Aviva Directory » Local & Global » Asia » India » Services & Industries » Financial

Financial services in India are the focus of topics in this category. Appropriate topics for this category include accounting and bookkeeping services in India, Indian actuaries, banks, credit unions (known as cooperative banks), insurance companies, mortgage companies, and financial consulting services.

Banking began in India in the late 1700s. The country's largest bank and the oldest still in operation is the State Bank of India, which was originally incorporated as the Bank of Calcutta in 1806, taking its current name in 1955 after a merger of three banks in 1921. The State Bank was given authority over eight banks associated with the state in 1960, which became its associate banks. The government of India nationalized several private banks in 1969 and still others in 1980. These banks now dominate the banking industry and are the majority lenders in India.

India has scheduled and non-scheduled banks. Scheduled banks are all those named in the 2nd Schedule of the Reserve Bank of India Act of 1965, while all others are known as non-scheduled banks. Most of the banks in India are scheduled banks, although there are a few that have been granted an exemption.

In the 1990s, the Indian government began licensing private banks, although not many. The banking system in India is believed to be stable

Mortgage lenders in India are the loan providers of the banking and insurance sectors. Their functions are to provide loans for a variety of purposes, using real estate as security.

In India, personal savings are most often invested in physical assets like land, houses, gold, or cattle. Lending in India is conducted through its scheduled banks or through family-owned bankers, money lenders, or non-bank financial companies. People in India's rural areas are more likely to use private money lenders or non-bank lenders, largely because the reach of the more organized banks is minimal in some of the country's rural areas.

Accounting services in India, as anywhere, includes such services as auditing, financial accounting, management accounting, tax accounting, and accounting information systems, which are regulated by the Securities and Exchange Board of India.

A growing financial sector in India is bookkeeping. Small or medium-sized businesses throughout the world may opt to outsource their financial bookkeeping services in order to save the cost of retaining their own accounting division.

Any financial services or facilities in India are appropriate topics for this category.



Recommended Resources

Search for Financial on Google or Bing