Hi Friends! How are you all ? I hope you are in the best of your health. So ,If you are in the adult parameters according to the government of India,
You must be thinking of opening a bank account but due to so many options in the banking sector we are no able to opt out for a best option out of all and even if you have already opened an account than also you can compare the facilities provided by your bank and the other ones.
So today in this post ,we will tell you about the Top 10 Banks in India, in which you can open your account to get the best facilities. But before knowing these top 10 Banks in India , we all should be a little aware of the Banking Sector.
What is Bank?
A Bank is a financial institution , which has been approved and licensed to receive deposits and make loans.
Banks also provide you various other services also such as wealth management, foreign exchange and safe deposits for your money investment.
There are various functions that a banking institution performs. The functions performed by the banks are listed below: Read Also Top 10 Best Engineering Colleges in Hyderabad
- Acceptance of deposits from the public
- Advancing of Loans
- Investment of Funds
- Remittance of funds
- Collection and payment of funds
- Sale and purchase of security
- Representation and Correspondence
- General utility functions
- Credit creation
By comparison, central banks or systems distribute currency and establish money-related policies. Investment banks or systems conduct trades or deal with capital markets.
So Today we are going to discuss about the Top 10 Banks in India, lets continue with the list of Top 10 Banks in India.
Top 10 Banks in India
- State Bank of India
- Corporation Bank
- ICICI Bank
- Punjab National Bank
- Bank of Baroda
- HDFC Bank
- Canara Bank
- Axis Bank
- Bank of India
- IDBI Bank
1. State Bank of India
State Bank of India is an Indian Multinational, public sector banking and financial services statutory body. It is one of the Top 10 banks in India.
SBI provides a range of banking products through its network of branches in India and overseas, including Non-resident Indians. SBI has 16 regional hubs and 57 zonal offices all throughout the India.
Various Products provided by State Bank of India:
Domestic Branches and contribution to country revenue
State Bank of India (SBI) has over 24000 branches in India. SBI held 11,300 camps and opened over 3 million accounts by September, under the Pradhan Mantri Jan Dhan Yojana.
This included 2.1 million accounts in rural areas and 1.57 million accounts in urban areas.
In 1989, SBI established, State Bank of India International (Mauritius)Ltd. This then conflated with The Indian Ocean International Bank to form SBI (Mauritius) Ltd.
Today ,SBI (Mauritus) Ltd. has 14 branches- 13 retail branches and 1 global business branch at Ebene in Mauritius.
SBI Sri Lanka has now three branches located in Colombo, Kandy and Jaffna. However, it is the oldest bank in Sri Lanka, it was found in 1864.
State Bank of India has ten branches – nine branches in the state of California and one in Washington DC.
SBI operates Indo-Nigerian Merchant Bank. It has now five branches in Nigeria.
SBI’ non-banking subsidiaries include:
- SBI Capital Markets Ltd.
- SBI Cards & Payment services Pvt. Ltd.
- SBI Life Insurance Company Limited
Other SBI service points
As on 31 March 2017, SBI group has 59,291 ATMs
Since November 2017, SBI also offers an integrated digital banking platform named YONO.
2. Corporation Bank
Corporation Bank is a public-sector banking institution headquartered in Mangalore, India. It is one of the Top 10 banks in India
Today at present, the bank has a network of 2,600 fully automated CBS branches, 3040 ATM’s, and 4,724 branchless banking units across the country.
Corporation Bank has raised an amount of Rs.500 crore of the Basel III complaint Tier-II Bonds and has been alloted by the Securities Allotment Committee of the Board of the Bank on November 14.
Corporation Bank launched its RuPay Select and RuPay Platinum credit cards , On December 2, 2017. RuPay credit cards are accepted at all RuPay- enabled 1.5 million-plus PoS terminals and 80,000-plus e-commerce merchants in India and all ICS Partner acceptance points globally.
