Mumbai is India’s financial capital, where you have the headquarters of the Reserve Bank of India, the Bombay Stock Exchange and the National Stock Exchange. The money transaction in the country is controlled by the Reserve Bank, which came into existence on April 1, 1935. There are 23 stock exchanges now in operation. The share market is under the control of the Securities and Exchange Board of India, which came into existence in 1992.
There are 286 scheduled commercial banks, including foreign banks in India (2004). Of these 224 are in the public sector. And this includes 19 nationalized banks and 8 banks in the State Bank of India (SBI) group. The SBI and its 7 associate banks account for 13703 branches. Eight public sector banks and five private banks of India operate abroad (June 2005). These have 99 branches, 6 joint ventures, 16 subsidiaries and 25 representative offices spread over 42 countries. The Bank of Baroda stands first with its 38 branches.