India has a robust banking and financial sector and it is one of the most powerful industry in India’s economy. Technology is transforming the global banking marketplace, and client prospects are
A large number of quick technological advancements have contributed to the revolution of client expectations while simultaneously providing enterprises with digital tools to provide cutting-edge services that are required to satisfy the consumers.
Speaking about the Indian banking sector, one has got numerous options to choose from in the competitive marketplace. The interest rate that you achieve
What are the benefits of being in association with an efficient bank?
- An extensive network of ATMs.
- Efficient customer service which requires to be top-notch.
- Smooth online banking services to enable clients to order mutual funds, drafts, and insurance.
- Availability of easy loans and credit services
- No or low minimum balance requirements
- Competitive interest rate
- Wide umbrella banking which not only saves time but also makes things easy for the clients.
- Ease of banking
- Reward and Loyalty Programs.
If you are residing in India, then you must be inquisitive to know about the topmost and the most efficient banks accessible for you, right? Banks are rated on general fulfilment and key characteristics like fees, trust, financial advice, and digital services. The best banks in India are discussed below.
Disclaimer: We are listing here by taking the information through various sources. The Numbering is mentioned randomly. We create values for our Users and committed to Provide Quality and Valuable Content and Information.
Top 10 Banks in India : {updated 2021}
1.State Bank of India
The State Bank of India is the chief and the most efficient bank in India. This bank is a public sector commercial bank with the largest principal asset as well as income. The State Bank of India was originated in 1806 as the Bank of Calcutta that experienced a sequence of upgrade and development and in 1956 it was state-owned to turn out to be the State Bank of India as we see today.
The bank has its headquarters in Mumbai and has around 24000 divisions in the country. This bank has abundant branches in 37 countries and 301 correspondents in 72 countries. The State Bank of India has an enormous 20% market share in loans and deposits amongst commercial banks in the India marketplace. SBI has efficiently contributed to the operations of Pradhan Mantri Jan Dhan Yojana and has helped provide assistance in opening a huge number of functioning accounts. This is one of the best bank in India in 2021.
This bank provides numerous amenities like corporate banking, private equity, savings and securities, credit cards, mortgage loans, Investment banking, asset management, wealth management, etc.
- Type – Public sector
- Headquarters – Mumbai, Maharashtra
- Chairman – Rajnish Kumar
- Total assets – $420 billion
- Revenue – $47 billion
- Net Income – $1.6 billion
2.Punjab National Bank
The Punjab national bank is one of the finest and major banks in India. This bank is a public sector commercial bank retained by the state-owned corporation. The bank was originated in 1894 by Sardar Dyal Singh Majithia and has its headquarters in New Delhi. This bank has a subsidiary bank in the United Kingdom which has 7 divisions in the UK. This bank is also renowned for its merger & acquisitions functions. Since the bank came into actions, it has amalgamated with seven banks.
There are over 10,000 Automated Teller Machines and 6900 branches of this bank which contains 62% of the branches established in semi-urban and rural parts. This is also regarded as one of the best banks in India in 2021.
The Punjab National Bank offers facilities like credit cards, corporate banking, Investment banking, mortgage, wealth management, etc.
- Type – Public sector bank
- Headquarters – New Delhi
- CEO – Sunil Mehta
- Total assets – $100 billion
- Revenue – $7.4 billion
- Net Income – $620 million
3.Bank of Baroda
The Bank of Baroda is a public sector commercial bank that is maintained by an Indian state. The bank has its headquarters in Vadodara and has almost 5550 divisions all over the country. As per the review and statements from the bank, it holds the position of the 2nd biggest bank in terms of the asset.
The bank was created 110 years ago by the Maharaja Sayajirao Gaekwad in Baroda with a paid-up capital of 1 mm and this bank was state-owned to a public sector commercial bank in 1969 along with other 13 other banks. The bank is renowned for its mergers and acquisitions functions. The bank has a sturdy presence both in India and abroad with 107 overseas offices located in 24 countries.
The Bank of Baroda provides several services like mortgage loans, NRI banking, private equity, insurance and finance, credit cards, treasury solutions, and corporate banking, etc. The bank also provides services to clients from agricultural, rural and priority sectors. This is also one of the best Nationalised banks in India in 2021.
- Type – Public sector bank
- Headquarters – Vadodara, Gujarat
- CEO – P.S Jayakumar
- Total assets – $110 billion
- Revenue – $6.6 billion
- Net Income – $220 million
4.Canara Bank
The Canara bank is one of the chief public sector commercial bank in India currently. The bank has its head office in Bangalore and was shaped in 1906 by Shri Ammembal Subba Rao Pai and was nationalized in 1969. The bank has 6650 divisions all over the nation and has more than 10,519 Automated Teller Machines. The bank also has 182 hi-tech e-lounges in select branches equipped with cash deposit kiosks with the voice-guided system, ATM facilities, internet banking terminals, corporate website access and cheque deposit and self-printing passbook kiosks. This is also one of the best bank in India in 2021.
The Canara Bank also undertakes operations in other nations like Hong Kong, Russia, Doha, and Dubai, USA etc.
The bank propositions numerous services like Investment banking, mortgages, personal banking, NRI banking, pensions, retail banking, credit cards etc. The bank also caters to micro, small and medium enterprises and priority sectors.
- Type – Public sector bank
- Headquarters – Bangalore, Karnataka
- CEO : R A Sankara Narayanan
- Total assets – $87 billion
- Revenue – $7.7 billion
- Net Income – $180 million
5.Bank of India
The Bank of India is a public sector commercial bank since 1969 and was originated in 1906 by eminent Mumbai businessmen. The bank has its major operations H.Q. in Mumbai and has nearly 5100 branches all over the homeland. This commercial bank from India also has its 50+ branches outside India which also comprises some subsidiary units.
