Financial institution is a body corporate, that, as part of its normal activities takes money on deposit and makes advances of money;

a) under a regulatory regime:

   i) governed by the central bank (or its equivalent) of the country in which the body corporate operates; and

So Immigration only recognises banks that are regulated by the Reserve Bank of India (RBI). The below banks fall under this category:

   • SBI and Associates

   • Nationalised Banks

   • Other Public Sector Banks

   • Private Sector Banks - Indian Banks (not including Payment Banks or Local Area Banks)

   • Private Sector Banks - Foreign banks

   • Regional Rural Banks

For further information, including updates on India's regulated banks and legal framework, see https://rbi.org.in/commonman/English/Scripts/BanksInIndia.aspx.

Here we have compiled a list of popular banks in India which are recognised by Department of Home Affairs for student visa

SBI & other Nationalised Banks

Other Public Sector Banks

Private Sector Banks - Foreign Banks

Regional Rural Banks