Navigating India’s Public Sector Banking Landscape in 2024
Evolution of Public Sector Banks in India
Public Sector Undertakings (PSUs) in the banking sector of India have a rich history, marked by significant government interventions, mergers, and policy changes. This article delves into the journey of public sector banks, from their emergence to recent developments.
Nationalization and Expansion: The foundation of public sector banks in India was laid with the nationalization of the Imperial Bank of India in 1955, leading to the formation of the State Bank of India (SBI). Subsequently, in 1969, the government further nationalized 14 major banks, significantly expanding the presence of nationalized banks in the country.
Growth and Dominance: Through the 1980s and 1990s, public sector banks continued to grow, eventually dominating the banking sector by holding around 90% of the market share. By the early 2000s, these banks were profitable, marking a significant turnaround from earlier losses.
Liberalization and Reforms: The liberalization era of the 2000s brought about changes in the banking landscape. Public sector banks faced challenges but also witnessed periods of profitability. The government initiated reforms to improve efficiency and competitiveness in the banking sector.
Merger and Consolidation: A crucial phase in the evolution of public sector banks was the consolidation drive initiated by the government. Starting with mergers within the State Bank of India group, such as the merger of its subsidiaries, the consolidation process gained momentum over the years. Notable mergers include the amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda in 2018, and the merger of Oriental Bank of Commerce and United Bank of India with Punjab National Bank.
Recent Developments: In January 2019, IDBI Bank was reclassified as a private bank following the acquisition of shares by LIC. Subsequently, in August 2019, the Finance Minister announced further plans for consolidation, leading to mergers effective from April 2020. These mergers included Allahabad Bank into Indian Bank, Oriental Bank of Commerce and United Bank of India into Punjab National Bank, Andhra Bank and Corporation Bank into Union Bank of India, and Syndicate Bank into Canara Bank.
The journey of public sector banks in India reflects the country’s economic evolution and policy dynamics. From their nationalization to recent mergers and reforms, these banks have played a crucial role in driving financial inclusion and socioeconomic development. As the banking sector continues to evolve, public sector banks remain vital contributors to India’s growth story.
Exploring India’s Top 12 Public Sector Banks in 2024 :-
| S. No. | Anchor Bank | Established | Headquarters | Government Shareholding | Branches | Total Assets (₹ crore) | Revenues (₹ crore) |
|---|---|---|---|---|---|---|---|
| 1 | Bank of Baroda | 1908 | Vadodara, Gujarat | 63.97% | 9,693 | ₹1,525,878.97 | ₹110,777.98 |
| 2 | Bank of India | 1906 | Mumbai, Maharashtra | 81.41% | 5,152 | ₹815,555.61 | ₹54,747.61 |
| 3 | Bank of Maharashtra | 1935 | Pune, Maharashtra | 90.97% | 2,022 | ₹184,082 | ₹13,144.67 |
| 4 | Canara Bank | 1906 | Bengaluru, Karnataka | 62.93% | 9,677 | ₹1,381,029.56 | ₹111,209.76 |
| 5 | Central Bank of India | 1911 | Mumbai, Maharashtra | 93.08% | 4,608 | ₹369,214.99 | ₹25,897.44 |
| 6 | Indian Bank | 1907 | Chennai, Tamil Nadu | 79.86% | 5,787 | ₹710,500.73 | ₹52,085 |
| 7 | Indian Overseas Bank | 1937 | Chennai, Tamil Nadu | 96.38% | 3,217 | ₹274,000.35 | ₹22,422.91 |
| 8 | Punjab and Sind Bank | 1908 | New Delhi, NCT of Delhi | 97.07% | 1,526 | ₹121,067.55 | ₹8,826.92 |
| 9 | Punjab National Bank | 1894 | Dwarka, NCT of Delhi | 73.15% | 10,769 | ₹1,493,648.94 | ₹102,880.50 |
| 10 | State Bank of India | 1955 | Mumbai, Maharashtra | 57.62% | 22,219 | ₹5,954,418.30 | ₹473,378.14 |
| 11 | UCO Bank | 1943 | Kolkata, West Bengal | 95.39% | 3,087 | ₹253,336.1092 | ₹18,166.42 |
| 12 | Union Bank of India | 1919 | Mumbai, Maharashtra | 83.49% | 9,315 | ₹1,288,357.10 | ₹97,078.50 |
Private Banks in India :-
Driving Financial Growth :-
Private-sector banks form a vital component of India’s banking landscape, contributing significantly to its economic development and financial stability. As of March 1, 2023, there are 21 private banks operating in the country, each playing a unique role in shaping the financial ecosystem.
