Mumbai's dominance as a financial center is most visible in its banking
transactions. The Reserve Bank of India (central bank) as well as the
headquarters of most min banks are located here.
India has an extensive network of banks and financial institutions
covering both urban and rural areas. It is estimated that there are some
63,000 branches across the Indian subcontinent, including those in small
villages.
Significant reforms have been introduced to the banking sector in recent
years, the most important of which was the entry of new private and foreign
banks, as well as the easing of restrictions on foreign bank activities.
The entry of new players helped improve customer service in general in
light of tighter competition.
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