The 10 Leading Banks in India
History of Banks in India: In India, modern banking began in the latter decade of the 18th century. The Bank of Hindustan, founded in 1770 and liquidated in 1829–32, was among the first banks, as did the General Bank of India, founded in 1786 but collapsed in 1791. The State Bank of India is the largest and oldest bank currently in operation (SBI). For a developing country like India, the banking industry is critical to the economy’s growth. Banks provide loans to both agricultural and business entities.
According to the Reserve Bank of India, the country’s central bank, there are 27 public sector banks in the country, 21 of which are nationalized banks and 6 of which are part of the State Bank Group. Furthermore, 21 private sector banks service the country and 45 foreign private sector banks that assist the Indian financial system. The Government of India has announced a massive merger of 27 public sector banks into 12 strong PSU banks. By the end of the fiscal year 2021, the merger will have taken effect.
Here are the Top 10 Banks in India in terms of Market Capitalisation:
HDFC Bank Ltd
HDFC gets the No 1 Position in out list of Top 10 Banks in India. HDFC Bank Ltd. has a market value of Rs. 6,25,666.08 crores as of April 2019. Housing Development Finance Corporation Ltd. is headquartered in Mumbai. According to the banking rankings in India, HDFC is one of the largest private sector banks in India and the No. 1 bank in India.
The bank provides a comprehensive range of goods and services, including Retail and Wholesale Banking, Personal Banking, Home, Auto, Business Loans, Lifestyle Loans, Credit and Debit Cards. The bank also boasts of launching cutting-edge digital solutions like Payzapp and SmartBUY. HDFC Home Loan has an interest rate of 6.75 per cent, and HDFC Personal Loan has an interest rate of 10.50 per cent.
State Bank of India
SBI is at No 2 Position in out list of Top 10 Banks in India. The State Bank of India (SBI) is an Indian government bank with a market value of Rs. 2,93,218.11 crores. SBI, India’s largest public sector bank and the second best bank in the country and a financial services statutory organization, is based in Mumbai, the nation’s financial centre. The interest rate on an SBI Home Loan is 6.75 per cent, while the interest rate on an SBI Personal Loan is 9.60 per cent.
The State Bank of India will be rated 221st on the Fortune Global 500 list of the world’s largest businesses in 2021. & was named Best Transaction Bank in India for the second time in a row by “The Asian Banker.” SBI has a 23 per cent market share in India and a significant presence in the international arena, with over 195 foreign offices in 36 countries.
ICICI Bank Ltd
As of December 14 2021, the Industrial Credit and Investment Corporation of India, widely known as ICICI Bank, has a market value of Rs. 3,59,977.03 crore. It is the third-largest among India’s major banks. An ICICI Home Loan has an interest rate of 6.75 per cent, while an ICICI Personal Loan has an interest rate of 10.50 per cent.
The bank’s registered office is in Vadodara, Gujarat, while it is headquartered in Mumbai. The bank’s consolidated assets stood at Rs. 12.50 trillion as of June 30, 2019.
ICICI Bank has a good international presence, having operations in Canada and the United Kingdom. The bank also has branches in China, the United States of America, Hong Kong, South Africa, Sri Lanka, Qatar, Singapore, the Dubai International Finance Centre, Bahrain, and Oman, as well as overseas subsidiaries in the United Arab Emirates, Malaysia, Indonesia, and Bangladesh.
Kotak Mahindra Bank Ltd.
Kotak Mahindra Bank Ltd is one of the leading banks in India. The bank offers a wide range of banking products and services to its customers. These include credit cards, loans, savings accounts, and investment products. The bank also offers a variety of value-added services such as insurance and asset management.
Kotak Mahindra Bank has a strong focus on customer service and offers 24/7 customer support. The bank has a large network of branches and ATMs across India. Kotak Mahindra Bank is a well-managed bank and has received numerous awards and recognition for its performance.
