As the world’s fifth-largest economy, the banking industry in India plays a crucial role in the country’s economy. With over 100 commercial and cooperative banks, microfinance institutions, and non-banking financial companies, there are abundant options when it comes to managing your money. Whether you are looking for various investments or loans, it’s important to do in-depth research and choose a bank that has a strong track record of stability and reliability. In this blog post, we will enlighten you about the top banks in India by their asset value, reach, and some interesting facts.
1. State Bank of India (SBI)
Headquarter: Mumbai
Number of Customers: +450 million
Total Assets: US$650 billion
Total Branches: +22000
In terms of total assets, the State Bank of India (SBI) ranks first position in the list of top banks in India. SBI is the largest public sector bank in India and a major player in the Asian financial market. It is the 49th largest bank in the world by total assets and ranked 221st in the Fortune Global 500. It has a diverse range of products and services, including personal and corporate banking, investment banking, wealth management, and insurance. In addition to India, SBI has a strong presence in international markets including the United States, United Kingdom, China, and the Middle East.
2. HDFC Bank
Headquarter: Mumbai
Number of Customers: +70 million
Total Assets: US$270 billion
Total Branches: +6400
Incorporated in 1994 as a subsidiary of the Housing Development Finance Corporation, HDFC is one of the top banks in India and the largest in the private sector. In terms of market capitalization, HDFC is the third largest company on the Indian stock exchanges. It also ranked 60th in “2019 BrandZ Top 100 Most Valuable Global Brands” for the 5th consecutive year. With nearly 150,000 employees, it is also India’s fifteenth-largest employer. HDFC bank also has overseas wholesale banking branches in Bahrain, Hong Kong, UAE, and Kenya.
3. Punjab National Bank (PNB)
Headquarter: Delhi
Number of Customers: +180 million
Total Assets: US$230 billion
Total Branches: +12200
Punjab National is one of the oldest and second-largest government-owned banks in India after SBI. PNB commenced its operations on April 12, 1895, in Lahore. It is India’s first swadeshi bank wholly managed by Indians with Indian Capital. PNB also has a banking subsidiary in the UK as PNB International Bank. It has seven branches in the United Kingdom, as well as branches in Hong Kong, Kowloon, Dubai, and Kabul.
4. ICICI Bank
Headquarter: Mumbai
Number of Customers: +50 million
Total Assets: US$220 billion
Total Branches: +5270
Founded in 1994, ICICI Bank has established itself as a major player in the Indian banking industry. Formerly known as Industrial Credit and Investment Corporation of India, ICICI bank is one of the top banks in India in the private sector. It has a strong presence overseas, including subsidiaries in the United Kingdom and Canada. ICICI bank has a major contribution to establishing financial infrastructure in the country such as the National Stock Exchange, CRISIL(Credit Rating Information Services of India Limited), and NCDEX (National Commodity & Derivatives Exchange Limited).
5. Axis Bank
Headquarter: Mumbai
Number of Customers: +50 million
Total Assets: US$150 billion
Total branches: +4750
Founded in 1993 as Unit Trust of India (UTI) bank, Axis Bank has made a name for itself as a leader in the Indian banking industry. Axis bank has nine international offices which focus on corporate lending, trade finance, syndication, investment banking, and liability businesses. It has branches in Singapore, Hong Kong, Dubai, Shanghai, Colombo, Dhaka, Dubai, Sharjah, and Abu Dhabi. In addition, the bank has a presence in the UK with its wholly-owned subsidiary Axis Bank UK Limited.
6. Bank of Baroda (BoB)
Headquarter: Vadodara
Number of Customers: +130 million
Total Assets: US$140 billion
Total Branches: +9500
Founded in 1908, the Bank of Baroda was nationalized by the Indian government on July 19, 1969. Bob is the second largest public sector bank in India after the State Bank of India. Based on 2019 data, BoB is ranked 1145th on the Forbes Global 2000 list, making it a profitable public sector enterprise. In addition, with a strong presence in over 100 overseas offices, BoB is clearly one of the top banks in India.
7. Canara Bank
Headquarter: Bangalore
Number of Customers: +100 million
Total Assets: US$140 billion
Total Branches: +9700
Established in 1906, at Mangalore by Ammembal Subba Rao Pai, Canara bank is an Indian public sector bank under the control and ownership of the Ministry of Finance, Government of India. Canara bank is the first Indian bank to get ISO certification for “Total Branch Banking”. It also has offices in London, Dubai, and New York. On 1st December 2022, Canara Bank received the prestigious “Banker’s Bank of the Year Award 2022” at the Global Banking Summit, London.
8. Bank of India (BoI)
Headquarter: Mumbai
Number of Customers: +50 million
Total Assets: US$91 billion
Total Branches: +5100
Founded in 1906, it is one of the oldest and largest public sector banks in India. In terms of market capitalization, the Bank of India is among the top banks in India. The bank’s customer base is diverse, comprising individuals, small and medium enterprises, as well as large corporations. BoI is also a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications) which provides cost-effective financial processing and communication services.
9. Kotak Mahindra Bank (KMBL)
Headquarter: Mumbai
Number of Customers: +20 million
Total Assets: US$68 billion
Total branches: +1600
Founded in 1985, as an investment and financial services company, Kotak Mahindra Bank is one of the top banks in India and a major player in private-sector banking. KMBL offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. It has also made a mark on the global stage, with international offices in London, New York, Dubai, Abu Dhabi, Mauritius, and Singapore.
10. IndusInd Bank
Headquarter: Mumbai
Number of Customers: +25 million
Total Assets: US$50 billion
Total Branches: +2000
Inaugurated in April 1994 by then Union Finance Minister Dr. Manmohan Singh, IndusInd Bank is the first among the new-generation private banks in India. IndusInd bank also has representative offices in London, Dubai, and Abu Dhabi. The IndusInd bank is actively operative in major stock exchanges such as BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) as well as major commodity exchanges in the country, including MCX (Multi Commodity Exchange of India Limited), and NCDEX (National Commodity & Derivatives Exchange Limited).
In this blog, we have highlighted the top 10 banks in India by assets. These banks dominate the market with large assets and high profits. Their strong customer base and large number of branches indicate that they are well-positioned to continue growing and expanding their customer base in the coming years. We hope you got some meaningful insights about the top banks in India. For more enlightening information like this, read our blogs regularly.
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