India has a robust banking and financial sector and it is one of the most powerful industry in India’s economy. A lot of chief reforms have happened post-independence and particularly the reforms in 1991. A lot has transformed since then and we are now moving to complete digitization of transactions. Banks have been involved in making this progress.
Top 10 Best Banks in India are:
1. State Bank of India (SBI)
SBI is India’s major public sector bank and is ranked 232nd on the Wealth Global 500 list of the world’s biggest corporations. The bank is also the country’s major lender. It recently combined the list of top 50 banks globally in terms of asset distribution, following its merger with other associate banks:
- State Bank of Tranancore
- State Bank of Patiala
- State Bank of Mysore
- State Bank of Hyderabad
- State Bank of Bikaner and Jaipur
As of March 2017, the total joint network of the abovementioned associate banks is 17,170 branches in India, in addition to 199 offices in 37 countries and 301 correspondents in 73 countries and a workforce of 209,568 employees. The combined net revenue of these banks was Rs. 10,484 crores as of March 2017.
2. ICICI Bank
ICICI Bank is India’s principal private sector bank. The bank, which was a solely owned subsidiary of ICICI Limited, is a multinational banking and financial establishment based in Mumbai, Maharashtra, India with its listed office in Vadodara, Gujarat.
ICICI Bank was the 1st Indian bank to list on the NYSE in 2000, sideways with its 5 million American Depository Shares, which was oversubscribed 13 times the offer size. It functions a network of 4,850 branches and 14,405 ATMs in India and is present in 19 countries worldwide.
3. HDFC Bank
It was founded in 1994; HDFC Bank is headquartered in Mumbai, Maharashtra. HDFC is India’s principal private sector bank in terms of assets and market capitalization. It employs around 84,326 staff as of March 2017 and operates a distribution network of 4,728 branches and 12,220 ATMs across 2,666 cities.
The bank is also located in Bahrain, Hong Kong, and Dubai. The company’s financials as of March 2016 are below:
Total Proceeds: 74,373 crores (US$12 billion)
Total Possessions: 86,384,021 L (US$130 billion)
Profits: 12,817 crores (US$2 billion)
4. Axis Bank
Axis Bank is the 3rd largest private sector bank in India after ICICI and HDFC. It manages 3,305 branches and 14,300 ATMs crossways the country as of March 2017. The bank’s fiscal data as of March 2016 is as follows:
Proceeds: US$6.5 billion
Net Income: US$1.3 billion
Total Assets: US$83 billion
Total Equity: US$75 million
No. of Employees: 56,087
5. Kotak Mahindra Bank
Kotak Mahindra Bank is measured one of the upcoming commercial banks in India and is the fourth main private-sector bank in the country according to market capitalization. The bank was originated by Uday Kotak in 1985. It functions a network of 1,369 branches across 689 positions and 2,164 ATMs in the country. It employs 46,600 staff following its Rs 15,000 crore (US$2.4 billion) union with ING Vyasa Bank in 2015. The bank’s monetary results as of March 2016 numbers are as follows:
Revenues: INR 27,975 crores (US$4.4 billion)
Net Income: INR 3,432 crores (US$540 million)
Total Assets: US$15.9 billion
6. IndusInd Bank
The bank was started in 1994 by Hinduja Group. Known for its strong settlement business, IndusInd Bank’s market capitalization is Rs 50,200 crores (US$7.8 billion). The bank employs around 15,600 staff through a network of 1,000+ outlets and approx 2,000 ATMs across the world. As of March 2016, total revenue was US$1.4 billion and total assets were US$15.7 billion.
7. Bank of Baroda
Bank of Baroda, known as India’s International Bank, is headquartered in Vadodara (formerly known as Baroda), Gujarat, India. According to the newest data, the bank is ranked 1,145th on Forbes Global 2000 list. Its total assets are valued at Rs 3.59 trillion. It functions through a network of 5,538 branches in India and abroad and manages around 10,441 ATMs as of July 2017.
8. Punjab National Bank (PNB)
One of the 1st banks to start operations in India, Punjab National Bank was founded in 1894. Headquartered in Delhi, the bank’s market capitalization is INR 30,313 crores (US$4.7 billion). It employs 70,802 staff as of March 2016. The Government of India possesses PNB, which is also known as 1st “Swadeshi Bank” of India.
It was founded in 2004 by Mr. Rana Kapoor and Mr. Ashok Kapoor, YES Bank is known as a “Full-Service Commercial Bank.” The bank is known for its brilliant Non-Performing Assets (NPA) ratio, which is the lowermost in the industry. YES Bank lists total assets of INR 215,070 crores (US$14 billion) as of March 2017. It also displayed total revenues of INR 9,954 crores and a net profit of INR 3,300 crores in the similar period.
10. IDBI Bank
Its Headquarter is in Mumbai, IDBI Bank was established in 1964 by an act of Parliament to offer credit and was owned by the Central Government. The bank’s collective balance sheet is INR 3.75 trillion as of March 2016. IDBI is the currently the tenth prime development bank in the world, operating 3,700 ATMs and 1,995 branches, and employing about 17,570 individuals as of March 2016.