Having a bank account is necessary in today’s world. Furthermore, all government financial assistance is channeled through bank accounts. In addition, the government’s financial inclusion measures have guaranteed that practically all citizens have a bank account. In India, there are 34 banks, with 12 of them being public sector banks and the rest being private sector banks.
Here are Top 10 Banks in India
State Bank of India
SBI, the State Bank of India, is a Fortune 500 company. It is a public sector banking and financial services company based in India.SBI has a rich history and legacy dating back over 200 years, and it has been India’s most trusted bank for decades.
Service, Transparency, Ethics, Politeness, and Sustainability are the bank’s key values. In addition, the bank is always working to improve its innovation and customer-centricity.
Punjab National Bank
The Ministry of Finance owns Punjab National Bank (PNB), which is a government-owned bank. It is the country’s second-largest government bank, with a global business of INR 18,09,587 crore, and was founded in 1894 in Lahore. Punjab National Bank has merged with nine other banks during the course of its long history. The most recent merger was with United Bank of India and Oriental Bank of Commerce.
As of December 2020, it had a PAN India presence with a network of 10,925 branches, 13,914 ATMs, and 12,346 business correspondents. It also has a 44.66 percent share of the low-cost Current Account and Savings Account Deposits (CASA).
Union Bank of India
Union Bank of India is one of India’s most well-known public sector banks. The Indian government owns 89.07 percent of the capital of the bank. The bank was founded in 1919 and is headquartered in Mumbai, Maharashtra. Union Bank of India has a domestic branch network of around 9500 locations and 13,300 ATMs. It also has over 75,000 staff and 11,700 business correspondent locations, serving over 120 million clients.
The Housing Development Finance Corporation Ltd, or HDFC, was established 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 located in Mumbai. It operates in more than 2,902 cities/towns across India, with 5,608 branches and 16,087 ATMs.
ICICI Bank is one of India’s most well-known private banks. In 1955, the World Bank, the Government of India, and representatives from Indian industry formed ICICI. The major purpose was to create a development financial institution that would assist Indian enterprises with medium- and long-term project finance.
In 1985, Kotak Mahindra Finance Ltd. Was founded. And it has now established itself as India’s most dependable financial institution.
Kotak Mahindra Bank has 2,519 ATMs and over 1,600 branches. The bank currently has roughly 23 million active customers. It has offices in the United States, the Middle East, London, and Singapore, among other places.
Bank of Baroda
Bank of Baroda, which began in a 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 overseas, and serves more than 131 million people. Rural and semi-urban areas are where the bank has a strong presence.
Bank of India
The Bank of India was a private bank founded in Mumbai in 1906. It was one of the 13 banks nationalised by the government in 1969. The bank has grown its business in and out of India throughout the years.
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The Bank of India has about 5000 branches around 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 spread throughout 18 countries on five continents. In 1997, the bank issued its first public stock.
Axis Bank, India’s third-largest private bank, was founded in 1994 as a new generation private bank. The bank provides a full range of financial services to all customer categories, including major and midcap corporations, retail enterprises, agribusiness, and small and medium-sized businesses.
Canara Bank began as Canara Hindu Permanent Fund Ltd in 1906 and was renamed Canara Bank in 1910. It was one of those 14 banks that were nationalised in 1969. Canara Bank is a ‘Financial Conglomerate’ with nearly 10 subsidiaries and joint operations in India and internationally.