Top 10 Banking Institutions in India

Mumbai Newswire Team

1 year ago

Discover the leading financial giants with our comprehensive guide to the Top 10 Banking Institutions in India. From established national banks to innovative private sector leaders, explore their services, customer benefits, and unique offerings. Whether you’re seeking robust savings options, reliable loans, or cutting-edge digital banking solutions, our curated list ensures you make informed financial decisions. Dive into the banking landscape shaping India’s economy and find the institution that meets your financial needs

Discover the leading banking institutions in India with our detailed guide. Explore key features, services, digital innovations, and global presence of State Bank of India, HDFC Bank, ICICI Bank, and more. Learn about their impact on India’s financial sector and why they rank among the top choices for millions of customers nationwide.

India’s banking sector is robust and diverse, comprising a mix of public sector banks, private banks, and foreign banks. These institutions play a pivotal role in the country’s economic growth by providing financial services ranging from basic savings accounts to complex corporate financing. Here’s an overview of the top 10 Banking Institutions in India based on their size, reach, customer base, and financial performance:

1. State Bank of India (SBI)

Aspect	Details
Overview	Largest public sector bank in India.
Established	1955
Headquarters	Mumbai, Maharashtra
Branches	Over 22,000 branches
ATMs	58,000+ ATMs
Services	Savings accounts, current accounts, loans (personal, home, business), investment banking, wealth management, insurance.
Digital Initiatives	SBI YONO app, internet banking, mobile banking.
Global Presence	International branches for NRI banking and trade finance.
Key Competitors	HDFC Bank, ICICI Bank, Axis Bank
Recent Developments	Merger with associate banks (2017), focus on digital transformation.

State Bank of India-Top 10 Banking Institutions in India

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State Bank of India (SBI) is the largest public sector bank in India, offering a wide range of financial products and services to individuals, businesses, and government entities. It holds a significant market share in various banking segments, including retail banking, corporate banking, and rural banking.

Key Highlights:

Branch Network: Extensive network with over 22,000 branches and 58,000 ATMs across India.
Financial Services: Offers services such as savings accounts, loans, investment banking, wealth management, and insurance.
Digital Transformation: Emphasis on digital banking solutions, mobile banking apps, and online services for customer convenience.
Global Presence: International branches and subsidiaries catering to NRI banking and international trade finance.

2. HDFC Bank

Aspect	Details
Overview	Leading private sector bank in India.
Established	1994
Headquarters	Mumbai, Maharashtra
Branches	5,608 branches
ATMs	16,087 ATMs
Services	Savings accounts, current accounts, loans (personal, business), credit cards, wealth management, insurance.
Digital Initiatives	HDFC Mobile Banking app, online banking platforms.
Corporate Banking	Corporate finance, trade finance, treasury services, investment banking solutions.
Key Competitors	ICICI Bank, State Bank of India, Axis Bank
Recent Developments	Expansion of digital services, partnerships with fintech companies.

HDFC Bank-Top 10 Banking Institutions in India

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HDFC Bank is one of India’s leading private sector banks known for its strong customer focus and efficient service delivery. It caters to a diverse customer base ranging from retail customers to large corporations, offering a comprehensive suite of banking products.

Key Highlights:

Product Range: Includes savings accounts, current accounts, loans, credit cards, wealth management, and insurance products.
Innovative Services: Pioneered digital banking with robust online and mobile banking platforms (HDFC Mobile Banking).
Corporate Banking: Specializes in corporate finance, treasury services, and investment banking solutions.
Global Recognition: Awards for excellence in banking services and customer satisfaction.

3. ICICI Bank

Aspect	Details
Overview	Second-largest private sector bank in India.
Established	1994
Headquarters	Mumbai, Maharashtra
Branches	5,324 branches
ATMs	15,688 ATMs
Services	Savings accounts, loans (personal, home, auto), credit cards, investment products, insurance.
Digital Initiatives	ICICI Mobile Banking, internet banking, digital wallet solutions.
International Presence	Presence in multiple countries for global banking needs.
Key Competitors	HDFC Bank, Axis Bank, State Bank of India
Recent Developments	Focus on digital banking enhancements, expansion in international markets.

