India has always been a strong financial and banking sector. According to the latest statistics, India has almost 27 public sector banks, 20 private sector banks, around 49 foreign banks and almost 94500 other banks accounting for regional rural banks, urban and rural cooperative banks. With addition to this, there are other cooperative credit institutions too.
As per the new plans, the government has come up with his policy of merging ten public sector banks of India into four in order to strengthen the country’s economy and accelerate financial growth.
Bank Of India(BOI), Central Bank of India(CBI) along with other private banks will remain independent.
So without any further delay, let’s have a look at the top private and public sector banks of India.
Top Public Sector Banks in India
1. State Bank of India (SBI)
Founded in the year 1806, it is one of the oldest banks in India currently headquartered at Mumbai in Maharashtra.
A wide range of services is provided by this bank which includes private, consumer, corporate, investment banking along with finance and insurance.
Various loans are available such as home loans, car loans, mortgage loans. Private equity, wealth management, and asset management are also available.
SBI caters its services worldwide and has more than 18000 branches alone in India.
2. Punjab National Bank
It’s our very own “Desi” Punjab National Bank at number 2. It is basically a one-stop destination for any of your banking needs which may include loans, savings account or credit cards.
This multinational financial and banking services company which is owned by the government and is currently headquartered at Delhi.
According to an article by The Economic Times, PNB is ranked 1 PSU Bank in digital transactions in India.
It will be merging with the United Bank and Oriental Bank of Commerce, making it India’s second-largest bank.
3. Bank of Baroda
This bank too is owned by the state and is headquartered at Vadodara in Gujarat. But its corporate office is in Mumbai.
Bank of Baroda was nationalized by the Indian Government in the year 1969 after which this bank came under the division of Profit- making Public Sector Undertaking or the PSU.
Bank of Baroda merged with Vijaya Bank and Dena Bank.
4. Canara Bank
It is one of the oldest and largest banks that was established in the year 1906 by Ammembal Subba Rao.
Headquartered in Bangalore currently, this bank was nationalised in the year 1969. Several types of banking facilities such as consumer banking, commercial banking, retail banking, investment banking, and private banking are availed by this bank. Moreover, credit cards, mortgage, pensions, and asset management are some of the other major services offered by the Bank.
Canara Bank has merged with Syndicate Bank according to new merger plans.
5. Union Bank
Union bank is another giant in the public sector. Since its amalgamation with Andhra Bank and Corporation bank, it is the 5th largest public sector bank in the country. It has also been listed in Forbes2000 and the top 10 large government-owned banks in India. It also has branches overseas in Hong Kong and Dubai.
6. Bank of India
It is a commercial bank founded in 1906 and is one of the top nationalized banks in India. It has its headquarters in Mumbai.
According to the data, Bank of India has cropped up more than 5000 branches all throughout the country. This bank aims at serving all communities in India without any discrimination.
We have discussed about top public sector banks. Now let’s have a look at some of the top private banks of the country.
Also Read: Top 10 Largest State in India
Top Private Sector Banks in India
1. ICICI Bank
This bank is one of the most popular and largest private sector banks located in the country.
It caters to the need of both corporate and retail customers in the country with its near-perfect financial services and a wide range of banking products. Back in 2014, ICICI Bank ranked 3rd among other banks in terms of market capitalization and ranked 2nd in terms of banks with the highest assets. It is not only famous in India but also quite known in 18 different countries across the world.
There are over 8,700 branches spread all over the country and about 14000 ATMs scattered around major parts of our nation. Its personal online banking services and online investment adds the cherry on the cake.
2. HDFC Bank
Headquartered at Mumbai, HDFC is a reputed private bank that offers its services in India since 1994. HDFC Bank has more than 4800 branches and more than 12000 ATMs spread all over the country and is assisted by more than 88000 permanent employees as per the 2018 records.
3. Axis Bank
It is the third-largest and one of the top private sector banks in India. Just like the SBI, it offers, consumer and corporate banking, insurance and finance, normal credit cards, personal loans and fixed deposits, private equity and many more.
The perk of using this bank is that most of the services and products can be accessed and operated online. It is spread all over India with almost 3000 branches and 13000 ATMs.
4. IDBI Bank or the Industrial Development Bank of India
It was a public sector bank founded in the year 1964 to provide financial help to large industries as a special act of the Parliament. But after buying the majority stake of the Indian government by LIC, it has now turned into a private sector bank.
Headquartered at Mumbai, this bank can be the right choice for investment, consumer, corporate and private banking along with insurance and finance, different kinds of loans such as mortgage and agricultural loans.
So here ends our list…
There are many other banks in India that are working constantly to make India financially strong.
Hope you found this helpful.