The banking sector is the most leading industry in the Indian economy. India's banking sector is sufficiently capitalized and well regulated as per the Reserve Bank of India. Over the centuries, banks evolved to become a financial institution where one could deposit and withdraw money from. A bank's job is to provide customers with financial services that help people manage their lives. As technology advances and competition increases, banks are offering services to stay current and attract customers. Here's a list of top 10 banks in India 2020. So, let us see the complete insights on the topic- Things You Should Know About Top 10 Banks In India.
1. State Bank of India
The oldest of the Indian Banking sector, SBI is also one of the largest banks in India and now a fortune 500 company. The Corporate Centre is in Mumbai and 14 Local head offices and 57 zonal offices are located at important cities spread throughout the country. It is having more than 26, 340 branches, and over 60,000 ATM facilities. It is headquartered in Mumbai, Maharashtra.
Its assets are more than 390 billion USD. This bank offers a wide range of services, including corporate banking, consumer banking, investment banking, finance and insurance, credit cards, home loans, car loans, mortgage loans, private banking, savings, securities, private equity, wealth management, and asset management. SBI serves a worldwide audience, with a strong presence both in India and internationally.
2. HDFC bank
The Housing Development Finance Corporation ( HDFC) is a well known private bank in India. Established in 1994, it is headquartered in Mumbai. This bank has nearly 4800 branches and more than 1200 ATM's spread across major parts of the country. HDFC offers personal loans, credit cards, car loans, consumer financial services, and forex cards. Its assets are around 66.7 billion USD.
3. ICICI Bank
ICICI Bank is one of the most reputed and top Indian banks in India. Here, it has around 4867 branches and 14367 ATMs across India. It has spread across 17 countries including India. It has a registered office in Vadodara (Gujarat) and has headquarters in Mumbai.
It has some of the most prominent subsidiaries in the United Kingdom, Canada including branches in the United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman. It provides services regarding withdrawals and deposits, loans, privilege banking, insurance policies, credit cards, and other services. Its total assets are around $13.5 billion US.
4. Punjab National Bank (PNB)
Punjab National Bank was established on April 12, 1985, in Lahore under the leadership of Lala Lajpat Rai as a part of the Swadeshi movement. PNB has its headquarters in New Delhi. There are over 10, 681 ATM centers and 7000 branches of this bank, which includes 62% of the branches set up in semi-urban and rural areas.
It is a state-owned corporation, this bank has a market capitalization of Rs. 37,411.52 crores. It provides all services relating to banking and finance. Its total assets are around Rs. 789,265.79 crore.
5. Axis Bank
Axis bank was founded in 1993 in Ahmedabad as a part of the Unit Trust of India (UTI). It is one of the top trusted banks in India and offers consumer banking, corporate banking, credit cards, finance, and insurance, investment banking, private equity, mortgage loans, wealth management, and more.
The bank has more than 13,000 ATMs and over 3000 branches in India and 9 international offices. Axis Bank has 30.81% of its market shares that are owned by promoters group while the remaining 69.19% shares are owned by mutual funds, Falls, banks, insurance companies, and other forms of individual investors.
6. Canara Bank
Canara Bank is a state owned commercial bank providing financial services. Established in 1906, it has its headquarters in Bangalore. The bank has about 3200 branches with over 4000 ATM's. It has a global presence with branches in Hong Kong, Shanghai, London, New York, Manama, Johannesburg, and Dubai. Its total assets are around Rs. 711,782.81 crores.
7. Bank of Baroda
Established in 1908, Bank of Baroda has its headquarters in Vadodara in Gujarat and corporate office in Mumbai. Currently, it has 9,500 branches functioning all over the world including 104 overseas branches and more than 13,400 ATM facility centers across India. Its services include debit and credit card facilities, loans, and wealth management.
On July 19, 1969, the Bank of Baroda was nationalized by the Indian government, after which the bank came under the category of PSU (profit marketing public sector undertaking). Its total assets are around $100 billion US which's why it's considered to be in the top 10 government banks in India.
8. Union Bank of India
Established on November 11, 1919 in Mumbai, the Union Bank of India was initially started as a limited company. After nationalization in 1969, the bank turned into a commercial bank. It has more than 4500 branches all over India, including four overseas branches- Dubai, Sydney, and Hong Kong.
It has more than 4500 branches and 7000 ATM facility centers all over India, including four overseas branches - Dubai, Sydney, Antwerp, and Hong Kong. Its total assets are around Rs. 498,580.54 crore.
9. Central Bank of India
Central Bank of India is one of the oldest and top banks in India. The Bank has its headquarters in Mumbai. It has spread across 29 states and 6 Union Territories of India. At present, the Bank has 4,886 branches, one extension counter, and ten satellite offices operating at different centers all over the India. This bank has its presence in Hong Kong and Nairobi.
The Bank of Baroda, Bank of India, and Zambian Government enjoy 20%, 20%, and 40% stake respectively in the Central Bank of India as a result of a joint venture entered between them. Its total assets are around Rs. 331,884.64 crore.
10. Bank of India (BOI)
Bank of India was established on September 7, 1906, as a result of a partnership between noted businessmen hailing from Mumbai. Initially, the bank was privately owned and controlled but turned into a public sector bank in 1969 after the nationalization of banks. It has more than 5,500 branches operating in 22 countries abroad. The important overseas of this bank are Singapore, Paris, Tokyo, Hong Kong, New York, New Jersey, and London.
It is from the list of top 10 Indian banks 2020 and has a market capitalization of about Rs. 28,464.06 crores. It is known to be making a profit of 400 million USD. It is also a founding member of SWIFT that uses and assigns each financial organization a unique code and is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. Its total assets are around $96 billion US.
Frequently Asked Questions
Which is biggest bank in India?
SBI is the biggest bank from the list of India's top 10 banks 2020 in terms of market capitalisation, branches (22,414), ATMs, offices, revenue generation, and employees (264,041).
Which bank is safe for FD?
To get the benefit of high rates, both SBI Bank and ICICI bank have a new FD scheme exclusively for senior citizens. The bank fixed deposits are becoming the first choice of depositors to keep their savings safe.
Which is best RD or FD?
The attraction for a fixed deposit and a recurring deposit is the fixed returns with the safety of money invested. But when you compare the two, a fixed deposit scores higher than a recurring deposit. Both FD and RD are fixed income products available from banks.