Finances have gone to the next level in the modern day, and banking plays one of the most important parts in it. Banks today are considered to be the heart of finance. Their fundamental duty is to accept funds from individuals, deposit them, and later lend them to borrowers.
Banks act as go-betweens for depositors and borrowers. The amount that banks pay for deposits and the money they receive from loans are both referred to as interest.
Here, we will talk about the top 10 biggest banks in India.
List of Top 10 Banks in India
Here is a list of the biggest banks in the country that you just cannot overlook.
1. HDFC
The Housing Development Finance Corporation Limited was founded in August 1994 and is the first private financial organization to get “in-principle approval” from the Reserve Bank of India (RBI). The bank’s registered office is in Mumbai. It is present in over 2,902 cities/towns across India, with over 5,608 branches and 16,087 ATMs.
The key principles of the company are excellence, client focus, product leadership, people, and sustainability. HDFC operates in three segments:
- Retail banking: It specializes in a wide range of financial goods and banking services. Consumers can also access banking services via an expanding network of branches and ATMs. Furthermore, digital channels such as Net banking, Phone banking, and Mobile banking have simplified transactions for users.
- Wholesale banking: Wholesale banking, on the other hand, provides commercial and transactional financial services to organizations and businesses. Working capital finance, trade services, cash management, and transactional services are all included.
- Treasury: HDFC’s Treasury division assists businesses in generating higher returns on their investments.
Furthermore, HDFC concentrates on three primary product areas: equities, foreign exchange, money market and debt securities, and derivatives.
2. State Bank of India
The State Bank of India is a Fortune 500 company that provides public-sector banking and financial services. The company’s headquarters are in Mumbai, India. Service, Transparency, Ethics, Politeness, and Sustainability are the basic values of the bank. Furthermore, the bank is continually striving to emphasize innovation and customer-centricity.
SBI is the largest Indian bank, accounting for one-quarter of the market. It operates over 20,000 branch offices, 58,500 ATMs, and 66,000 BC stores. Furthermore, the bank has a global presence in 22 countries, with approximately 233 offices.
In addition to banking services, the bank has expanded into other industries. SBI has 11 subsidiaries, including SBI Mutual Fund, SBI Life Insurance, SBI General Insurance, and SBI Card, among others. The SBI working time is Monday to Saturday, except for the 2nd and the 4th Saturdays of the month.
3. Union Bank of India
Union Bank of India is one of India’s largest publicly traded public sector banks. The government of India owns 89.07% of the bank’s capital. The bank was founded in 1919 and is headquartered in Mumbai, Maharashtra. Union Bank of India has about 9500 domestic branches and over 13,300 ATMs. It also has 11,700 business correspondent locations and approximately 75,000 staff who serve more than 120 million clients.
The bank has three international branches: one in Sydney, one in Dubai, and one in Hong Kong. It also has an office in Abu Dhabi, a subsidiary in London, and a joint venture in Malaysia. It also has three banking subsidiaries and three joint ventures, two of which are in the life insurance industry.
After combining Andhra Bank and Corporation Bank, the bank’s total assets were INR 15,34,749 crore. The bank got numerous honors in the areas of technology, innovation, and financial inclusion.
4. Punjab National Bank
The Punjab National Bank (PNB) is a government-owned bank that is controlled by the Ministry of Finance. It was founded in 1894 in Lahore and is the country’s second-largest government bank, with a global business of INR 18,09,587 crore. Throughout its long history, Punjab National Bank has merged with nine other banks. The most recent consolidation was with the Oriental Bank of Commerce.
It has a PAN India presence with a network of 10,925 branches, 13,914 ATMs, and 12,346 business correspondents. Furthermore, its low-cost Current Account and Savings Account Deposits (CASA) account for 44.66% of all deposits.
PNB has two overseas branches: one in Hong Kong and one in Dubai. Furthermore, it has two foreign subsidiaries, PNB International Limited in London and Druk PNB Bank Limited in Bhutan. In Nepal, it also has a joint venture called Everest Bank Ltd.
PNB focuses on digitalization, and as a result, PNB mobile banking users have surpassed 96 lakhs, while online banking users have surpassed 250 lakhs.
