Top 10 Commercial Banks in India

Top 10 Commercial Banks in India

India is one of the fastest-growing economies of the 21st century and is ranked amongst the top five economies globally. One of the biggest reasons behind this stupendous growth is the robust banking network that India possesses. As per the latest IMF (International Monetary Fund) and RBI (Reserve Bank of India) Data, India has the most extensive branch network for commercial banks in the world. The banking system in India presently includes more than 1.3 lakh bank branches with an almost equal number of urban as well as rural branches, i.e., 38% in urban areas, 34% in rural areas, and 28% in semi-urban areas.

This extensive network of Commercial Banks in India enables every common citizen with easy access to the banking facilities, helping with the progress of the country.

What are commercial banks?

Commercial Banks are the financial institutions which are licensed by the Central Bank of the country, i.e., RBI, to perform essential banking functions including accepting deposits and offering Personal Loans and other lending options. The principal aim of the commercial banks in India is to earn profits, i.e., they engage in banking business to generate profits.

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Apart from individual customers, they deal with business entities as well offer several types of Short-Term and Long-Term Loans. The primary source of profit for the best Commercial Banks in India is the difference between interest rates charged from borrowers and interest rates offered to depositors.

Different types of commercial banks in India

Commercial Banks in India can be classified into three different categories:

1. Public Sector Banks:

These banks are those financial institutions that have at least 51% of their ownership being held by the central government. The management control is also in the hands of the union government. State Bank of India, PNB, Bank of India are some of the leading public sector banks in the country.

2. Private Sector Banks:

These banks are the financial institutions whose majority shareholding is with corporations and individuals. In 1993, RBI allowed the formation of new private sector banks in India, and this led to the rapid expansion of the banking network in the country. HDFC Bank, ICICI Bank, Kotak Mahindra Bank are some of the leading private sector banks in India.

3. Foreign Banks:

These banks have their headquarters located outside India. They perform their banking functions through their wholly controlled subsidiaries. Barclays Bank, Deutsche Bank, HSBC Bank are some of the leading foreign banks in India.

Top 10 commercial banks in India

With numerous commercial banks offering their services in the country, you might be wondering about the best Commercial Banks in India. For your convenience and information, here is a list of the top 10 Commercial Banks in India: –

1. State Bank of India:

State Bank of India is the biggest banking institution with 24,000+ branches across various locations in India as well as 190+ overseas branches in 36 countries. SBI boasts of 25% share of the entire loans and deposits market in India along with 23% of market share in assets. SBI also features in the Fortune Global 500 list of biggest corporations in the world. Government of India holds 61.23% of the ownership of the bank as of March 2019.

2. HDFC Bank:

HDFC Bank is a leading private sector commercial bank in India which started its operations in 1994. Presently, the bank boasts of 5,100+ branches across various cities in India. Thanks to its excellent customer service and innovative products, HDFC has won several awards over the years including the award for best bank in India in 2019 by FinanceAsia magazine. With 1,00,000+ employees and total market assets of more than 11,89,432 crores, HDFC Bank is indeed a leading name in the Indian banking sector.

3. ICICI Bank:

ICICI Bank is a prominent private sector Commercial Bank which was established in the year 1994. At present, ICICI Bank has more than 4,800 branches and 14,000+ ATMs across various cities in India with a presence in 17 international locations. ICICI Bank employs 84,000+ employees and has annual revenue of more than Rs. 77,900 crores. The total market assets of the bank as of 2019 are Rs. 9,29,652 crores.

4. Kotak Mahindra Bank:

Kotak Mahindra Bank is a premier private sector bank in India which began its operations in the year 2003. With total assets of more than Rs. 2.14 trillion, it is the second-largest private sector bank in India. Kotak Bank employs 33,000+ employees and has more than 1,300 branches across India. The annual revenue of the bank is more than Rs. 285 billion.

5. Bank of Baroda:

Bank of Baroda is a leading public sector bank of India and was founded in the year 1908. As of 2019, the bank has 9500+ branches and employs more than 85,000 personnel. It is India’s second-largest bank by market capitalisation, which as of March 2019, stands at Rs. 3.58 trillion. With the recent merger of Bank of Baroda, Dena Bank, and Vijaya Bank, the new entity is now the third-largest bank in India.

6. Axis Bank:

Axis Bank is the third-largest private sector bank of India which started its operations in 1993. It has an extensive network of 4,000+ branches and 11,800+ ATMs across India. The employee strength of the bank presently stands at 61,000+. As of March 2019, the total market capitalisation of Axis Bank is more than Rs. 1.31 trillion with total assets to the tune of Rs. 8.1 trillion.

7. IndusInd Bank:

IndusInd Bank, a leading private sector bank, started its operations in the year 1994 and presently operates 1,500+ branches and 2,400+ ATMs across all major cities of India. The employee strength of the bank is 25,000+ while the total assets are more than Rs. 178,648 crore.

8. Punjab National Bank:

Popularly known as PNB, this bank started its operations in the year 1894. Presently, it boasts of more than 110 million customers who are served through 7000+ branches and 10,600+ ATMs. PNB presently employs more than 70,000 personnel across India. The shareholding of the government in PNB is 75.4%. Total assets of the bank are Rs. 774,949 crores while the annual revenue is more than Rs. 58,600 crores.

9. Bank of India:

Bank of India is a leading public sector commercial bank which started its operations in the year 1906. Bank of India has an extensive network of 5,100+ branches across India with more than 48,000 employees. Bank of India has 56 branches located outside India as well. The total assets of the bank are to the tune of Rs. 6.3 trillion with the annual revenue being Rs. 462.6 billion.

10. Canara Bank:

Canara Bank was founded in the year 1906 and is presently one of the largest public-sector commercial banks in India. Canara Bank has more than 6,300 branches spread across 4,400+ cities along with 8,800+ ATMs. As of 2019, the employee strength of Canara Bank is 58,000+ with total assets to the tune of Rs. 711,782 crores.

These top commercial banks in India not only offer assistance to every citizen to open a bank account to facilitate monetary transactions but also extend various types of loans which give impetus to the growth of the country.


Also Read: 10 Best Banks for a Personal Loan in India 2019


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