Have you ever wondered which are the best and largest banks in India? If yes, you will get your answers here. We will be sharing a list of some of the top banks based on their assets and market capitalization. Do you have an account with any of the popular and biggest bank in India?
Banking in India
India has a strong banking and financial sector which plays a crucial role in the growth of the country’s economy. Currently, in the Indian banking system, there are a total 34 banks functioning out of which 12 are Public Sector Banks and the remaining 22 are Private Sector Banks.
At the point when somebody decides to open a bank account, they search for a portion of the significant features to make their banking experience delightful, while guaranteeing that all their hard-earned cash is in secure custodianship.
Choosing the Best Bank in India
However, there are various factors people consider when choosing whether a bank is acceptable or not. Here we listed some of the practical contemplations of the common man:
- A good reputation for resisting economic slowdown.
- Easily reachable brick and mortar bank branches.
- No/minimum balance requirements to maintain an account.
- A wide area network of ATMs across the country.
- Good customer service since it leaves a great impression on customers.
- Offer free bill payment services.
- Facilitate smooth internet banking.
- Offer low and competitive interest rates.
- Provide loans and credit with instant approval.
You surely think of these simple criteria even while opening a savings bank account.
List of Largest Banks in India
In the light of these features, we have made an elite of the top 10 largest banks in India that offer all or a large portion of the conveniences and facilities above cited.
1. HDFC Bank
HDFC Bank is the largest private sector bank in India based on the market capitalization. It offers a broad range of products and services including but not limited to personal banking, retail and wholesale banking, treasury, all types of loans, forex cards, credit and debit cards. HDFC Bank has also come up with leading digital products like SmartBUY and Payzapp. It has also grown to become a remarkable choice for opening salary accounts.
HDFC Bank was established in 1994, headquartered in Mumbai. It has more than 04,154 permanent employees and has a countrywide distribution network of 5500 branches and 15,292 ATMs across 2,764 cities. Hdfc Bank market capitalization stands at Rs. 669,162 crores as on 3rd November 2020.
2. State Bank of India
State Bank of India is the leading public sector bank and one of the world’s biggest corporations that have been with us for decades. It was founded on 2, June 1806, headquartered in Mumbai and has a strong presence in India as well as internationally. It has a wide area network, with over 24,000 branches in India and more than 190 offices in 35 different countries throughout the globe. SBI market capitalization stands at Rs. 174,922 crores as on 3rd November 2020.
SBI has a global presence and has its offices across different countries. So, do have a look at the number of SBI branches in USA.
3. ICICI Bank
ICICI Bank is the second-largest private sector bank in India based on market capitalization. It maintained a quite big role in Indian financial infrastructure. Its broad spectrum of banking products and financial services are designed to suit the requirements of both retail and corporate customers.
The ICICI bank was founded in June 1994, headquartered in Mumbai and the registered office is in Vadodara, Gujarat. It has a presence in 17 countries across the globe, apart from India. The bank operates through over 5,275 branches and 15,589 ATMs spread across the nation. ICICI market capitalization stands at Rs. 287,667 crores as on 3rd November 2020.
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4. Punjab National Bank
Punjab National Bank is a state-owned, Indian multinational banking and financial services company with an extensive history. It is a one-stop destination for all banking needs and over 120 million Indian citizens trust PNB with their funds.
PNB is the second largest among PSU banks, was founded in 1894, headquartered in New Delhi. The bank has 10,910 branches and over 13,000 ATMs across 764 cities. PNB market capitalization stands at Rs. 26,020 crores as on 3rd November 2020.
5. Axis Bank
Axis bank is the third-largest private sector bank in India, was established in 1993 in Ahmedabad. The bank has its headquarters in Mumbai, Maharashtra, with large footprints of 4,528 branches and 12,044 ATMs and 9 overseas offices. The Axis bank manages assets worth 9.28 lakh crores and reported over 16 billion Indian rupees of net profit in this financial year 2019-20. Axis market capitalization stands at Rs.162,984 crores as on 3rd November 2020.
6. Bank Of Baroda
Bank of Baroda is another largest government-owned bank, established in 1908 in Vadodara, Gujarat. So far several banks have merged with Bank of Baroda and post-merger it has become the third-largest lender in the nation and a total business of US$218 billion. It boasts a network of 9,500 branches, 13,400 ATMs and serves 120 million customers with a global presence of 100 overseas offices. Bank of Baroda market capitalization stands at Rs. 20,538 crores as on 3rd November 2020.
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7. Kotak Mahindra Bank
Kotak Mahindra Bank is one of the most trusted Indian private sector banks providing a wide array of financial and banking services, including wealth management, investment banking, personal banking and life insurance. It was founded in 1985, headquartered in Mumbai and it has 1600 branches, 2519 ATMs across the nation. Kotak Mahindra Bank market capitalization stands at Rs. 314,743 crores as on 3rd November 2020.
8. Bank Of India
Bank of India is counted under the top five state-owned financial institutions in India and it is a co-founder of SWIFT. The bank was founded in 1906, headquartered in Mumbai. Bank of India clocked revenue of Rs. 49,066 crores this financial year. Moreover, the bank has a presence at 5000 branches and 56 offices in overseas locations, with Rs. 6.57 lakh crores of total assets. Bank of India market capitalization stands at Rs. 12,927 crores as on 3rd November 2020.
9. IndusInd Bank
IndusInd Bank is recognized as the leading new generation private sector bank in India which started operating in 1994, headquartered in Mumbai. It operates business through 1911 branches and 2760 ATMs which spread across 751 geographical locations of the country. The bank boasts of overseas presence owing to its representative offices in Abu Dhabi, Dubai and London. IndusInd bank clocked a revenue of Rs. 35,735 crore in the year 2019-20 which is up by 28.05% as compared to the last financial year. IndusInd bank market capitalization stands at Rs. 48,923 crores as on 3rd November 2020.
10. IDBI Bank
IDBI is a public sector bank founded in 1964, headquartered in Mumbai. It has made a big contribution to the Digital India campaign. IDBI can be an appropriate choice for private banking, investment banking, consumer banking, corporate banking, finance and insurance, private equity along with this it offers a broad range of credit cards and smooth loans options to the customers.
The bank has 1,892 branches, 3,683 ATMs including one overseas office which is in Dubai. The total assets of the IDBI bank are Rs. 3 lakh crores and market capitalization stands at Rs. 37,525 crores as on 3rd November 2020.
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Banks in India – A Final Take
In the past few years, India has made considerable progress towards financial services, as acknowledged by the world bank. In recent times the country is paving its way towards total digitization of financial transactions and the participation of banks has been and will be actively involved since their business is as very important to the people as well as the economic stability of India.
Choosing a bank which is right for you, determines your money habits along with banking needs and before taking an informed decision don’t forget to pay close attention to the banks’ offerings and its financial outlook. However, hearing about scams, reading the Yes bank story, one needs to be very cautious while putting money in any financial institution.
We hope that you now have a good understanding regarding the best & biggest banks of India, based on their assets and current market capitalization value. Share your thoughts and experience with us, which is the best bank in India? Don’t forget to add your experiences as well.