Indian bank names often come across as a puzzle of letters – SBI, HDFC, ICICI, PNB – but what do these abbreviations actually mean? Whether you’re opening a new account or simply trying to understand India’s banking sector, knowing the full form of bank names can help you better understand their history and purpose.
In this guide, we’ll decode the full forms of major Indian bank names, from the largest public sector banks to international giants operating in India. You’ll discover not just what these letters stand for, but also interesting insights about each bank’s origin and evolution in India’s financial landscape.
Public Sector Banks
State Bank of India (SBI)
The State Bank of India traces its origins to the Bank of Calcutta, established in 1806. It was later renamed the Bank of Bengal in 1809. In 1921, the Bank of Bengal merged with the Bank of Bombay (established in 1840) and the Bank of Madras (established in 1843) to form the Imperial Bank of India. This entity was nationalized in 1955 and renamed the State Bank of India (SBI).
Punjab National Bank (PNB)
Founded in 1894, PNB was born from the spirit of the Swadeshi movement. The bank started with the vision of establishing a “swadeshi” bank during the British Raj, managed and owned by Indians.
📌 Fun fact: PNB was the first bank to be managed entirely by Indians!
Bank of Baroda (BOB)
Founded in 1908 by Maharaja Sayajirao Gaekwad III of Baroda, the bank aimed to introduce modern banking to the region. The current logo, introduced in 2005, features a dual ‘B’ symbolizing the sun rising over a stylized ‘Baroda’.
Private Sector Banks
Industrial Credit and Investment Corporation of India (ICICI)
Established in 1955 as a development financial institution, ICICI’s primary mission was to finance industrial projects in India. It transitioned into a commercial bank in the 1990s and is now one of India’s leading private-sector banks.
Housing Development Finance Corporation Bank (HDFC)
HDFC was incorporated in 1994, following the liberalization of India’s banking industry. It originated from the Housing Development Finance Corporation, which was primarily focused on providing housing finance since 1977.
Axis Bank (formerly UTI Bank)
Established in 1993 as UTI Bank, it was rebranded to Axis Bank in 2007 to reflect its pan-Indian and international presence. The name ‘Axis’ signifies the bank’s aim to be a central point connecting customers to financial services.
Karnataka Bank Limited (KBL)
Founded in 1924 in the coastal town of Mangaluru, KBL stands as one of India’s oldest private sector banks that has maintained its independent identity through decades of banking consolidation. Unlike many private banks that emerged post-liberalization, KBL represents the traditional private banking model with deep regional roots.
Specialized Banks
Export-Import Bank of India (EXIM)
As India’s premier export finance institution, EXIM Bank plays a crucial role in facilitating international trade. Established in 1982, it’s the go-to bank for Indian companies looking to expand globally.
Small Industries Development Bank of India (SIDBI)
Focused on micro, small, and medium enterprises, SIDBI’s abbreviation might be hard to remember, but its impact on Indian entrepreneurship is unforgettable.
National Bank for Agriculture and Rural Development (NABARD)
Supporting India’s rural economy since 1982, NABARD’s long name reflects its comprehensive mission in agricultural and rural development.
Regional Rural Banks (RRBs)
Many RRBs have interesting local abbreviations that reflect their regional focus:
- BRKGB: Baroda Rajasthan Kshetriya Gramin Bank
- KVGB: Karnataka Vikas Grameena Bank
- MPGB: Madhya Pradesh Gramin Bank
Merged and Specialized Banks
SBM (State Bank of Mysore / SBM Bank India)
The abbreviation SBM has two notable references in Indian banking. Historically, it stood for State Bank of Mysore, one of the associate banks of SBI that traced its origins to 1913 as the Bank of Mysore. In 2017, it was merged into SBI along with other associate banks.
More recently, SBM also refers to SBM Bank India, a subsidiary of SBM (State Bank of Mauritius) Group from Mauritius, which in 2019 became the first foreign bank to receive a universal banking license through the Wholly Owned Subsidiary (WOS) route. This newer SBM represents India’s evolving approach to foreign banking participation.