As of December 14, 2021, Kotak Mahindra Bank has a market capitalization of Rs. 3,80,117.77 crores. The bank, founded in 2003, is presently the third-largest private sector bank in the country. In 2019, the bank earned Rs. 28,547.24 crores in income. The interest rate on a Kotak Home Loan is 6.65 per cent, while the interest rate on a Kotak Personal Loan is 10.45 per cent.
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IndusInd Bank Ltd.
The IndusInd Bank is India’s premier new generation private bank, with a market value of Rs. 70,631.88 crores. The bank was founded in 1994 and is headquartered in Mumbai, with the majority of its branches located in the Indian metro cities of Mumbai, Delhi, and Chennai.
Thanks to representative branches in Dubai, Abu Dhabi, and London, it also has an international presence. In 2019, the bank earned Rs. 18,577 crores in income.
IndusInd Bank is one of the leading private sector banks in India. IndusInd Bank has a strong presence in retail, corporate, and SME banking. The bank has a wide network of branches and ATMs across the country and also offers digital banking services. IndusInd Bank has received many awards and recognition for its products and services. The bank is also a member of the prestigious Banks in India group.
Axis Bank Ltd.
Axis Bank is one of the leading banks in India, offering a wide range of banking and financial services to both retail and corporate customers. The bank has a strong presence in both urban and rural areas, with a network of over 4,000 branches and 14,000 ATMs across the country. Axis Bank is committed to providing quality service and innovative products that meet the needs of its customers.
The bank was founded in 1994 and has its headquarters in Mumbai. The bank offers a variety of products and services, including personal banking, corporate banking, investment banking, and private banking. The bank also has a large presence in the wholesale banking sector. Axis Bank is one of the leading banks in India and has a strong market share in the country’s banking sector.
The bank offers a range of deposit products, such as savings accounts, fixed deposit accounts, and current account; as well as loan products such as home loans, personal loans, and auto loans. In addition, the bank provides credit cards, debit cards, and merchant services. Axis Bank also offers a wide range of digital banking services, such as internet banking, mobile banking, and UPI payment services.
With a market value of Rs. 1,90,562.56 crores, Axis Banks, ranks fourth among India’s major private sector banks. The bank, which is known for its financial services primarily geared at big and mid-size corporates and SMEs and retail companies, had a revenue of Rs. 68,116 crores in 2019.
The interest rate on an Axis Home Loan is 6.90 per cent, while the interest rate on an Axis Personal Loan is 10.49 per cent.
Yes Bank Ltd.
Yes Bank is a Banks in India founded in the year 2004. Yes Bank offers a wide range of banking and financial services to its customers including retail banking, corporate banking, investment banking, and wealth management. The bank has a network of over 1,000 branches and 4,500 ATMs across the country.
Yes Bank also has a strong presence in the digital space and offers a mobile app and an online platform for its customers. The bank has received several awards and recognition for its products and services. Yes Bank was ranked as the Best Banks in India by The Economist in 2016. In 2018, Yes Bank was awarded the Best Digital Banks in India by Global Finance magazine.
With a market value of Rs. 46,226.29 crores, Yes Bank, has acquired the reputation of being India’s fastest-growing private sector bank. The bank, known for its asset management and retail banking operations, was formed in 2004 by Rana Kapoor and Ashok Kapur. In 2019, the bank earned Rs. 25,419 crores in income.
A Kotak Home Loan has an interest rate of 8.95 per cent, while a Kotak Personal Loan has an interest rate of 10.75 per cent.
Punjab National Bank
Punjab National Bank is one of the leading banks in India. It was founded in 1895 and provides a wide range of banking services. These include personal banking, corporate banking, and investment banking. The bank has a network of over 5,000 branches and 10,000 ATMs across India. In addition, the bank offers a wide range of digital banking services. This includes online banking, mobile banking, and a 24/7 customer care service. Punjab National Bank is a trusted name in Indian banking and provides quality services to its customers.