This bank provides various services like asset management, credit cards, NRI banking and retail banking etc. It also provides services for micro, small and medium enterprises and rural sectors. The bank has made immense progress and currently enjoys a strong national as well as international presence. The important overseas divisions of this bank are Singapore, Paris, Tokyo, Hong Kong, New York, New Jersey, and London.
- Type – Public sector bank
- Headquarters – Mumbai, Maharashtra
- CEO – Dinbandhu Mohapatra
- Total assets – $96 billion
- Revenue – $6.5 billion
- Net Income – $950 million
6.Union Bank of India
The Union Bank of India is one of the major government-owned banks in India. The bank has its headquarters in Mumbai and has almost 4282 branches all over the country with nearly 75,183 automated teller machines across the country. The bank was originated in 1919 and was nationalized in 1969 to grow as a public sector commercial bank. The head office was inaugurated by Mahatma Gandhi.
This bank has its subsidiary branches in the United Kingdom and own branches in Dubai, Belgium, Australia, and Hong Kong. The bank’s treasury division deals in domestic treasury operations, derivative products, forex operations, fixed income and other alternative asset classes. The bank also caters to micro, medium and small enterprises and also to agricultural and rural sectors.
The bank offers services like consumer banking, retail banking, NRI banking, finance, and insurance, private banking, wealth management, investment banking, etc. This also comes in the category of Top 10 banks in India.
- Type – Public sector bank
- Headquarters – Mumbai, Maharashtra
- CEO – Rajkiran Rai G
- Total assets – $63 billion
- Revenue – $5.0 billion
- Net Income – $210 million
7.Axis Bank
The Axis bank is the 3rd major private sector commercial bank in India. This bank was started in 1993 and has its headquarters in Mumbai. The bank has a nationwide network through the medium of 3300 branches and 14000 Automated Teller Machines all over India. The bank also has divisions in 9 other countries. Axis bank is also one of the best bank in India in 2021.
This bank also focuses on investment banking and provides numerous high-class banking services. The bank also has a robust international presence with operations undertaken in strategic locations like Dubai, Shanghai, Hong Kong, Colombo, and Singapore. It has subsidiary operations in London with representative offices in Dubai, Dhaka, and Abu Dhabi.
The bank provides services like corporate banking, private equity, trade finance, investment banking, mortgage, and wealth management.
- Type – Private sector
- Headquarters – Mumbai, Maharashtra
- CEO –Amitabh Chaudhry
- Total assets – $94 billion
- Revenue – $6.5 billion
- Net Income – $1.3 billion
8.IDBI Bank
The Industrial Development Bank of India (IDBI) bank is a public sector commercial bank founded in the year 1964. The central government controls the bank operations and the employees are regarded as the central government staff. As of 2016-2017, the government- controls about 77% share in this bank.
The bank has around 2000 divisions all over the country and has its headquarters in Mumbai. This bank also has its branch in Dubai. The bank has about 3900 Automated Teller Machines fully functioning. IDBI grew up to be the first public sector bank to open an IFSC banking unit at Gujarat International Finance Tec-City (GIFT).
The bank provides services like insurance, private banking, corporate banking, finance, mortgage loans, investment banking, wealth management, etc. The bank also provides funding to green projects based on clean technologies. IDBI is also rated as one of the best banks in India.
- Type – Public sector bank
- Headquarters – Mumbai, Maharashtra
- CEO – Rakesh Sharma
- Total assets – $59 billion
- Revenue – $4.4 billion
- Net Income – $570 million
9.ICICI Bank
The ICICI bank is one of the main private sector commercial banks in India. The bank has its headquarters in Mumbai and was originated in the year 1994. This bank is the third-largest bank in India in consideration of market capitalization.
The company provides exclusive asset management, non-life insurance services, and investment banking services. With over 4800 divisions and 14000 Automated Teller Machines all over India, this bank helps almost 20 million people. The bank has holdings in other nations like Oman, UK, Hong Kong, the USA, and Qatar, etc.
Some of the facilities provided by this private bank are consumer private banking, banking, Trade, and retail Forex, mortgage loans, finance and insurance, wealth management, etc.
- Type – Private
- Headquarters – Mumbai, Maharashtra
- CEO –Mr. Sandeep Bakhshi
- Total assets – $120 billion
- Revenue – $12 billion
- Net Income – $1.5 billion
10.HDFC Bank
HDFC Bank Ltd was unified in 1994 and began operations as a scheduled commercial bank in the year 1995. Housing Development Finance Corporation (HDFC) is a premier housing finance company which enjoys significant expertise in retail mortgages. With respect to Income and business HDFC is ranked #2 in the top banks and #1 with respect to net profit. The bank has total assets worth Rs. 8,638,401.9 and a total income of 816,024.6.
The bank provides an array of banking services in the field of commercial and investment banking on the wholesale side, and branch banking and transactional services on the retail side. The bank also offers treasury services with three main criteria’s- equities, debt securities, and local currency money market and derivatives and foreign exchange.
- Type – Public sector
- Headquarters – Mumbai, Maharashtra
- MD – Aditya Puri
- Total assets – $140 billion
- Revenue – $13 billion
- Net Income – $2.3 billion
The banking sector is the most influential and foremost industry in the Indian economy. After numerous reforms and advancements during the independence and post-independence stage, the banking sector observed enormous prosperity.
Presently, the nation has about, 25 private sector banks, 43 international banks, 26 public sector banks, and numerous co-operative banks and scheduled functioning within the Indian economy. But the controlling position in the market is appreciated by the public sector banks which own nearly 80 percent market share in the competitive marketplace. So this is a list of the few best banks in India in 2021.
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