Diverse Landscape of Private Banks
These private banks vary in their establishment dates, with some like HDFC Bank and ICICI Bank having a long-standing presence since the 1990s, while others such as Bandhan Bank and IDFC First Bank represent newer entrants, infusing fresh perspectives into the sector.
Geographical Presence
Headquartered in cities like Mumbai, Kolkata, and Kochi, these private banks operate through an extensive network of branches spanning urban and rural areas, catering to the diverse financial needs of individuals, businesses, and institutions across the country.
Customer-Centric Approach
Renowned for their customer-centric approach, private banks offer an array of banking products and services, including savings and current accounts, loans, credit cards, wealth management, and digital banking solutions. They leverage advanced technology to enhance customer experience and streamline banking operations.
Economic Contribution
With substantial assets and revenues, private-sector banks significantly contribute to India’s economy by driving credit growth, supporting entrepreneurship, and facilitating economic activities across various sectors. Their dynamic approach and commitment to excellence make them pivotal players in the nation’s banking industry.
Continuous Innovation and Differentiation
In a competitive banking landscape, private banks continually innovate to differentiate themselves through superior service quality, innovative product offerings, and robust risk management practices. Their agility and adaptability enable them to navigate challenges and seize opportunities in the evolving financial landscape.
Conclusion
Private banks in India play a crucial role in fostering financial growth and development. With their customer-centric approach, technological advancements, and focus on innovation, they are poised to continue driving India’s banking sector forward in the years to come.
Private-sector Banks in India (as of March 1, 2023) :-
| S. No. | Bank Name | Established | Headquarters | Branches | Total Assets | Revenues |
|---|---|---|---|---|---|---|
| 1 | Axis Bank | 1993 | Mumbai, Maharashtra | 4,594 | ₹1,344,418 crore (US$170 billion) | ₹106,155 crore (US$13 billion) |
| 2 | Bandhan Bank | 2015 | Kolkata, West Bengal | 1,627 | ₹114,993 crore (US$14 billion) | ₹14,633 crore (US$1.8 billion) |
| 3 | CSB Bank | 1920 | Thrissur, Kerala | 512 | ₹23,337 crore (US$2.9 billion) | ₹3,450 crore (US$430 million) |
| 4 | City Union Bank | 1904 | Kumbakonam, Tamil Nadu | 702 | ₹53,311 crore (US$6.7 billion) | ₹4,839 crore (US$610 million) |
| 5 | DCB Bank | 1930 | Mumbai, Maharashtra | 352 | ₹39,602 crore (US$5.0 billion) | ₹3,916 crore (US$490 million) |
| 6 | Dhanlaxmi Bank | 1927 | Thrissur, Kerala | 245 | ₹13,096 crore (US$1.6 billion) | ₹1,072 crore (US$130 million) |
| 7 | Federal Bank | 1931 | Kochi, Kerala | 1,272 | ₹204,966 crore (US$26 billion) | ₹15,702 crore (US$2.0 billion) |
| 8 | HDFC Bank | 1994 | Mumbai, Maharashtra | 7,860 | ₹2,530,432 crore (US$320 billion) | ₹205,000 crore (US$26 billion) |
| 9 | ICICI Bank | 1994 | Mumbai, Maharashtra | 5,266 | ₹1,958,490.50 crore (US$250 billion) | ₹186,178.50 crore (US$23 billion) |
| 10 | IDBI Bank | 1964 | Mumbai, Maharashtra | 1,937 | ₹298,652 crore (US$37 billion) | ₹24,803 crore (US$3.1 billion) |
| 11 | IDFC First Bank | 2015 | Mumbai, Maharashtra | 707 | ₹163,071 crore (US$20 billion) | ₹18,221 crore (US$2.3 billion) |
| 12 | IndusInd Bank | 1994 | Mumbai, Maharashtra | 2,015 | ₹362,903 crore (US$45 billion) | ₹28,999 crore (US$3.6 billion) |
| 13 | Jammu & Kashmir Bank | 1938 | Srinagar, Jammu and Kashmir | 957 | ₹82,018 crore (US$10 billion) | ₹7,166 crore (US$900 million) |
