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
Famous quotes containing the words banking and/or finance:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“Imperialism is capitalism at that stage of development at which the dominance of monopolies and finance capitalism is established; in which the export of capital has acquired pronounced importance; in which the division of the world among the international trusts has begun, in which the division of all territories of the globe among the biggest capitalist powers has been completed.”
—Vladimir Ilyich Lenin (1870–1924)