.10.2009

45

The Bank of New York Mellon

USA

Mumbai

27.10.1983

46

Wells Fargo Bank N.A.

USA

Mumbai

(Sub-office at Chennai & New Delhi)

1.11.1996

India’s Banking history:

When in 1947, India got independence from East India company rule, at that time India had main five banks namely: Central Bank of India, Punjab National Bank, United Commercial Bank, Bank of Baroda, and Bank of India. This year and the preceding year were vicious for Indian Economy as the following year in 1948, India and Pakistan got separated into two different countries and it lead to division of the bigger banks.

India’s very first bank was called, the General Bank of India it was established in the year 1786. The East India company had setup The Bank of Bengal/Calcutta in the year 1809, Bank of Bombay in 1840 and Bank of Madras in 1843. The nxt bank which came into existence was the Bank of Hindustan which put up in the year 1870. Above mentioned three units (bank of Calcutta, bank of Bombay and Bank of Madras) were collectively called as presidency banks. Allahabad bank who was setup in 1865, was the 1st bank in the history to be run by only Indians. Punjab national Bank was established in 1984 with head offices at Lahore. In 1906-1913, Bank Of India Central Bank of India, Bank of Baroda, Canara bank, Indian bank and bank of Mysore were established in 1921, all the presidency banks were merged to form the Imperial Bank of India which was then run by European Shareholders. Thereafter the reserve Bank of India was established in April 1935.

At the time of first phase the growth of banking sector was very slow. Between 1913 and

1948 there were approximately 1100 small banks in India. To streamline the functioning

and activities of commercial banks, the Government of India came up with the Banking

Companies Act, 1949 which was later changed to Banking Regulation Act 1949 as per

amending Act of 1965 (Act No.23 of 1965). Reserve Bank of India was vested with

extensive powers for the supervision of banking in India as a Central Banking Authority.

After independence, Government has taken most important steps in regard of Indian

Banking Sector reforms. In 1955, the Imperial Bank of India was nationalized and was

given the name "State Bank of India", to act as the principal agent of RBI and to handle

banking transactions all over the country. It was established under State Bank of India

Act, 1955. Seven banks forming subsidiary of State Bank of India was nationalized in

1960. On 19th July, 1969, major process of nationalization was carried out. At the same

time 14 major Indian commercial banks of the country were nationalized. In 1980,

another six banks were nationalized, and thus raising the number of nationalized banks to

20. Seven more banks were nationalized with deposits over 200 Crores. Till the year

1980 approximately 80% of the banking segment in India was under government’s

ownership. On the suggestions of Narsimhan Committee, the Banking Regulation Act

was amended in 1993 and thus the gates for the new private sector banks were opened.

The following are the major steps taken by the Government of India to Regulate Banking1

Government policy on banking industry (Source:-The federal Reserve Act 1913 and

The Banking Act 1933)

Banks operating in most of the countries must contend with heavy regulations, rules

enforced by Federal and State agencies to govern their operations, service offerings, and

the manner in which they grow and expand their facilities to better serve the public. A

banker works within the financial system to provide loans, accept deposits, and provide

other services to their customers. They must do so within a climate of extensive

regulation, designed primarily to protect the public interests.

The main reasons why the banks are heavily regulated are as follows:

• To protect the safety of the public’s savings.

• To control the supply of money and credit in order to achieve a nation’s broad

economic goal.

• To ensure equal opportunity and fairness in the public’s access to credit and other

vital financial services.

• To promote public confidence in the financial system, so that savings are made

speedily and efficiently.

• To avoid concentrations of financial power in the hands of a few individuals and

institutions.

• Provide the Government with credit, tax revenues and other services.

• To help sectors of the economy that they have special credit needs for eg.

Housing, small business and agricultural loans etc.

Liberalisation was introduced in Indian economy 18 years ago. Indian banking system is an animated cluster of competence enhanced Public Sector units and progress thirsty private sector banks. The services, money instruments, efficiency, IT facilities and management would have been a far off our vision 10 years ago. The amount of conveniences banks are providing to their corporate clients and retail customers has been improving and it was something no one ever imagined or even in their thoughts. Indian banking industry has witnessed exponential escalation the CNB Bank Index has shown a growth of 1100% in absolute terms, a compounded rate annual growth rate of 25% in the time period of 2000-2010. And if we look at the sensex, it grew at an compounded annual growth rate of 14%. The year 2010 was a good year for the Indian banking sector as it contributed to the GDP by 16.35%.

. All this led to the retail boom in India. People not just demanded more

from their banks but also received more. Currently (2007), banking in India is generally

fairly mature in terms of supply, product range and reach-even though reach in rural India

still remains a challenge for the private sector and foreign banks. In terms of quality of

assets and capital adequacy, Indian banks are considered to have clean, strong and

transparent balance sheets as compared to other banks in comparable economies in its

region. The Reserve Bank of India is an autonomous body, with minimal pressure from

the government. The stated policy of the Bank on the Indian Rupee is to manage

volatility but without any fixed exchange rate-and this has mostly been true. With the

growth in the Indian economy expected to be strong for quite some time-especially in its

services sector-the demand for banking services, especially retail banking, mortgages and

investment services are expected to be strong.

In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake

in Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time an investor

has been allowed to hold more than 5% in a private sector bank since the RBI announced

norms in 2005 that any stake exceeding 5% in the private sector banks would need to be

voted by them. In recent years critics have charged that the non-government owned banks

are too aggressive in their loan recovery efforts in connection with housing, vehicle and 25

personal loans. There are press reports that the banks' loan recovery efforts have driven

defaulting borrowers to suicide.