| 14 | Karnataka Bank | 1924 | Mangaluru, Karnataka | 915 [42] | ₹85,580 crore (US$11 billion) | ₹6,232 crore (US$780 million) |
| 15 | Karur Vysya Bank | 1916 | Karur, Tamil Nadu | 811 | ₹74,623 crore (US$9.3 billion) | ₹5,470 crore (US$690 million) |
| 16 | Kotak Mahindra Bank | 2003 | Mumbai, Maharashtra | 1,604 | ₹620,429.73 crore (US$78 billion) | ₹67,981.02 crore (US$8.5 billion) |
| 17 | Nainital Bank | 1922 | Nainital, Uttarakhand | 160 | ₹8,438 crore (US$1.1 billion) | ₹727 crore (US$91 million) |
| 18 | RBL Bank | 1943 | Mumbai, Maharashtra | 435 | ₹100,618 crore (US$13 billion) | ₹8,561 crore (US$1.1 billion) |
| 19 | South Indian Bank | 1929 | Thrissur, Kerala | 935 | ₹94,149 crore (US$12 billion) | ₹7,305 crore (US$910 million) |
| 20 | Tamilnad Mercantile Bank | 1921 | Thoothukkudi, Tamil Nadu | 509 | ₹42,758 crore (US$5.4 billion) | ₹3,992 crore (US$500 million) |
| 21 | Yes Bank | 2004 | Mumbai, Maharashtra | 1,070 | ₹273,593 crore (US$34 billion) | ₹20,039 crore (US$2.5 billion) |
List Of Regional Rural Banks (RRBs) in India: Promoting Rural Financial Inclusion
Regional Rural Banks (RRBs) play a crucial role in fostering financial inclusion and economic development in India’s rural areas. As of November 1, 2020, there are 43 RRBs spread across various states, each dedicated to serving the financial needs of rural communities.
Regional Rural Banks (RRBs) serve as vital institutions in fostering financial inclusion and rural development across India. Established under the Regional Rural Banks Act of 1976, these banks have a crucial mission of providing banking services to rural areas while promoting agricultural and rural development.
Key Features of RRBs
RRBs operate under a three-tiered structure, with the central government, the concerned state government, and sponsor banks jointly owning shares in these institutions. This structure ensures adequate capitalization and managerial support for effective functioning.
Extending Financial Services
RRBs provide a range of financial services to rural communities, including savings and deposit accounts, agricultural loans, microfinance, and remittance facilities. By establishing branches in remote villages and adopting technology-driven banking solutions, RRBs bring banking services closer to rural customers, fostering greater financial literacy and inclusion.
Promoting Agricultural Activities
One of the primary objectives of RRBs is to support agricultural activities by providing credit facilities to farmers for crop cultivation, purchase of agricultural equipment, and investment in allied activities. This support plays a crucial role in enhancing agricultural productivity and livelihoods in rural areas.
Supporting Rural Development Initiatives
RRBs actively contribute to rural development initiatives such as watershed management, dairy farming, poultry farming, and small-scale industries. By extending credit to small and marginal farmers, artisans, self-help groups, and rural entrepreneurs, RRBs facilitate the creation of employment opportunities and promote socio-economic empowerment in rural communities.
Adoption of Digital Banking Solutions
In recent years, RRBs have embraced digital banking solutions to enhance their outreach and efficiency. Mobile banking, internet banking, and other electronic payment mechanisms have facilitated convenient access to banking services for rural customers, reducing dependency on traditional branches.
Challenges and the Way Forward
Despite their significant contributions, RRBs face challenges such as inadequate capitalization, governance issues, and competition from other financial institutions. Addressing these challenges requires collaborative efforts from policymakers, regulators, sponsor banks, and RRB management to ensure the sustained growth and relevance of these institutions.