ICICI Bank-Top 10 Banking Institutions in India

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ICICI Bank is one of India’s largest private sector banks, offering a broad spectrum of financial services to retail and corporate customers. It is known for its innovative banking solutions and extensive branch network both in India and abroad.

Key Highlights:

Digital Initiatives: Leading in digital banking services with ICICI Mobile Banking, internet banking, and digital wallet solutions.
International Presence: Operations in several countries, catering to global banking needs of customers.
Retail Banking: Offers savings accounts, personal loans, home loans, and investment products.
Corporate Banking: Provides comprehensive financial solutions including corporate loans, trade finance, and treasury services.

4. Punjab National Bank (PNB)

Aspect	Details
Overview	Leading public sector bank in northern and western India.
Established	1894
Headquarters	New Delhi, Delhi
Branches	7,000+ branches
ATMs	10,681 ATMs
Services	Savings accounts, fixed deposits, loans (personal, business), agricultural banking.
Digital Initiatives	Digital transformation initiatives for customer convenience.
Government Banking	Handles government accounts, treasury operations.
Key Competitors	State Bank of India, Bank of Baroda, Canara Bank
Recent Developments	Merger with Oriental Bank of Commerce and United Bank of India (2020).

Punjab National Bank-Top 10 Banking Institutions in India

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Punjab National Bank (PNB) is a prominent public sector bank in India with a strong presence in northern and western regions. It provides a wide range of banking services to individuals, SMEs, and large corporations.

Key Highlights:

Legacy: One of the oldest banks in India with a rich heritage and deep-rooted customer trust.
Product Range: Includes savings accounts, fixed deposits, loans, agricultural banking, and digital banking services.
Financial Inclusion: Initiatives for rural and semi-urban areas, supporting agriculture and MSME sectors.
Government Banking: Handles government accounts, treasury operations, and public sector financing.

5. Axis Bank

Aspect	Details
Overview	Private sector bank known for innovative banking solutions.
Established	1993
Headquarters	Mumbai, Maharashtra
Branches	4,594 branches
ATMs	12,482 ATMs
Services	Savings accounts, loans (personal, business), credit cards, corporate banking solutions.
Digital Initiatives	Axis Mobile Banking app, internet banking, online payment solutions.
Global Presence	Operations in international financial centers.
Key Competitors	HDFC Bank, ICICI Bank, State Bank of India
Recent Developments	Strategic partnerships in fintech, expansion of digital services.

Axis Bank-Top 10 Banking Institutions in India

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Axis Bank is a private sector bank known for its customer-centric approach and innovative banking solutions. It offers a wide range of financial products and services to individuals, businesses, and corporates.

Key Highlights:

Technology Integration: Emphasis on digital banking platforms, internet banking, and Axis Mobile app for seamless transactions.
Corporate Banking: Provides corporate finance, trade finance, treasury solutions, and capital market services.
Retail Banking: Offers savings accounts, loans, credit cards, wealth management, and insurance products.
Global Operations: Presence in key international financial centers, catering to NRI banking needs.

6. Bank of Baroda (BoB)

Aspect	Details
Overview	Public sector bank with global operations.
Established	1908
Headquarters	Vadodara, Gujarat
Branches	8,200 branches
ATMs	10,500 ATMs
Services	Retail banking, corporate banking, SME banking, treasury and investment services.
Digital Initiatives	Digital banking platforms, mobile banking apps.
International Presence	Branches, subsidiaries in over 20 countries.
Key Competitors	State Bank of India, Punjab National Bank, ICICI Bank
Recent Developments	Integration with Dena Bank and Vijaya Bank (2019).

Bank of Baroda-Top 10 Banking Institutions in India

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Bank of Baroda (BoB) is a leading public sector bank with a global presence, offering a comprehensive range of banking services to retail and corporate customers. It has a significant market share in various banking segments.

