Top 10 Banks in India 2021

The biggest contribution to an economy to maneuver forward is completed by the banking sector of that economy. India as a nation is not any different! Banks play an important part in lending loans to commercial operators also on the agricultural sector. There are two sorts of banks, namely the private sector banks and therefore the public sector banks, and both contribute to the national development at their own levels and up to their capabilities.

The banking sector is an industry and a section of the economy devoted to the holding of financial assets for others and investing those financial assets as a leveraged way to create more wealth.

Banks operate in a variety of different ways and serve a variety of different market sectors. As such, large banking firms will often include several divisions or groups, making up the totality of bank corporate divisions. While different banks may have different divisions, these are often the main divisions offered:

Retail Banking
Corporate/Commercial Banking
Global Banking
Private Banking
Investment Banking

Under each of these divisions, there may be further subdivisions that support each group.

1. HDFC Bank

The Development Finance Corporation (HDFC) Limited may be a name that has been related to the Indian housing sector for the last four decades. 

As pioneers in housing mortgages, it's a name that has been characterized by trust, solidity, both financial and managerial, and sound principles. 

Since the day of its incorporation in 1977, HDFC has defined and set high standards within the housing finance sector.

2. State Bank Of India (SBI)

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body headquartered in Mumbai, Maharashtra. 

SBI is the 43rd largest bank in the world and ranked 221st in the Fortune Global 500 list of the world's biggest corporations of 2020, being the only Indian bank on the list. 

It is a public sector bank and the largest bank in India with a 23% market share by assets and a 25% share of the total loan and deposits market.

3. ICICI Bank

ICICI Bank Limited is a privately owned Indian development finance institution with its registered office in Vadodara, Gujarat, and corporate office in Mumbai, Maharashtra.

 It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital, and asset management. 

The bank has a network of 5,275 branches and 15,589 ATMs across India and has a presence in 17 countries.

4. Kotak Mahindra Bank

Kotak Mahindra Bank Limited is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. 

It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. 
As of February 2021, it is the third-largest Indian private sector bank by market capitalization, with 1600 branches & 2519 ATMs.

5. Axis Bank

Axis Bank is the third-largest private sector bank in India. The bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSMEs, Agriculture, and retail businesses. The Bank operates in four segments, namely treasury, retail banking, corporate/ wholesale banking, and other banking business. 

Retail banking includes lending to individuals/small businesses subject to the orientation, product, and granularity criterion. It also includes liability products, card services, Internet banking, automated teller machines (ATM) services, depository, financial advisory services, and non-resident Indian (NRI) services. 

The corporate/wholesale banking segment includes corporate relationships not included under retail banking, corporate advisory services, placements and syndication, management of public issues, project appraisals, capital market-related services, and cash management services. 

The bank had a network of 4586 branches at the end of December 2020 across the country. 

6. Indusland Bank

IndusInd Bank Limited is a new-generation Indian bank headquartered in Pune. The bank offers commercial, transactional, and electronic banking products and services. IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh.IndusInd Bank is the first among the new-generation private banks in India.

The bank started its operations with ₹100 crores (10 billion) in the capital, of which ₹60 crores were raised by Indian residents and ₹40 crores were raised by Non-Resident Indians (NRI). The bank specializes in retail banking services and is also working on expanding its network of branches all across the country. According to the bank, its name is derived from the Indus Valley Civilisation.

7. Punjab National Bank(PNB)

Punjab National Bank, abbreviated as PNB, is an Indian government-owned bank under the ownership of the Ministry of Finance, Government of India headquartered in New Delhi, India. The bank was founded in 1894 and is the second-largest government-owned bank in India, both in terms of business and its network. The bank has over 180 million customers, 10,910 branches and 13,000+ ATMs post-merger with United Bank of India and Oriental Bank of Commerce, effective from 1 April 2020.

8. Bank of Baroda(BoB)

Bank of Baroda (BOB) is an Indian government-owned banking and financial services company under the ownership of the Ministry of Finance, Government of India. It is the third-largest government-owned bank in India, with 132 million customers, a total business of US$218 billion, and a global presence of 100 overseas offices. Based on 2019 data, it is ranked 1145 on the Forbes Global 2000 list.

The government of India announced the merger of Bank of Baroda, Vijaya Bank, and Dena Bank on September 17, 2018, to create the country's second-largest lender. The amalgamation is the first-ever three-way consolidation of banks in the country, with a combined business of Rs14.82 trillion (short scale), making it the third-largest bank after State Bank of India (SBI) and ICICI Bank.

The Maharaja of Baroda, Maharaja Sayajirao Gaekwad III, founded the bank on 20 July 1908 in the Princely State of Baroda, in Gujarat. The Government of India nationalized the bank, along with 13 other major commercial banks of India on 19 July 1969; the bank has been designated as a profit-making public sector undertaking (PSU).

9. Bank of India(BoI)

Bank of India (BOI) is an Indian government-owned bank under the ownership of the Ministry of Finance, Government of India with headquarters in Bandra Kurla Complex, Mumbai. Founded in 1906, it has been government-owned since nationalization in 1969. 

Bank of India has 5,316 branches as of 31 March 2019, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture.

BoI is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates the provision of cost-effective financial processing and communication services.

10. Yes Bank Ltd

Yes Bank Limited is an Indian private sector bank headquartered in Mumbai, India, and was founded by Rana Kapoor and Ashok Kapur in 2004. It offers a wide range of banking and financial products for corporate and retail customers through retail banking and asset management services. 

On 5 March 2020 in an attempt to avoid the collapse of the bank, which had an excessive amount of bad loans, the Reserve Bank of India (RBI) took control of it. RBI later reconstructed the board and named Prashant Kumar, former Chief financial officer of SBI, as new MD & CEO at Yes Bank. Yes, Bank is owned by the State Bank of India who has a 30% stake in the company as of 28 July 2020.