In conclusion, RRBs play a crucial role in driving financial inclusion, agricultural development, and rural empowerment in India. With their localized approach, strategic partnerships, and adoption of innovative banking solutions, RRBs continue to serve as engines of growth and transformation in rural India, fostering prosperity and resilience in the country’s hinterlands.
| State | Bank’s Name | Established | Headquarters | Branches | Sponsor Bank |
|---|---|---|---|---|---|
| Andhra Pradesh | Andhra Pradesh Grameena Vikas Bank | 2006 | Warangal, Telangana | 755 | State Bank of India |
| Andhra Pradesh | Andhra Pragathi Grameena Bank | 2006 | Kadapa, Andhra Pradesh | 552 | Canara Bank |
| Andhra Pradesh | Chaitanya Godavari Gramin Bank | 2006 | Guntur, Andhra Pradesh | 219 | Union Bank of India |
| Andhra Pradesh | Saptagiri Gramin Bank | 2006 | Chittoor, Andhra Pradesh | 220 | Indian Bank |
| Arunachal Pradesh | Arunachal Pradesh Rural Bank | 1983 | Itanagar, Arunachal Pradesh | 30 | State Bank of India |
| Assam | Assam Gramin Vikash Bank | 2006 | Guwahati, Assam | 474 | Punjab National Bank |
| Bihar | Dakshin Bihar Gramin Bank | 2019 | Patna, India | 1078 | Punjab National Bank |
| Bihar | Uttar Bihar Gramin Bank | 2008 | Muzaffarpur, India | 1032 | Central Bank of India |
| Chhattisgarh | Chhattisgarh Rajya Gramin Bank | 2013 | Raipur, Chhattisgarh | 625 | State Bank of India |
| Gujarat | Baroda Gujarat Gramin Bank | 2019 | Vadodara, Gujarat | 489 | Bank of Baroda |
| Gujarat | Saurashtra Gramin Bank | 1978 | Rajkot, Gujarat | 259 | State Bank of India |
| Haryana | Sarva Haryana Gramin Bank | 2013 | Rohtak, Haryana | 542 | Punjab National Bank |
| Himachal Pradesh | Himachal Pradesh Gramin Bank | 2013 | Mandi, Himachal Pradesh | 265 | Punjab National Bank |
| Jammu And Kashmir | Ellaquai Dehati Bank | 1979 | Srinagar, Jammu and Kashmir | 116 | State Bank of India |
| Jammu And Kashmir | Jammu And Kashmir Grameen Bank | 2009 | Jammu, Jammu and Kashmir | 217 | Jammu & Kashmir Bank |
| Jharkhand | Jharkhand Rajya Gramin Bank | 2019 | Ranchi, Jharkhand | 443 | State Bank Of India |
| Karnataka | Karnataka Gramin Bank | 2019 | Ballari, Karnataka | 1142 | Canara Bank |
| Karnataka | Karnataka Vikas Grameena Bank | 2005 | Dharwad, Karnataka | 633 | Canara Bank |
| Kerala | Kerala Gramin Bank | 2013 | Malappuram, Kerala | 634 | Canara Bank |
| Madhya Pradesh | Madhya Pradesh Gramin Bank | 2019 | Indore, Madhya Pradesh | 866 | Bank of India |
| Madhya Pradesh | Madhyanchal Gramin Bank | 2012 | Sagar, Madhya Pradesh | 454 | State Bank of India |
| Maharashtra | Maharashtra Gramin Bank | 2008 | Aurangabad, Maharashtra | 391 | Bank of Maharashtra |
| Maharashtra | Vidarbha Konkan Gramin Bank | 2013 | Nagpur, Maharashtra | 318 | Bank of India |
| Manipur | Manipur Rural Bank | 1981 | Imphal, Manipur | 28 | Punjab National Bank |
| Meghalaya | Meghalaya Rural Bank | 1981 | Shillong, Meghalaya | 87 | State Bank of India |
| Mizoram | Mizoram Rural Bank | 1983 | Aizawl, Mizoram | 85 | State Bank of India |
| Nagaland | Nagaland Rural Bank | 1983 | Kohima, Nagaland | 10 | State Bank of India |
| Odisha | Odisha Gramya Bank | 2013 | Bhubaneswar, India | 549 | Indian Overseas Bank |
| Odisha | Utkal Grameen Bank | 2012 | Bolangir, Odisha | 442 | State Bank of India |
