Mumbai Banks play a vital role in determining the commercial activities of Mumbai residents and business houses. India's central bank Reserve Bank of India, is headquartered in Bombay. In addition, many of the leading nationalized banks have their head offices in Mumbai city.
Banker's Bank - Reserve Bank of India
Reserve Bank of India was established in 1935 on 1st April in Calcutta as a private organization according to the clauses of the 1934 Reserve Bank of India Act. It shifted to Bombay permanently in 1937. The Reserve Bank of India was nationalized in 1949. The central office of this 'banker's bank' is in Shahid Bhagat Singh Road, Fort Bombay, Mumbai - 400 001. The Governor of the Reserve Bank (presently Dr. Y.V. Reddy) sits in the central office. All administrative and functional decisions are taken in this central office.
The functions of Reserve Bank of India can be classified into:
- Monetary - Maintains price stability through credit policies like cash reserve ratio, borrowing rates
- Regulatory - Formulates banking operation guidelines to protect the interest of depositors, and provide cost-effective banking solutions
- Currency provider - The Reserve Bank issues currency notes and coins in adequate quantities for circulation in the economy. Old currency notes and coins are exchanged for new ones by Reserve Bank of India.
- Foreign Exchange Manager - Under this function the RBI maintains and promotes development of foreign exchange to facilitate external trade.
- Developmental function - To organizes promotional activities for educating depositors.
- Performs commercial banking functions for the state and central governments.
- Maintains bank accounts of commercial banks.
Leader among Banks - State Bank of India
India's leading bank State Bank of India has its
|
corporate office in State Bank Bhavan, Nariman Point, Mumbai - 400 021. It has 57 Zonal Offices, 14 Local Head Offices and 9315 branches throughout India. The functions of SBI can be summarized as::
- Personal Banking - This includes various deposit schemes, like savings, recurring and time deposits, and personal finance services like home loans, vehicle loans, and educational loans.
- Corporate Banking - Corporate banking functions include depository accounts, project finance schemes, term loans, bill discounting, export credit, and leasing
- Government Business - SBI on behalf of the central and state governments accepts government receipts and taxes, and makes payments like pensions
- Agricultural and Rural Banking - SBI provides agricultural loans, finance construction of irrigation canals and cold storages.
The Premier Team - Other Bombay Commercial Banks
The Central Bank of India established in 1911 is a leading nationalized bank offering personal and corporate banking services through its 3194 commercial branches and 267 extension counters. This bank of Mumbai has its head office in Chander Mukhi, Nariman Point, Mumbai - 400 021.
Bank of India was formed in 1906 on 7th September. This nationalized commercial bank is headquartered in Star House, C-5 Bandra Kurla Complex, Bandra East, Mumbai - 400 051, and operates through 48 zonal offices and 2644 retail branches.
Dena Bank of India is another leading commercial bank having its corporate office in C-10, G Block, Bandra - Kurla Complex, Bandra East, Mumbai - 400 0451. Established in 1969 this commercial bank operates through 1100 branches.
Mumbai Banks also include Axis Bank, Union Bank of India, foreign banks like HSBC, Citibank NA, and private commercial banks like HDFC, Centurion Bank.
|
