The year 1990, that’s where it all started.
In the year 1990, the Indian government embarked on the policy of liberalization, giving a licence to a small number of private banks. These private banks, were then named as tech-savy banks. One of the first new generation private bank was called Global trust bank, which was then joined by certain other banks, like Axis Bank, ICICI bank and HDFC Bank. The move made by the government not only gave a rapid growth to the economy but it also revitalized the banking system in India. Since then there has been a rapid growth with strong contributions from all three banking sectors of India, Government Banks, Private Banks and Foreign Banks.
India currently has about 96 scheduled commercial banks, 27 Government Banks, 31 Private Banks and 38 Foreign Banks holding assests of 75 %, 18.2 % and 6.5% respectively.