Top 10 Banks in India: The banking sector in India is one of the most tightly controlled services in the world. When the Indian government permitted private banks to operate in the country, a slew of new banks sprang up, giving the country’s nationalized banks a run for their money. Because of the level of services they provided to their clients, private banks beat out other nationalized banks.
Banks have been providing options to their clients for years. The Indian banking sector is in the middle of a consumer demand transition. Customers have more options when it comes to selecting a bank. Within the banks operating in India, competitiveness has been created. So, which banks are the best in terms of customer service? Here are the Top 10 Banks in India that are ranked according to their individual parameters.
What type of Banks are here in India?
In the growth of the Indian economy, the banking sector plays a critical role. It is described as a well-capitalized and well-regulated company that has weathered the global downturn successfully. India’s financial sector is composed of the following banks:
- 21 private sector banks
- 56 regional rural banks
- 49 international banks
- 1,560 urban cooperative banks
- 94,380 rural cooperative banks
- 27 public sector banks
Listing the Best Top 10 banks in India
1. HDFC Bank
Housing Development Finance Corporation Ltd, or HDFC, is a Mumbai-based financial institution. It is the highest bank in India’s top ten rankings, as well as the Biggest Bank in India. HDFC provides a wide range of goods and services, including Home, Auto, and Business Loans, Lifestyle Loans, Personal Banking, Credit, and Debit Cards, in addition to Retail and Wholesale Banking. HDFC also owns Payzapp and SmartBUY, two of the most famous digital apps.
Awards won in the year 2020
- Asiamoney Best Bank Awards 2020
- ET Innovation Awards 2020
- Euromoney Awards for Excellence in 2020.
Other facts about HDFC
- Number of Branches – 5,103
- Number of ATMs – 13,160
- Number of POS Terminals – 4.3 Lakhs
- Number of Employees – 1,00,000+
- Market capitalization- Rs. 6,25,666.08 crores
2. State Bank of India
SBI is India’s oldest and most dependable brand, as well as one of the world’s largest banks. In terms of market capitalization, it is the second-largest bank operated by the Indian government. Credit cards, personal loans, bank accounts, mudra loans, fixed deposits, home loans, house loans, debit cards, auto loans, gold loans, and company loans are all eligible via the SBI. Until being surpassed in March 2020 by the HDFC Bank, the multidimensional bank was India’s largest bank, accounting for one-fourth of the deposits and overall loan market.
Recognition by 2020
- SBI was ranked 221st in the Fortune Global 500 ranking of the world’s largest companies in 2020.
- SBI has been named the Best Transaction Bank in India for the second year in a row by The Asian Banker.
Other facts about SBI
- Number of Employees – 2,57,000+
- Number of Branches – 24,000+
- Number of POS Terminals – 6.08 Lakh
- Number of ATMs – 59,000+
- Market Capitalisation- Rs. 2,93,218.11 crore
3. ICICI Bank
ICICI Bank is the Largest Bank in India. On September 30, 2020, the Bank’s combined net assets were Rs. 14.76 trillion. ICICI Bank currently has 5,288 branches and 15,158 ATMs throughout India. ICICI Bank presently has 5,275 branches and 15,589 ATMs in India. Through several distribution platforms and group businesses, ICICI Bank provides a broad range of banking products and financial services to corporate and institutional customers.
Awards in the year 2020
At the Asia Risk Awards 2020, ICICI Bank was named ‘House of the Year, India.’
Other facts about ICICI
- Number of Employees – 84,922
- Number of Branches – 4882
- Number of ATMs – 15,101
- Market capitalization- Rs. 2,56,205.53 crore
Based on market capitalization, Kotak Mahindra Bank is India’s fourth-largest bank. This bank first opened its doors in February of 2003. It is India’s second-largest private sector bank, offering personal finance, investment banking, life insurance, and asset management services to both corporate and institutional clients.
In 2014, it was ranked 245th in brand finance banking.
Other facts about Kotak Mahindra Bank
- Number of Employees – 33,000+
- Number of ATMs -2,100+
- Number of Branches -1,390+
- Market Capitalisation- Rs. 2,55,537.49 crores
5. Axis Bank Ltd.
Axis Bank is the fourth largest private sector bank in India. The bank, which is known for its financial services aimed mainly at large and mid-size corporations, as well as SMEs and retail companies, had a revenue of Rs. 68,116 crores in 2019.
Awards in the year 2020
- GOLD at Shark Awards 2020 in the Branded Content category
- The IAMAI Digital Awards for the Best Banking Technology
Other facts about Axis Bank
- Number of Employees – 55,000+
- Number of Branches –4,050
- Number of Cash Recyclers – 4,917
- Number of ATMs – 11,800+
- Market capitalization- Rs. 1,97,360.89 crores
According to a survey conducted on April 2, 2019, IndusInd Bank of India is ranked 6th in terms of market capitalization. It is one of India’s new generation private sector banks, offering services such as corporate finance, treasury, retail banking, high-net-worth individual banking, foreign exchange, investment banking, stock markets, and non-resident banking. In Dubai, London, and Abu Dhabi, it has successfully developed representative offices.
Other facts about IndusInd Bank
- Number of Employees – 25,000+
- Number of Branches – 1,558
- Number of ATMs – 2,453
- Market capitalization- Rs. 70,631.88 crores
8. Yes Bank
Yes Bank is another Indian private bank that was founded in 2004 by two Indian entrepreneurs. The bank’s primary role is to provide banking and financial services to its customers, both individuals and businesses. Person savings and checking accounts, corporate banking facilities, bonds, and a variety of other services are available. Yes Bank is also part of a network of closely related financial institutions.
Other facts about Yes Bank
- Number of Employees – 18,000+
- Number of Branches – 1,122
- Number of ATMs – 1,220
- Market capitalization- Rs. 46,226.29 crores
It is a state-owned bank with its corporate headquarters in New Delhi, India’s capital city. This bank has a commendable customer base of over 8 crores. PNB has a strong international presence, with offices in Dubai and Hong Kong, as well as an Offshore Banking Unit in Mumbai.
Other facts about Punjab National Bank
- Number of Employees – 70,800+
- Number of ATMs – 10,680+
- Number of Branches – 7,000+
- Market capitalization- Rs. 37,411.52 crores
10. Bank of India
In India, the bank has over 5000 branches, including specialist branches, located across all states and union territories. Bank of India is a commercial bank headquartered in Mumbai’s Bandra Kurla Complex.
Other facts about Bank of India
- Number of Employees – 48,000+
- Number of Branches (in India)- 5,100+
- Market capitalization- Rs. 28,464.06 crores
Bank of Baroda
It is a public sector bank that has risen to become one of India’s top ten banks. Vadodara is where the company’s headquarters are located. The first-ever three-way merger with Vijaya Bank and Dena Bank made this a famous destination in 2019. It is well-known for having the fewest non-performing assets, with just 111.5 percent. This bank has a staggering 12 crore customer base.
Other facts about Bank of Baroda
- Number of Employees – 85,000+
- Number of Branches -9,544
- Number of ATMs -13,400
- Market capitalization- Rs. 35,251.50 crores
You now have a good understanding of India’s leading banks based on their recent market capitalization valuation.