Best Bank in India

Banks are the primary backbone of any country's economy and play a major role in its smooth running and functioning. Talking about developing countries like India, Banks become even more important here as they are very helpful in the growth of the country's economy. There are many banks, and these banks are also classified into different types based on their functioning and working style. Banks in India are also helpful in running government schemes, and they provide a very big platform for the Indian Government to populate their scheme to common people. Most commonly, public sector banks (The type of bank in which government holds more than 50% share) are used by the common people to take the benefits of all government schemes. In India, where government schemes are very important for most citizens, banks work as a medium between the government and citizens. Apart from this, India's banking sector is one of the most explored and searched retail & lending markets in the Asia Pacific region, including some of the most prominent banking sector countries. This not only makes India one of the best countries in the world to be a banker but also makes Indian banks one of the biggest investment opportunities.

Even though access and penetration to rural and remote regions of India still remain one of the biggest challenges for foreign and private sector banks, banking in India is currently great for them in terms of reach, product range, and supply. The banking sector of India is one of the biggest job-creating sectors in India, providing jobs to millions of youths today. With one of the biggest job-producing sectors of India, the Banking sector also indirectly contributes to the growth of the Indian economy by increasing the per capita income and purchasing power of citizens. With the introduction of modernization of technology in the banks, banking in India became even more complex and time-consuming rather than making it easier. With the introduction of modernization of technology in the banking system of India, Indian banks are moving towards complete digitization of financial as well as non-financial transactions. This will be very helpful for all the customers as it will save them a lot of time they spend visiting the banks. With the introduction of the latest software in the Indian banks, the banking sector also contributes to creating jobs in the IT sector of India.

Before the merger of many public sector banks, India was home to 27 public sector banks (including nationalized banks and group banks of State Bank of India), but after the merger of many public sector banks was announced by the Finance Minister of India, it left with only 12 public sector banks. Besides this, there are many private sector banks, regional rural banks (government-sponsored banks), small finance banks, and foreign banks in India. India has more than 40 private sector banks (including some biggest banks in India) and regional rural banks. All these banks of India are classified based on their functioning, ownership, and purpose for which they have been set up. But apart from these classifications, banks can also be classified based on many other parameters, such as their customer base, profit, net asset value, profit percentage, number of branches, and many others. To get an idea of the best banks in India, their history, nature, and structure, one can go through the profile of Indian banks. But going through the profile of each bank present in India is a very hectic task in itself, and therefore, to know more about the nature and structure of the Indian banking sector, one can go through only a few of them. To make it easier, this article provides brief details of the best 10 banks in India with their foundation years and the number of branches all over India. These banks are arranged in descending order according to their market cap and total profit percentage.

(1) HDFC Bank

Founded in the year 1994, HDFC is a private sector bank which has its headquarter in Mumbai, Maharashtra, and it serves all of India. HDFC bank provides financial services in all developed parts of India, and it has more than 5,500 branches all over India. The total asset value of HDFC bank was INR 1,746,870 crore (USD 230 billion) as of 2021, and currently, more than 1,16,000 employees are working for this bank. Till now, it has installed more than 13,000 ATMs across India, and Atanu Chakraborty is the current chairperson of this bank.

(2) State Bank of India

Having Headquarter in Mumbai, Maharashtra, State Bank of India is a public sector bank founded in the early 18th century as a private sector bank but became nationalized in 1956. This bank majorly deals in banking and financial services and provides services worldwide. Dinesh Khara is the present chairman of the State Bank of India, and it has installed more than 62,000 ATMs in India till now. More than 2,45,000 employees are working in this bank, and its total asset value is INR 4,845,619 crore (USD 640 billion).

(3) ICICI Bank

Founded in the year 1994, ICICI is a private sector bank which has its headquarter in Mumbai, Maharashtra, and it serves all of India. ICICI bank provides financial services in all developed parts of India, and it has more than 5,200 branches all over India. The total asset value of ICICI bank is INR 15.74 trillion (USD 210 billion), and currently, more than 97,000 employees are working for it. Till now, it has installed more than 15,000 ATMs across India, and Girish Chandra Chaturvedi is its current chairperson.

(4) Axis Bank

Having Headquarter in Mumbai, Maharashtra, Axis Bank is a private sector bank which was founded on December 3rd 1993. The total asset value of Axis Bank is INR 1,010,325 crore (USD 130 billion), and currently, more than 78,000 employees are working for it. Amitabh Chaudhry is the present chairman of this bank, and it has installed more than 12,900 ATMs in India till now.

(5) Kotak Mahindra Bank

Kotak Mahindra Bank provides banking & financial services in all developed parts of India, and it has more than 1600 branches all over India. Founded in February 2003, Kotak Mahindra Bank is a private sector bank which has its headquarter in Mumbai, Maharashtra. Uday Kotak is the present chairman of this bank, and it has installed over 2,500 ATMs in India till now.

(6) IndusInd Bank

Founded in the year 1994, IndusInd Bank is a private sector bank which has its headquarter in Mumbai, Maharashtra, and it serves all of India. IndusInd Bank provides banking & financial services in all major parts of India, and it has more than 2000 branches all over India. Till now, it has installed more than 2,886 ATMs across India, and Sumant Kathpalia is its current chairperson.

(7) Yes Bank

Having Headquarter in Mumbai, Maharashtra, Yes Bank is a private sector bank which was founded in 2004. The total asset value of Yes Bank is INR 273,543 crore (USD 36 billion), and currently, more than 23,000 employees are working for it. Sunil Mehta is the present chairman of this bank, and it has installed more than 1,800 ATMs in India till now.

(8) Punjab National Bank

Having its Headquarter in New Delhi, Punjab National Bank is a public sector bank which was founded on April 12th 1895, and it has more than 12,000 branches across India as of now. More than one lakh employees are working in this bank, and its total asset value is INR 1,279,725 crore (USD 170 billion). Till now, it has installed more than 13,000 ATMs across India, and Atul Kumar Goel is its current chairperson.

(9) Bank of Baroda

Bank of Baroda provides banking & financial services in all developed parts of India, and it has more than 8,200 branches all over India. Founded on July 20th 1908, Bank of Baroda is a public sector bank headquartered in Vadodara, India. Hasmukh Adhia is the present chairman of this bank, and it has installed more than 10,000 ATMs in India till now.

(10) Bank of India

Having its Headquarter in Mumbai, the Bank of India is a public sector bank founded on September 7th 1906, and it has more than 5,400 branches across India as of now. More than 51,000 are working in this bank, and its total asset value is INR 725,856.45 crore (USD 95 billion). Till now, it has installed more than 5,500 ATMs across India, and G Padmanabhan is its current non-executive chairperson.