Key Highlights:

International Footprint: Presence in over 20 countries with branches, subsidiaries, and representative offices.
Product Portfolio: Includes retail banking, corporate banking, SME banking, and treasury services.
Digital Transformation: Enhancing customer experience through digital banking initiatives and mobile banking solutions.
Financial Inclusion: Initiatives for rural development, financial literacy programs, and inclusive banking services.

7. Kotak Mahindra Bank

Aspect	Details
Overview	Fast-growing private sector bank with focus on innovation.
Established	2003
Headquarters	Mumbai, Maharashtra
Branches	1,603 branches
ATMs	2,573 ATMs
Services	Savings accounts, personal loans, home loans, investment products, insurance solutions.
Digital Initiatives	Investments in digital banking platforms, mobile banking apps.
Corporate Banking	Corporate finance, trade finance, treasury services.
Key Competitors	HDFC Bank, ICICI Bank, Axis Bank
Recent Developments	Launch of 811 digital banking platform, expansion in fintech collaborations.

Kotak Mahindra Bank-Top 10 Banking Institutions in India

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Kotak Mahindra Bank is one of India’s fastest-growing private sector banks known for its innovation, customer-centric approach, and strong financial performance. It offers a wide range of financial products and services across various segments.

Key Highlights:

Retail Banking: Includes savings accounts, personal loans, home loans, and investment products.
Corporate Banking: Provides specialized services such as corporate finance, trade finance, and treasury solutions.
Digital Initiatives: Investments in digital banking platforms, mobile banking apps, and online payment solutions.
Industry Recognition: Awards for innovation in banking, customer service excellence, and corporate governance.

8. Canara Bank

Aspect	Details
Overview	Leading public sector bank with strong presence in southern India.
Established	1906
Headquarters	Bengaluru, Karnataka
Branches	10,000+ branches
ATMs	13,500+ ATMs
Services	Savings accounts, current accounts, loans (personal, business), credit cards, insurance.
Digital Initiatives	Digital banking initiatives, online banking platforms.
Government Banking	Handles government accounts, treasury operations.
Key Competitors	State Bank of India, Bank of Baroda, Punjab National Bank
Recent Developments	Focus on digital transformation, customer-centric services.

Canara Bank-Top 10 Banking Institutions in India

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Canara Bank is a leading public sector bank with a significant presence in southern India and across the country. It offers a wide range of banking services to retail and corporate customers, including digital banking solutions.

Key Highlights:

Product Range: Savings accounts, current accounts, loans, credit cards, insurance, and investment products.
Government Banking: Handles government accounts, treasury operations, and public sector financing.
Financial Inclusion: Initiatives for rural development, financial literacy programs, and inclusive banking services.
Corporate Banking: Provides corporate finance, trade finance, and treasury services to businesses and corporates.

9. Union Bank of India

Aspect	Details
Overview	Prominent public sector bank serving western and northern regions of India.
Established	1919
Headquarters	Mumbai, Maharashtra
Branches	9,500 branches
ATMs	13,000+ ATMs
Services	Savings accounts, loans (personal, business), credit cards, investment products, insurance.
Digital Initiatives	Union Bank Digital App, internet banking, online payment solutions.
Corporate Banking	Corporate finance, trade finance, treasury services.
Key Competitors	State Bank of India, HDFC Bank, ICICI Bank
Recent Developments	Merger with Andhra Bank and Corporation Bank (2019).

Union Bank of India-Top 10 Banking Institutions in India

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Union Bank of India is a prominent public sector bank with a strong presence in western and northern regions of India. It offers a wide range of banking products and services to individual customers, MSMEs, and large corporates.

Key Highlights:

Digital Transformation: Investments in digital banking platforms, mobile banking apps, and internet banking services.
Product Portfolio: Includes savings accounts, loans, credit cards, investment products, and insurance solutions.
Corporate Banking: Provides corporate finance, trade finance, treasury services, and capital market solutions.
Financial Inclusion: Initiatives for rural and semi-urban areas, supporting agriculture and MSME sectors.