3. ICICI Bank
ICICI Bank Limited is one of the Top 10 banks in India. It is an Indian multinational banking and financial services company which has a headquarter in Mumbai, Maharashtra with its registered office in Vadodara, Gujarat.
ICICI Bank is one the Top 10 Banks in India. The Bank has subsidiaries in the United Kingdom and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman ,Dubai International Finance Centre, China and South Africa; and representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia.
ICICI Bank offer products and services like online money transfer & tracking service, loans, credit card, debit card and digital wallet.
Domestic Subsidiaries of ICICI Bank:
- ICICI Prudential Life Insurance Company Limited
- ICICI Lombard General Insurance Company Limited
- ICICI Prudential Asset Management Company Limited
- ICICI Prudential Trust Limited
- ICICI Securities Limited
- ICICI Securities Primary Dealership Limited
- ICICI Venture Funds Management Company Limited
- ICICI Home Finance Company Limited
- ICICI Investment Management Company Limited
- ICICI Trusteeship Services Limited
- ICICI Prudential Pension Funds Management Company Limited
4. Punjab National Bank
Punjab National Bank is an Indian public sector banking and financial service company , which has headquarters in New Delhi, India. It is one of the Top 10 banks in India .The bank was found in 1894.
PNB has the distinction of being the first Indian bank to have been started solely with Indian capital that has survived to the present.
PNB has had the privilege of maintaining accounts of national leaders such as Mahatma Gandhi, Jawahar Lal Nehru, Lal Bahadur Shastri, Indira Gandhi , as well as the account of the famous Jalianwala Bagh Committee.
The bank incurred INR 3.24 crores on CSR activities like medical camps, farmer training, tree plantations, blood donation camps etc. duration the Financial year 2012-13.
Awards and Recognition:
- Punjab National Bank was ranked 717 in the Forbes Global 2000 in May 2013.
- Punjab National Bank was ranked 26 in the Fortune India 500 ranking of 2011.
- PNB was awarded the ‘Best Public Sector Bank’ by CNBC TV18 in 2012.
- The bank was recognized as the ‘most socially responsive bank’ by Business world and PwC in 2012.
- In 2011, it received Golden Peacock Award for “Excellence in Corporated Social Responsibility” and “National Training Award”
5. Bank of Baroda
Bank of Baroda (BOB) is an Indian public sector banking and financial services company. It is owned by Government of India. It is one of the Top 10 banks in India .
The Bank has 107 branches in 25 countries , which includes 61 branches/ offices of the bank, 38 branches of its subsidiaries and 1 representative office in Thailand.
The Bank of Baroda has a joint venture in Zambia with 16 branches. Following are the subsidiaries of the Bank of Baroda:
- BOB Capital Markets is a SEBI-registered inestment banking company, which is based in Mumbai, Maharashtra. It is a wholly owned subsidiary of Bank of Baroda.
Its financial services portfolio includes initial public offerings, private placement of debts, corporate restructuring, business valuation, mergers and acquisition, project appraisal , loan syndication, institutional equity research and brokerage.
- BOBCards Ltd. is a Credit card company, 100% subsidiary of Bank of Baroda. The company is in the business of Credit cards, acquiring Business & back and support for Debit cards operations to Bank of Baroda.
- Bank of Baroda has now acquired the semi naming rights of Sikanderpur Metro Station in Gurugram.
This Bank has attained to be the first public sector bank that has bagged the naming right of a metro station.
And also attained the name of Mumbai Metro where Andheri metro station has been named as Bank of Baroda Andheri.
- The Bank sealed a 3-year principal sponsorship contract with Olympics 2016 Women’s badminton silver medalist PV Sindhu and Men’s badminton player K Srikanth.
- The Bank became the first National supporter of the FIFA U-17 World cup India 2017.
6. HDFC Bank
HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It is one of the Top 10 banks in India .
It has 104 154 permanent employees. HDFC Bank is India’s largest private sector lender by assets. The Bank was ranked 60th in 2019 among BrandZ Top 100 Most Valuable Global Brands.
