Banking and Finance
Kolkata is an important centre for banking and finance. At present it is headquarter of three large nationalized banks Allahabad Bank, Uco Bank and United Bank of India. Several large financial companies and insurance companies are headquartered in Kolkata. Many Indian banks, multi-national banks and the World Bank have located their Branch offices operations in the city. All main banks from India have their branch office here. Also big financial banks like Standard Chartered Bank, Bank of America and HSBC Bank have office and branches in Kolkata. So Kolkata is a financial capital of East India.
India's second financial hub after the Bandra-Kurla Complex in Mumbai, is underconstruction at New Town in the northeastern fringes of the city. Spread over 300 acres, the financial hub will house several banking and financial institutions, insurance companies and stock exchanges apart from hospitality and educational institutions. Within three months of laying the foundation stone of the project, the Housing Infrastructure Development Corporation (HIDCO) has handed over plots to five nationalized banking and financial institutions; State Bank of India,UCO Bank, United Bank, UTI Mutual Fund and Industrial Financial Corporation of India (IFCI).
Read more about this topic: Economy Of Kolkata
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