| Puducherry | Puduvai Bharathiar Grama Bank | 2008 | Pondicherry, Puducherry | 43 | Indian Bank |
| Punjab | Punjab Gramin Bank | 2019 | Kapurthala, Punjab | 419 | Punjab National Bank |
| Rajasthan | Rajasthan Marudhara Gramin Bank | 2014 | Jodhpur, Rajasthan | 715 | State Bank of India |
| Rajasthan | Baroda Rajasthan Kshetriya Gramin Bank | 2013 | Ajmer, Rajasthan | 833 | Bank of Baroda |
| Tamil Nadu | Tamil Nadu Grama Bank | 2019 | Salem, Tamil Nadu | 630 | Indian Bank |
| Telangana | Telangana Grameena Bank | 2014 | Hyderabad, Telangana | 421 | State Bank of India |
| Tripura | Tripura Gramin Bank | 1976 | Agartala, India | 142 | Punjab National Bank |
| Uttar Pradesh | Aryavart Bank | 2019 | Lucknow, Uttar Pradesh | 1365 | Bank of India |
| Uttar Pradesh | Baroda UP Bank | 2020 | Ayodhya, Uttar Pradesh | 2050 | Bank of Baroda |
| Uttar Pradesh | Prathama UP Gramin Bank | 2019 | Moradabad, Uttar Pradesh | 938 | Punjab National Bank |
| Uttarakhand | Uttarakhand Gramin Bank | 2012 | Dehradun, Uttarakhand | 286 | State Bank of India |
| West Bengal | Bangiya Gramin Vikash Bank | 2007 | Berhampore, West Bengal | 587 | Punjab National Bank |
| West Bengal | Paschim Banga Gramin Bank | 2007 | Howrah, West Bengal | 230 | UCO Bank |
| West Bengal | Uttarabanga Kshetriya Gramin Bank | 1977 | Coochbehar, West Bengal | 142 | Central Bank of India |
RRBs, with their localized approach and focus on rural development, play a vital role in bridging the gap between urban and rural areas, thereby contributing to the overall socio-economic progress of the nation.
List of Scheduled Small Finance Banks in India :-
| S. No. | Name of the Bank | Headquarters |
|---|---|---|
| 1 | AU Small Finance Bank Limited | Jaipur, Rajasthan |
| 2 | Capital Small Finance Bank Limited | Jalandhar, Punjab |
| 3 | Equitas Small Finance Bank Limited | Chennai, Tamil Nadu |
| 4 | Suryoday Small Finance Bank Limited | Navi Mumbai, Maharashtra |
| 5 | Ujjivan Small Finance Bank Limited | Bengaluru, Karnataka |
| 6 | Utkarsh Small Finance Bank Limited | Varanasi, Uttar Pradesh |
| 7 | ESAF Small Finance Bank Limited | Thrissur, Kerala |
| 8 | Fincare Small Finance Bank Limited | Bengaluru, Karnataka |
| 9 | Jana Small Finance Bank Limited | Bengaluru, Karnataka |
| 10 | North East Small Finance Bank Limited | Guwahati, Assam |
| 11 | Shivalik Small Finance Bank Limited | Panchkula, Haryana |
| 12 | Unity Small Finance Bank Limited | New Delhi |
These Scheduled Small Finance Banks are regulated by the Reserve Bank of India (RBI) and play a significant role in providing financial services to underserved and unbanked sections of society, thereby promoting financial inclusion and economic development.
List of Scheduled Payments Banks in India:
| S. No. | Name of the Bank | Headquarters |
|---|---|---|
| 1 | India Post Payments Bank Limited | New Delhi, India |
| 2 | Fino Payments Bank Limited | Mumbai, Maharashtra |
| 3 | Paytm Payments Bank Limited | Noida, Uttar Pradesh |
| 4 | Airtel Payments Bank Limited | New Delhi, India |
These Scheduled Payments Banks operate with the objective of providing convenient and accessible banking services, especially in remote areas, leveraging digital technology and mobile platforms.