Various products provided by HDFC Bank:
- Wholesale Banking
- Retail Banking
- Auto Loans
- Two Wheeler loans
- personal loans
- loans against property
- consumer durable loans
- lifestyle loans
- credit cards
- Digital products like PayZapp and SmartBUY
Awards and Recognition:
- Bank of the Year and Best Large Bank by Business Today- Money Today Financial Awards 2019
- Global Magazine Finance Asia Awards as Best Bank in India 2019.
- Ranked 60th in 2019 BrandZ Top 100 Most Valuable Global Brands.
- Represented as Best Large Bank & Fastest Growing Bank in 2019 by Business World Magna Awards.
7. Canara Bank
Canara Bank was established in 1906 by Ammembal Subba Rao Pai. It is one of the Top 10 banks in India . It is one of the oldest public sector banks in the country.
The Bank is one of the largest public sector banks owned by the Government of India. It has its headquarter in Bengaluru. The Bank was nationalized by the Government of India in 1969.
Canara Bank offers UPI payment app, which is named ‘Empower’. This app let the Bank and the other Bank customers to perform pay and receive transactions using a single mobile app. Read Also Best Bluetooth Speakers Under 1000
Subsidiary Companies of the Canara Bank
- Canbank Factors Limited
- Canbank Venture Capital Fund Limited
- Canbank Computer Science Limited
- Canfin Homes Limited , with a network of 110 branches and 28 satellite offices throughout India.
- Canara HSBC Oriental Life Insurance Company Limited
- Canbank Financial Services Limited
- Canara Robeco Asset Management Company Limited
- Canara Bank Securities Limited
8. Axis Bank
Axis Bank is one of the largest private sector banks in India. It is one of the Top 10 banks in India. It offers various types of financial products.
The head office of the bank is in Mumbai, Maharashtra. It has 4050 branches, 11,801 ATMs and 4,917 cash recyclers are all over the country for rendering the services.It also has nine International Offices.
Subsidiaries of Axis Bank:
- Axis Private Equity Ltd.
- Axis Trustee services Ltd.
- Axis Asset Management Company Ltd.
- Axis Mutual Fund Trustee Ltd.
- Axis Bank UK Ltd.
- Axis Securities Ltd.
- Axis Direct
- Axis Finance Ltd.
- Axis Securities Europe Ltd.
- A.Treds Limited
- Axis Forex
Products by Axis Bank:
- Retail Banking
- Corporate Banking
- Investment Banking and Trustee services
- International Services
9. Bank of India
Bank of India (BOI) is a commercial bank . It is one of the top 10 banks in India. It has his headquarters in the Banda Kurla complex, Mumbai.
It was found in 1906 and has been government-owned or nationalized in 1969. Bank of India has 5100 branches , including 56 offices outside India, which includes five subsidiaries, five representative offices and one joint venture.
Bank of India is also a founder of SWIFT , which facilitates provision of cost effective financial processing and communication services.
The board of Bank of India is examining the possibility of merger with other banks , based on the synergy in business.
The Bank is in the process of strengthening its systems and processes before exploring merger possibilities.
10. IDBI Bank
IDBI stands for Industrial Development Bank of India. It is one of the Top 10 banks in India . It was established in 1964 by an act to provide credit and other financial facilities Initially it operated as a subsidiary of Reserve Bank of India , However it was later transferred by RBI to Government of India.
It currently has 3,702 ATM’s, 1892 branches, which includes one overseas branch in Dubai, 58 e-lounges and 1407 centers.
Awards and Recognitions:
- IDBI Bank ranked 1197 in the Forbes Global 2000 in May 2013
- Awards “Overall Best Bank” and “Best Public Sector Bank” in the Dun & Bradstreet Banking Awards, 2011
- The Bank received Banking Technology awards for best use of Business Intelligence and the best Risk Management from Indian Banks Association.