Top 10 Banks in India: In India, the banking sector is one of the most profitable sectors. Various new banks are entering the Indian market every year. Check out this post to learn more about the top banks in India in 2024.
Although the banking industry has been one of India’s most significant industries for decades, the country as a whole is undergoing many changes. With India opening up to global markets and increasing its competition in the banking industry, it is imperative that one takes a look at the latest trends and determines which banks to invest in. Throughout this blog, we will discuss the top ten banks in India that we believe might be the best investments.
The Top 10 Banks in India in 2024
Despite India’s high number of banks, not all are equal. There are a few banks that are more popular than others and have a reputation for being the best. Let’s examine the list of 10 best banks in India.
Top 10 Banks in India: A Comprehensive List for 2024!
State Bank of India
As the largest bank in India, State Bank of India has over 24000 branches and 62,617 ATMs. It was established in 1955 and has its headquarters in Mumbai. As one of the most influential banks in India since its inception, it provides its customers with a wide range of financial products and services, including loans, deposits, investments, insurance, and payment systems. SBI also maintains offices overseas in countries such as Australia, Bahrain, Bangladesh, China, Sri Lanka, etc.
Punjab National Bank
On January 1, 1969, the British nationalized the Punjab National Bank, which they had founded in 1894. Having branches in many overseas countries, it has been one of the largest banks in India since its inception. Lala Lajpat Rai founded it, and it now has over 11,800 branches in India and offers a wide range of products, including savings accounts, checking accounts, fixed deposits, mutual funds, and insurance.
HDFC Bank, a leading financial institution in India, has over 1,41,000 employees. It is a bank that provides personal banking services and has a wide network of branches across the country. It was established in 1994 and currently has over 1,41,000 employees. There are over 6300 branches of HDFC Bank throughout India and overseas. The bank offers a variety of banking products to meet the needs of its customers, including deposits, loans, insurance, credit cards, and mutual funds. Non-banking customers can also benefit from HDFC Bank’s financial services, such as corporate loans, wealth management, and consulting.
ICICI Bank Ltd
As a private-sector bank based in India, ICICI Bank Ltd. was established in 1994. It is one of the largest banks in the country. There are 5,275 branches of ICICI Bank Ltd. across India and 15,589 ATMs across 17 overseas countries. In addition to lending and deposit taking, ICICI Bank Ltd. also provides foreign exchange services, Treasury management, and wealth management services.
Union Bank of India
A bank with a long history in India, was founded in 1919 and has been operating ever since. Commonly known as UBI, the Union Bank of India operates more than 9316 branches and 12,957 ATMs throughout the country. The bank offers a wide range of services to its customers, including retail banking, corporate banking, trade finance, treasury, investment banking, asset management, and private banking.
Bank of Baroda
It is an Indian public sector bank headquartered in Vadodara, Gujarat, and is the second largest public sector bank in India after SBI. It has approximately 132 million customers and a total annual revenue of approximately $128 billion. Along with its presence in India, the Bank of Baroda (BOB) also operates in 100 overseas countries. Maharaja of Baroda Sayajiro Gaekwad III founded the bank in 1908. It was nationalized in 1969. Currently, the bank has approximately 8214 branches and more than 10000 ATMs.
Kotak Mahindra Bank
Founded in 1985 by Uday Kotak, Kotak Mahindra is the third largest private sector bank in India by market cap. Last year, the bank generated a revenue of Rs. 58,882 crore (7.4 billion US dollars). Currently, there are over 1600 branches and 2519 ATMs at Kotak Mahindra Bank. As well as Savings and Deposits, Loans, Insurance, Foreign Exchange, Credit Cards, Mutual Funds, Investment Banking, and Securities and Exchange Services, Kotak Mahindra Bank offers many services.
It is one of the oldest and largest banks in India. Canara Bank founded in 1906 and currently operates over 9722 branches and over 10,759 ATMs nationwide. As a bank specializing in rural, small-town, and village areas, the Canara Bank offers innovative products and services that make banking easier for Indian customers. In a country like India, few banks provide better customer service than Canara Bank. In addition to India, the bank also has offices in Dubai, London, and New York.
UTI Bank was founded in 1993 as a private-sector bank. The Axis Bank is one of the largest private-sector banks in India, with the largest ATM network among all private-sector banks. Axis Bank Limited offers banking services at your doorstep if you are looking for a bank that offers banking services at your doorstep. In addition, Axis Bank offers ATM service at Thegu in Sikkim, which is at a height of 4023 meters above sea level, one of the highest sites in the world. As well as India, Axis Bank has branches in Singapore, Dubai, Hong Kong, Colombo, and Dhaka.
Bank of India (BOI)
The BOI established itself more than 116 years ago and continues to maintain its position as one of the most trusted banks in the country, despite experiencing many changes in the way it conducts banking. The Bank of India offers a wide range of services, including loans and investments. The Bank of India provides a variety of personal loans, car loans, and education loans. In addition, they offer a variety of investment options that can help you grow your money. As of today, the bank has 5430 branches and 5551 ATMs.
Frequently Asked Questions
What is the largest bank in India?
The State Bank of India is one of the Fortune 500 companies in the world. It is the largest bank in the country.
Who is the father of Indian banking?
People often call him the Father of Indian Banking because he has a reputation as a renowned banker.
In India, which bank has the most branches?
There are more than 24,000 branches of the State Bank of India.
In India, which bank is the oldest?
The Madras Bank started in 1683 and later merged with the Bank of Madras to form the State Bank of India.