International Banks in India
HSBC (The Hongkong and Shanghai Banking Corporation)
While the name suggests purely Asian origins, HSBC was actually founded by a Scotsman named Thomas Sutherland in Hong Kong in 1865. The bank’s connection to India runs deep – HSBC opened its first Indian branch in Calcutta (now Kolkata) in 1867. Its presence was further strengthened through its 1959 acquisition of the Mercantile Bank of India, London and China (established 1853). The Mercantile Bank had already built an extensive network across India during the colonial era, allowing HSBC to inherit a significant legacy operation. This complex history makes HSBC one of the oldest foreign banking presences in the Indian subcontinent, with over 150 years of operations linking India to global financial networks.
SCB (Standard Chartered Bank)
Don’t confuse this with other SCBs! Standard Chartered’s history in India dates back to 1858 through the Chartered Bank of India, Australia, and China. The modern name came after a merger in 1969.
DBS (Development Bank of Singapore)
Singapore’s largest bank made waves in India by acquiring Lakshmi Vilas Bank in 2020. The abbreviation reflects its original mission as Singapore’s development finance institution.
BNP Paribas
While not strictly an abbreviation, this name comes from the merger of Banque Nationale de Paris (BNP) and Paribas. It’s one of the largest European banks operating in India.
Citi (Citibank N.A.)
Originally City Bank of New York (established 1812), the modern spelling of ‘Citi’ was adopted in 1976. Despite its recent retail exit from India, it maintains a significant corporate banking presence.
DB (Deutsche Bank)
Germany’s banking giant has been serving Indian corporate clients since 1980. The DB abbreviation is globally recognized in banking circles.
Regulatory Bodies
RBI (Reserve Bank of India)
India’s central banking institution, RBI was established on April 1, 1935, under the Reserve Bank of India Act. As the nation’s financial regulator, it controls monetary policy, issues currency, and supervises all banking in India. Interestingly, the RBI was initially privately owned before being nationalized in 1949 following India’s independence. Its iconic seal featuring a tiger beneath a palm tree represents the bank’s commitment to economic strength and growth.
SEBI (Securities and Exchange Board of India)
While not a bank, SEBI plays a crucial role in India’s financial ecosystem as the regulator for securities markets. Established in 1988 and given statutory powers in 1992, SEBI protects investor interests and promotes the development of securities markets. Banks that offer investment services must comply with SEBI regulations.
Modern Banking Initiatives
Unified Payments Interface (UPI)
While not a bank, this revolutionary payment system deserves mention. UPI has transformed how Indians handle money, making digital transactions as easy as sending a text message.
National Payments Corporation of India (NPCI)
The organization behind UPI and RuPay cards, NPCI’s abbreviation represents India’s push toward digital financial innovation.
Frequently Asked Questions
What is the full form of SBI?
SBI stands for State Bank of India. It was established in 1955 when the Imperial Bank of India was nationalized and became India’s largest public sector bank.
What is the full form of HDFC?
HDFC stands for Housing Development Finance Corporation. The bank was originally established as a housing finance company before becoming a full-service bank in 1994.
What is the full form of ICICI Bank?
ICICI stands for Industrial Credit and Investment Corporation of India. It was established in 1955 as a development financial institution before evolving into a full-service private bank.
What is the full form of PNB?
PNB stands for Punjab National Bank. Founded in 1894, it is one of India’s oldest banks and was established during the Swadeshi movement.
What is the full form of NABARD?
NABARD stands for National Bank for Agriculture and Rural Development. It was established in 1982 to promote sustainable and equitable agriculture and rural development.
What does UPI stand for in banking?
UPI stands for Unified Payments Interface. It’s India’s instant real-time payment system developed by NPCI to facilitate inter-bank transactions.
What is the full form of NPCI?
NPCI stands for National Payments Corporation of India. It’s an umbrella organization that operates retail payments and settlement systems in India.
Endnote
Bank names in India tell a fascinating story of our financial evolution. From nationalist banks born during the independence movement to modern digital payment systems, each abbreviation reflects a chapter in India’s banking journey. These institutions, both domestic and international, have shaped how millions of Indians save, spend, and grow their money.
Understanding these names gives you more than just knowledge of abbreviations – it offers insight into India’s diverse banking ecosystem. So the next time you’re making a transaction or choosing a bank, you’ll appreciate the history and purpose behind those letters.
