India is a country with huge population, which accounts for a large number of players in the banking sector of the country. While public sectors banks are known for their reliability, private sectors bank have carved a niche for themselves because of quality of services as well as high profitability. Foreign banks, regional rural banks, and co-operative banks also play a vital role in the economy. Today, people look for a variety of factors, such as high rate of interest on deposits, easy advances, customer service and so on, while choosing a bank out of the numerous options available. India has a strong banking and financial sector and it is one of the most powerful industry in India’s economy. A lot has changed since then and we are now moving towards complete digitization of transactions. Banks have been involved in making this progress. What are those factors that make the bank best for the customers.
Let us look at the factors:
• Customer Service
• Wide Umbrella Banking
• Accessibility
• Digital Banking Platform
• Charges to Customer
• Ease of Banking
• Reward Programs
List of top 10 banks in India:
1. State Bank of India
The top leading bank of India is State Bank of India, which has been serving customers since 1955 and has more than 24000 branches in the country in adding to 59000ATMs, where more than 2lakh people are employed. The bank shared a 20% chunk in the banking sectors of the country and its asset management value is $ 420 billion. With the recent round of merger and achievement, the bank became the largest public sector bank of India.
Type: Public Sector Bank
Industry: Banking, Financial services
Founded: 2nd June 1806, Bank of Calcutta; 27th January 1921; Imperial Bank of India, 1st July 1955; State Bank of India, 2nd June 1956, nationalization
Headquarters: Mumbai, Maharashtra, India
Area served: Worldwide
Key people: Arundhati Bhattacharya (Chairperson)
Products: Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management, credit cards
Owner: Government of India
Website: www. sbi.co.in
Tagline: Pure banking nothing else; with you all the way.
2. ICICI Bank
ICIC Bank With net assets managed equal $ 120 billion, ICICI Bank features next on the list of current top 10 banks in the country. The bank is highly praised for its customer-friendly policy and fast services. It has nearly 4850 branches and 14,404 ATMs around the country.
Type: Private Sector Bank
Industry: Banking, Financial services
Founded: 1994
Headquarters: Mumbai, Maharashtra, India
Area served: Worldwide
Key people: Mr M. K. Sharma (Chairman), Mrs Chanda Kochhar (MD & CEO)
Products: Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management, personal loans, payment solutions.
Website:www.icicibank.com
Tagline: Hum hain na!!
3. Punjab National Bank
The next name on the list of best banks of India in 2018 is that of Punjab National Bank, which has asset management of $ 100 billion. Additionally, the bank has an wide network in the country, with more than 6937 branches and 10681 ATMs increase in all corners of India.
Type: Public Sector bank
Industry: Banking, Financial services
Founded: 19 May 1894 – 122 years ago
Founder: people: Lala Lajpat Rai
Headquarters: New Delhi
Key people: Usha Ananthasubramanian (MD & CEO)
Products: Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
Owner: Government of India
Website: www.pnbindia.in
Tagline: The bank for a changing world
4. Bank of Baroda
From the asset management point of view, Bank of Baroda comes on the fourth position in the list. The bank was set up way back in 1908 and currently carry its business through 5538 branches and 10441 ATMs around the nation. The bank manages assets worth nearly $ 3.58 Trillion.
Type: Public Sector Bank
Industry: Banking, Financial services
Founded: 20 July 1908 – 108 years ago
Founder: Maharaja H. H. Sir Sayajirao Gaekwad III[1]
Headquarters: Vadodara, India
Area served: Worldwide
Key people: P. S. Jayakumar(CEO & MD), Ravi Venkatesan (Chairman), Bharat Dangar (Director)[2]
Products: Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
Owner: Government of India
Website:www.bankofbaroda.com
Tagline: India’s international bank
5. HDFC Bank
On number Fifth in the list of top 10 banks of India in 2018 is the HDFC Bank, which has been providing excellent banking services since its establishment in 1994. The bank operate through 4715 branches and 12260 ATMs in 1400 cities across India and has net asset management worth $ 130 billion. The bank employees over 84 thousand people.