5. ICICI Bank
ICICI Bank is one of India’s leading private banks. In 1955, the World Bank, the Government of India, and representatives from Indian industry formed ICICI. The primary purpose was to build a development financial institution that would provide medium and long-term project finance to Indian businesses.
In the late 1980s, ICICI focused primarily on infrastructure financing, providing long-term funds to a variety of industrial ventures. Following the liberalization of India’s financial sector in 1991, ICICI evolved from a development finance institution to a provider of varied financial services. ICICI Bank was founded in 1994 as part of the ICICI group.
In addition, in 1999, ICICI became the first Indian firm, as well as the first non-Japanese Asian bank or financial institution, to be listed on the New York Stock Exchange.
Currently, the bank provides a comprehensive range of banking and financial services. Through a variety of distribution networks and firms, it serves both corporate and retail consumers. In India, ICICI Bank has a large network of 5,288 branches and 15,158 ATMs.
6. Bank of Baroda
Bank of Baroda, which began in modest premises over a century ago, now has a global presence in 19 nations. The bank, which was founded in 1908, now has 8581 branches, 96 of which are abroad branches, and serves over 131 million people. The bank is well-represented in rural and semi-urban areas. Dena Bank and Vijaya Bank were recently amalgamated with the Bank of Baroda.
Six subsidiaries of the bank operate in the domestic market, capital markets, and financial solutions. It also has joint insurance ventures.
Furthermore, the bank has subsidiaries in seven countries: Botswana, Kenya, Uganda, Guyana, New Zealand, Tanzania, and the United Kingdom. It has joint ventures in Malaysia and Zambia as well. In addition, Baroda Gurkul received Baroda Radio and Best Learning Platform Implementation of the Year.
7. Kotak Bank
In 1985, Kotak Mahindra Financing Ltd. was established. And is now the most trusted financial institution in India.
Kotak Mahindra Bank has over 1,600 branches as well as 2,519 ATMs. Nowadays, the bank has around 23 million active customers. It also has a presence in the United States, the Middle East, London, and Singapore.
By differentiating across goods, services, and technologies, the bank is continuously striving to grab new opportunities. Banking (consumer, commercial, and corporate), equities broking, credit and financing, insurance (general and life), wealth and asset management, and investment banking are all services provided by the bank to individuals and corporations.
8. Bank of India
The Bank of India was a private bank founded in Mumbai in 1906. It was one of the thirteen banks that were nationalized in 1969. The bank has extended its business both in and out of India over the years.
Bank of India operates about 5000 branches across the country, which are overseen by 55 zonal offices and eight NGB offices. The bank has 52 offices, four subsidiaries, one representative office, and one joint venture in 18 countries spanning five continents. In 1997, the bank issued its first public shares.
In 1989, the Bank of India was one of the first nationalized banks to launch a fully automated branch and ATM operation. It was always at the forefront of introducing new services and systems.
9. Canara Bank
Canara Bank was founded in 1906 as Canara Hindu Permanent Fund Limited and renamed Canara Bank in 1910. It was one of fourteen banks nationalized in 1969. Canara Bank is well-known for its customer-centricity and has grown to become a “Financial Conglomerate” with about ten subsidiaries and joint ventures in India and internationally.
The bank had 10,491 branches, 12,973 ATMs, and a customer base of 10.90 crores. Many firsts have been accomplished by the bank throughout the past century. It is the first bank to open an inter-city ATM, offer credit cards to farmers, and get an ISO certificate for a branch.
10. Axis Bank
Axis Bank, India’s third-largest private bank, was founded in 1994 as a new-generation private bank. The bank offers a full range of financial services to all customer groups, including large and midcap corporations, retail enterprises, agribusiness, and the MSME sector.
The bank’s network is extensive, with 4,594 branches (including 4,050 domestic branches), 11,333 ATMs, and 5,710 cash recyclers located around the country. The bank’s overseas operations are carried out through eight international offices located in six different countries. Investment banking, liability businesses, corporate financing, trade finance, and syndication are the primary areas of focus for foreign offices.
Final Takeaway
You can never walk past a day without even the tiniest gist from a bank. Starting from your payments, expenses, and everyday activities – banks are everywhere. When you are looking for them, you might as well look for some of the best ones out there to cater to your needs.
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