Nowadays, having a bank account is necessary. Furthermore, all government funding is disbursed via bank accounts. The best bank in India for the public and private sectors are discussed in this article.
Additionally, the government’s financial inclusion measures have ensured that practically all citizens have a bank account. In India, there are 34 banks, 12 of which are in the public sector, and the rest are in the private sector.
Top 10 Indian Banks in 2023 List
The top banks in India by market capitalization for 2022 are shown below. In addition, the Indian banking system is supported by 45 international banks operating in the private sector. Name of the top 10 banks in India:
- State Bank of India
- Punjab National Bank
- Union Bank of India
- HDFC Bank
- ICICI Bank
- Kotak Bank
- Bank of Baroda
- Bank of India
- Axis Bank
- Canara Bank
Our Choices of Best Bank in India
The biggest private banks in India in 2023 are listed below. The top government banks in India and commercial banks in India are included in the list.
1. State Bank of India
Which bank is best in India? SBI, a Fortune 500 company, is the State Bank of India. It is a public sector banking and financial services transnational company based in India. In Mumbai, it is headquartered. SBI is one of the best Govt banks in India.
The bank has expanded into other companies in addition to providing financial services. SBI has 11 subsidiaries, including SBI Card, SBI Life Insurance, SBI General Insurance, and SBI Mutual Fund, to name a few.
2. Punjab National Bank
A government-owned institution, Punjab National Bank (PNB), is controlled by the Ministry of Finance. With a global business of INR 18, 09, 587 crore, it is the second-largest government bank in the nation and was founded in Lahore in 1894.
PNB has two overseas locations, one in Dubai and one in Hong Kong. Additionally, it has two foreign subsidiaries, PNB International Limited and Druk PNB Bank Limited, respectively, in London and Bhutan. Additionally, it operates a joint venture in Nepal called Everest Bank Ltd.
3. Union Bank of India
One of the top banks in India publicly traded banks are Union Bank of India. In the Indian government, 89.07% is the bank’s capital. The bank was founded in 1919, and Mumbai, Maharashtra, serves as its administrative centre. Additionally, it serves over 120 million clients and has over 75,000 staff working at 11,700 business correspondent sites.
Three international locations the bank are in Sydney, Dubai, and Hong Kong. Additionally, it operates a joint venture in Malaysia, a subsidiary in London, and a representative office in Abu Dhabi.
4. HDFC Bank
The Housing Development Finance Corporation Ltd., also known as HDFC, was established in August 1994 and was the first private financial organisation to be granted “in-principal permission” by the Reserve Bank of India (RBI). Mumbai serves as the bank’s registered office. It has more than 5,608 branches and 16,087 ATMs in more than 2,902 cities and towns throughout India.
The business’s cornerstones are excellence, product leadership, a customer-focused approach, people, and sustainability. Retail banking, wholesale banking, and treasury are the three sectors that HDFC manages.
5. ICICI Bank
One of India’s top private banks is ICICI Bank. The World Bank, the Indian government, and prominent Indian businessmen formed the ICICI in 1955. The main objective was establishing a commercial banking organisation that would provide medium- and long-term project finance to Indian firms.
The bank currently offers a comprehensive range of financial and banking services. It offers ail and business customer services through various delivery channels and enterprises. ICICI Bank runs a huge network of 5,288 branches and 15,158 ATMs throughout India.
Conclusion
This is our list of the best bank in India. All law-abiding citizens are required to adhere to the banking system. The nation’s financial system relies on the banking sector as a crucial foundation.