PNB, or Punjab National Bank, has a market value of Rs. 37,411.52 crores. This major bank is a public sector organization with a turnover of Rs. 58,687 crores. This institution’s impressive client base of over eight crores distinguishes it as a top bank in the country. The interest rate on a PNB Home Loan is 6.80 per cent, whereas the interest rate on a Kotak Personal Loan is 8.45 per cent.
PNB has an excellent international presence, including branches in Dubai and Hong Kong and an Offshore Banking Unit in Mumbai. Moreover, PNB has seven subsidiaries in the United Kingdom and seven in Bhutan. The bank also has 8 Associate Branches in Kazakhstan and 86 Joint Venture Branches in Nepal.
Bank of Baroda
Bank of Baroda is one of the biggest banks in India. It was founded in 1908 by the Maharaja of Baroda, Sir Sayajirao Gaekwad III. The bank has over 10,000 branches and 50,000 employees, and it provides a wide range of services, including personal banking, corporate banking, and investment banking. In addition, the bank offers loans, credit cards, and insurance products. Bank of Baroda is a major player in the Indian banking industry, and it is one of the most trusted names in banking.
Bank of Baroda, popularly known as BoB, is another public sector bank with a market value of Rs. 35,251.50 crores that rank among the Best 10 Banks in India 2021. The bank, headquartered in Vadodra, achieved exceptional popularity in April 2019 after completing the first-ever three-way merger with Dena Bank and Vijaya Bank.
The bank is well-known for having the lowest Non-Performing Assets (111.5 per cent), and it has a massive client base of over 12 crores. The interest rate on a BoB Home Loan is 6.75 per cent, whereas the interest rate on a BoB Personal Loan is 10 per cent.
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Bank of India
Bank of India is one of the leading public sector banks in India. It was founded in the year 1906 and is headquartered in Mumbai. The bank has a network of over 5,000 branches and 15,000 ATMs across the country. It offers a wide range of services such as personal banking, corporate banking, NRI banking, SME banking, etc. The bank also provides services such as loan against property, home loan, car loan, etc.
On April 2, 2019, the market capitalization of the Bank of India, popularly known as BoI, was Rs. 28,464.06 crores. BoI, headquartered in Mumbai, is a founding member of the Society for Worldwide Interbank Financial Telecommunication, or SWIFT. This year, the bank earned Rs. 46,268 crores in income.
The bank has 56 foreign branches in Botswana, France, Hong Kong, Japan, Kenya, New Zealand, Singapore, the United States, Tanzania, the United Kingdom, Uganda, South Africa, and Vietnam. A BoI Home Loan has an interest rate of 6.85 per cent, while a BoI Personal Loan has an interest rate of 10.35 per cent.
Which is the No 1 Private Bank in India?
Banks in India are regulated by the Reserve Bank of India (RBI). As of March 2020, there were 1,368 scheduled commercial banks in India; these comprise 28 public sector banks (that is, with the government as a majority shareholder), 32 private sector banks, 11 foreign banks, and 1,297 regional rural banks. Banks in India have been categorized by the RBI into seven broad classes.
Banks in India typically offer a range of services, including acceptance of deposits, provision of loans and advances, remittances, collection of bills, payment and other services. Banks also provide overdraft facilities against the security of fixed deposits to its customers. The interest rate on an overdraft is generally higher than that on advances.
Banks also undertake foreign exchange business and accept foreign currency deposits. They also issue letters of credit and travelers’ cheques, undertake safe custody of valuables and securities, and provide many other kinds of services.
No 1 Private Bank in India HDFC Bank is India’s largest private sector bank by assets. It is headquartered in Mumbai, Maharashtra. As of December 2019, the bank has a network of 9740 branches and 12460 ATMs across 2245 cities/towns. HDFC Bank’s customer base stands at 48 million as of December 2019.
The bank has been conferred with “The Most Valuable Brand” award for 6 consecutive years from 2013 to 2019. The assets under management (AUM) for HDFC AMC stood at Rs 3 lakh crore (US$42 billion) as on 31 December 2019.
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