List of Scheduled Foreign Banks in India:
S. No. | Name of Bank | Headquarters (India) | Headquarters (Worldwide) |
|---|---|---|---|
| 1 | AB Bank Ltd. | – | Dhaka, Bangladesh |
| 2 | American Express Banking Corporation | Gurgaon, Haryana | New York, USA |
| 3 | Australia and New Zealand Banking Group Ltd. | Mumbai, Maharashtra | Melbourne, Australia |
| 4 | Barclays Bank Plc. | Mumbai, Maharashtra | London, UK |
| 5 | Bank of America | Mumbai, Maharashtra | Charlotte, USA |
| 6 | Bank of Bahrain & Kuwait BSC | Mumbai, Maharashtra | Manama, Bahrain |
| 7 | Bank of Ceylon | Chennai, Tamil Nadu | Colombo, Sri Lanka |
| 8 | Bank of China | Mumbai, Maharashtra | Beijing, China |
| 9 | Bank of Nova Scotia | Mumbai, Maharashtra | Toronto, Canada |
| 10 | BNP Paribas | Mumbai, Maharashtra | Paris, France |
| 11 | Citibank N.A. | Mumbai, Maharashtra | New York, USA |
| 12 | Cooperatieve Rabobank U.A. | Mumbai, Maharashtra | Utrecht, Netherlands |
| 13 | Credit Agricole Corporate & Investment Bank | Mumbai, Maharashtra | Paris, France |
| 14 | Credit Suisse A.G | Mumbai, Maharashtra | Zurich, Switzerland |
| 15 | CTBC Bank Co., Ltd. | Mumbai, Maharashtra | Taipei, Taiwan |
| 16 | DBS Bank India Limited | Mumbai, Maharashtra | Singapore |
| 17 | Deutsche Bank | Mumbai, Maharashtra | Frankfurt, Germany |
| 18 | Doha Bank Q.P.S.C | Mumbai, Maharashtra | Doha, Qatar |
| 19 | Emirates Bank NBD | Mumbai, Maharashtra | Dubai, UAE |
| 20 | First Abu Dhabi Bank PJSC | Mumbai, Maharashtra | Abu Dhabi, UAE |
| 21 | FirstRand Bank Ltd | Mumbai, Maharashtra | Johannesburg, South Africa |
| 22 | HSBC Ltd | Mumbai, Maharashtra | London, UK |
| 23 | Industrial & Commercial Bank of China Ltd. | Mumbai, Maharashtra | Beijing, China |
| 24 | Industrial Bank of Korea | Mumbai, Maharashtra | Seoul, South Korea |
| 25 | J.P. Morgan Chase Bank N.A. | Mumbai, Maharashtra | New York, USA |
| 26 | JSC VTB Bank | Mumbai, Maharashtra | Moscow, Russia |
| 27 | KEB Hana Bank | Mumbai, Maharashtra | Seoul, South Korea |
| 28 | Kookmin Bank | Mumbai, Maharashtra | Seoul, South Korea |
| 29 | Krung Thai Bank Public Co. Ltd. | Mumbai, Maharashtra | Bangkok, Thailand |
| 30 | Mashreq Bank PSC | Mumbai, Maharashtra | Dubai, UAE |
| 31 | Mizuho Bank Ltd. | Mumbai, Maharashtra | Tokyo, Japan |
| 32 | MUFG Bank, Ltd. | Mumbai, Maharashtra | Tokyo, Japan |
| 33 | NatWest Markets Plc | Mumbai, Maharashtra | London, UK |
| 34 | NongHyup Bank | Mumbai, Maharashtra | Seoul, South Korea |
| 35 | PT Bank Maybank Indonesia TBK | Mumbai, Maharashtra | Jakarta, Indonesia |
| 36 | Qatar National Bank (Q.P.S.C.) | Mumbai, Maharashtra | Doha, Qatar |
| 37 | Sberbank | Mumbai, Maharashtra | Moscow, Russia |
| 38 | SBM Bank (India) Limited | Mumbai, Maharashtra | Port Louis, Mauritius |
| 39 | Shinhan Bank | Mumbai, Maharashtra | Seoul, South Korea |
| 40 | Societe Generale | Mumbai, Maharashtra | Paris, France |
| 41 | Sonali Bank Ltd. | Kolkata, West Bengal | Dhaka, Bangladesh |
| 42 | Standard Chartered Bank | Mumbai, Maharashtra | London, UK |
| 43 | Sumitomo Mitsui Banking Corporation | Mumbai, Maharashtra | Tokyo, Japan |
| 44 | United Overseas Bank Ltd | Mumbai, Maharashtra | Singapore |
| 45 | Woori Bank | Mumbai, Maharashtra | Seoul, South Korea |
These Scheduled Foreign Banks play a significant role in India’s banking sector, contributing to the country’s economic growth and development while also facilitating international financial services and transactions.