The bank of new york mellon finance essay

MalaysiaMumbaiEverest Bank Ltd. NepalNew Delhi24. 03. 200424DNB Bank ASANorwayMumbai27. 8. 200825Caixa Geral de DepositosPortugalMumbaiGoa (EC)8. 11. 199926Vnesheconombank(Bank for Foreign Economic Affairs)RussiaNew Delhi1. 3. 198327PromsvyazbankRussiaNew Delhi25. 04. 200628GazprombankRussiaNew Delhi12. 7. 201029Hana BankSouth KoreaNew Delhi

30Korea Exchange BankSouth KoreaNew Delhi27. 8. 200831Kookmin BankSouth KoreaMumbai1. 06. 201232Industrial Bank of KoreaSouth KoreaNew Delhi22. 11. 201233Banco de Sabadell SASpainNew Delhi2. 08. 200434Banco Bilbao Vizcaya ArgentariaSpainMumbai2. 4. 200735CaixaBank S. A. SpainNew Delhi1. 2. 201136Hatton National BankSri LankaChennai1. 01. 199937Svenska HandlesbankenSwedenMumbai1. 08. 200638Skandinaviska Enskilda Banken ABSwedenNew Delhi1. 02. 200839Zurcher KantonalbankSwitzerlandMumbai27. 06. 200640Mega International commercial BankTaiwanMumbai2. 12. 200841Asya Katilim Bankasi ASTurkeyMumbai1. 9. 201242Emirates Bank InternationalUAEMumbai16. 06. 200043First Gulf BankUAEMumbai26. 10. 200944Duncan Lawrie LtdUnitedKingdomKolkata30. 10. 200945The Bank of New York MellonUSAMumbai27. 10. 198346Wells Fargo Bank N. A. USAMumbai(Sub-office at Chennai & New Delhi)1. 11. 1996India’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 and1948 there were approximately 1100 small banks in India. To streamline the functioningand activities of commercial banks, the Government of India came up with the BankingCompanies Act, 1949 which was later changed to Banking Regulation Act 1949 as peramending Act of 1965 (Act No. 23 of 1965). Reserve Bank of India was vested withextensive powers for the supervision of banking in India as a Central Banking Authority. After independence, Government has taken most important steps in regard of IndianBanking Sector reforms. In 1955, the Imperial Bank of India was nationalized and wasgiven the name ” State Bank of India”, to act as the principal agent of RBI and to handlebanking transactions all over the country. It was established under State Bank of IndiaAct, 1955. Seven banks forming subsidiary of State Bank of India was nationalized in1960. On 19th July, 1969, major process of nationalization was carried out. At the sametime 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 to20. Seven more banks were nationalized with deposits over 200 Crores. Till the year1980 approximately 80% of the banking segment in India was under government’sownership. On the suggestions of Narsimhan Committee, the Banking Regulation Actwas 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 Banking1Government policy on banking industry (Source:-The federal Reserve Act 1913 andThe Banking Act 1933)Banks operating in most of the countries must contend with heavy regulations, rulesenforced by Federal and State agencies to govern their operations, service offerings, andthe manner in which they grow and expand their facilities to better serve the public. Abanker works within the financial system to provide loans, accept deposits, and provideother services to their customers. They must do so within a climate of extensiveregulation, 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 broadeconomic goal.• To ensure equal opportunity and fairness in the public’s access to credit and othervital financial services.• To promote public confidence in the financial system, so that savings are madespeedily and efficiently.• To avoid concentrations of financial power in the hands of a few individuals andinstitutions.• 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 morefrom their banks but also received more. Currently (2007), banking in India is generallyfairly mature in terms of supply, product range and reach-even though reach in rural Indiastill remains a challenge for the private sector and foreign banks. In terms of quality ofassets and capital adequacy, Indian banks are considered to have clean, strong andtransparent balance sheets as compared to other banks in comparable economies in itsregion. The Reserve Bank of India is an autonomous body, with minimal pressure fromthe government. The stated policy of the Bank on the Indian Rupee is to managevolatility but without any fixed exchange rate-and this has mostly been true. With thegrowth in the Indian economy expected to be strong for quite some time-especially in itsservices sector-the demand for banking services, especially retail banking, mortgages andinvestment services are expected to be strong. In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stakein Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time an investorhas been allowed to hold more than 5% in a private sector bank since the RBI announcednorms in 2005 that any stake exceeding 5% in the private sector banks would need to bevoted by them. In recent years critics have charged that the non-government owned banksare too aggressive in their loan recovery efforts in connection with housing, vehicle and 25personal loans. There are press reports that the banks’ loan recovery efforts have drivendefaulting borrowers to suicide.