Type: Public Sector Bank
Industry: Financial services
Founded: 1994
Headquarters: Mumbai,India
Area served: India
Products: Banking
Website: www.hdfcbank.com
Tagline: We understand your world.
6. Canara Bank
Canara Bank, which was set up back in 1906 by Subba Rao Pai, comes next on this list with net asset management worth $ 86 billion. The bank serves its customers through 6639 branches and 10600 ATMs and has an employee base of 59400 workers.
Type: Public Sector bank
Industry: Banking, Financial services
Founded: Canara Bank Hindu Permanent Fund (1906; 111 years ago at Mangalore, India), Canara Bank Ltd (1910), Canara Bank (1969).
Headquarters: Bangalore, Karnataka, India
Key people: Shri T. N. Manoharan (Chairman), Shri Rakesh Sharma (MD & CEO)
Products: Investment Banking, Consumer Banking, Commercial Banking, Retail Banking, Private Banking, Asset Management, Pensions, Mortgages, Credit Cards)
owner: Government of India
Website: www.canarabank.in
Tagline: Together We Can.
7. Axis Bank
The next bank to be included in this top ten list is Axis Bank, a leading private bank which was established in 1994. This bank is highly praised for excellence in services and has nearly 3304 branches and 14003 ATMs in India and manages assets worth $ 94 billion. The bank is known for the digital banking experience and the bank employees over 56,000 people.
Type: Private Sector bank
Industry: Banking, Financial services
Founded: 1993(as UTI Bank)
Headquarters: Ahmedabad, Gujarat, India
Key people: Shikha Sharma (MD & CEO) Sanjiv Misra (Chairman)
Products: Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
Website: www.axisbank.com
Tagline: Everything is the same except the name.
8. Bank of India
On number Eight in this list is Bank of India, a public sector bank serving the country since 1906. Currently, it is operating through 5100 branches, including 56 overseas branches, and nearly 2300 ATMs. The bank has an employee base of over 45,999 employees which serves the customer across India.
Type: Public Sector bank
Industry: Financial services
Founded: 7 September 1906; 110 years ago
Headquarters: Mumbai, Maharashtra, India
Key people: Shri Melwyn Rego (MD & CEO)
Products: Commercial Banking, Retail Banking, Private Banking, Asset Management, Mortgages, Credit Cards
Website:www.bankofindia.com
Tagline: Relationships beyond banking
9. IDBI Bank
IDBI Bank, which comes under the category of another public sector bank, came into existence in 1964. At present, the bank manages assets worth $ 58 billion and operates through 1995 branches and 3817 ATMs, which are served by an employee base of 17570 people.
Type: Government-owned bank
Industry: Banking, Financial services
Predecessor: IDBI
Founded: July 1964; 52 years ago
Headquarters: Mumbai India
Key people: Mr. Kishor Kharat (MD & CEO)
Products: consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, Agriculture Loan
Website: www.idbi.com.
Tagline: Banking for All
10. Kotak Mahindra Bank
Kotak Mahindra Bank was incepted in 1985 and today it is the fastest growing bank in India. The bank is increasing its reach to rural as well as urban areas and the bank also offers a higher rate on saving bank account. The bank has over 1369 branches, 2163 ATMs and it is also the fourth largest private sector bank.
Type: Private sector bank
Industry: Banking, Financial services
Predecessor: kotakbank
Founded: 1985 as Kotak Mahindra Finance Ltd.
Headquarters: Mumbai India
Keypeople:Uday Kotak(Founder & Executive vice chairman & MD) ,Dipak Gupta (Joint MD),Jaimin Bhatt (President & Group CFO) Shanti Ekambaram (President – Consumer Banking),KVS Manian (President – Corporate, Investment & Institutional Banking),Mohan Shenoi (Chief Operating Officer),Gaurang Shah (President – Asset Management, Insurance and International Business),D Kannan (Group Head – Commercial Banking),Arvind Kathpalia (President &Group Chief Risk Officer)
Products: Deposit Accounts,investment banking, loan
Website: www.kotak.com
Tagline: Let’s make money simple