10. Bank of India (BOI)

Aspect	Details
Overview	Public sector bank with national and global operations.
Established	1906
Headquarters	Mumbai, Maharashtra
Branches	5,000+ branches
ATMs	6,000+ ATMs
Services	Savings accounts, fixed deposits, personal loans, home loans, digital banking services.
Corporate Banking	Corporate finance, trade finance, treasury services.
International Footprint	Branches, subsidiaries in key international markets.
Key Competitors	State Bank of India, HDFC Bank, ICICI Bank
Recent Developments	Focus on digital initiatives, customer service enhancements.

Bank of India-Top 10 Banking Institutions in India

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Bank of India (BOI) is a leading public sector bank with a strong national presence and global operations. It offers a wide range of banking services including retail banking, corporate banking, and international banking.

Key Highlights:

International Presence: Operations in key international markets with branches, subsidiaries, and representative offices.
Retail Banking: Savings accounts, fixed deposits, personal loans, home loans, and digital banking services.
Corporate Banking: Offers corporate finance, trade finance, treasury services, and capital market solutions.
Financial Inclusion: Initiatives for rural development, financial literacy programs, and inclusive banking services.

These top 10 banking institutions in India exemplify the diverse offerings and extensive reach of the country’s banking sector, contributing significantly to its economic development and financial inclusion goals.

FAQs on Top 10 Banking Institutions in India :

How many non-banking institutions are there in India?

There are numerous non-banking financial institutions (NBFCs) in India, numbering in the thousands. These include companies engaged in financial activities like loans, investments, insurance, leasing, hire purchase, etc., but they are not licensed to operate as full-fledged banks.

Which are banking institutions?

Banking institutions include commercial banks (public sector banks, private sector banks, foreign banks), cooperative banks, regional rural banks (RRBs), and small finance banks.

Which are the 14 nationalised banks?

The 14 nationalised banks in India are:
1. Bank of India
2. Punjab National Bank
3. Bank of Baroda
4. Canara Bank
5. Union Bank of India
6. Indian Bank
7. Central Bank of India
8. Indian Overseas Bank
9. UCO Bank
10. Bank of Maharashtra
11. Punjab & Sind Bank
12. State Bank of India
13. IDBI Bank
14. Andhra Bank (merged with Union Bank of India)

Which is the No 1 bank in India?

State Bank of India (SBI) is considered the largest bank in India by assets, branches, and customer base.

How many types of banking are there in India?

There are several types of banking in India, including retail banking, corporate banking, investment banking, private banking, and cooperative banking.

What are the four non-scheduled banks in India?

Non-scheduled banks in India are those banks which are not included in the Second Schedule of the Reserve Bank of India Act, 1934. The specific names of these banks may vary, but generally, they are smaller banks with limited operations compared to scheduled banks.

What are the 4 types of financial institutions?

The four types of financial institutions are banks, non-banking financial companies (NBFCs), insurance companies, and mutual funds.

What is the difference between banks and banking institutions?

Banks are specific financial institutions that are licensed to accept deposits, offer loans, and provide various financial services to the public. Banking institutions, on the other hand, can refer to a broader category that includes banks along with other entities like NBFCs, cooperative banks, etc.

Is RBI a banking institution?

The Reserve Bank of India (RBI) is the central bank of India and regulates the banking sector. While it is not a commercial bank, it oversees and regulates banking activities in the country.

Which is the newest bank in India?

The newest banks in India are typically small finance banks and payment banks that have been licensed by the Reserve Bank of India (RBI) in recent years.

Which was the first bank of India?

The Bank of Hindustan, established in 1770, is considered the first bank in India. However, it did not survive for long. The oldest bank that is still functioning in India is the State Bank of India (SBI), founded as the Bank of Calcutta in 1806.

Is HDFC bank nationalised or not?