Since independence, Indian Economy has seen a lot of progress. Indian Economy which was once considered to be an underdeveloped economy is now considered to be a Developing Economy. It has undergone a lot of changes – one of the fields is Banking. India is a country with huge population, which accounts for a large no. of players in the banking sector of the country. Today, the banking sector has expanded in our country, so that it will be within the reach of the maximum population of our country.
Best Banks In India 2018
Banking system plays a significant role in the economy of the country. It is central to the nation’s economy as it caters to the needs of credit for all the sections of the society. Accepting deposits and advancing loans are the primary functions of the bank. Banks play a decisive role in the development of industry and trade. Effective banking system helps the economy in growth and development. Without a proper banking structure, no economy can prosper. There are several types of bank in the country. Reserve Bank Of India is India’s central banking institution, which controls the monetary policy of the Indian Rupee.
So, let’s have a look at other best banks in India:
15. Yes Bank
Yes Bank is India’s fifth largest private sector bank, founded by Rana Kapoor and Ashok Kapoor in 2004.Yes Bank is the only Greenfield license awarded by the RBI in the last one decade. Yes bank is a “full-service commercial bank”. Yes bank is steadily evolving as the professionals’ bank of India with the long-term mission of “Building the finest quality Bank of the World in India” by 2020.
14. Union Bank Of India
Union Bank of India (UBI) is one of the largest government-owned banks of India (the government owns 63.44% of its share capital). Union Bank of India (Union Bank) was registered on 11 November 1919 as a limited company in Mumbai and was inaugurated by Mahatma Gandhi. All the bank’s branches have been networked with its 6909 ATMs as on 30 September 2015.
13. Syndicate Bank
Syndicate bank is one of the oldest and major commercial banks in India. It was founded by TMA Pai, Upendra Rai, and Vaman Kudra. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalised on 19 July 1969, by the Government of India. The Bank is headquartered in the university town of Manipal, India.
12. Dena Bank
Dena bank is another of the best banks in India. It was founded on 26 May 1938 by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company. Its headquarter is in Mumbai and has 1773 branches spread across the country. The bank was nationalized in 1969.
11. Corporation Bank
Corporation Bank is the public sector banking company headquartered at Mangalore, India. It has a network of 2,440 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country.
10. BANK OF BARODA
Bank of Baroda is an Indian state-owned International banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India. It is the second largest bank in India, next to State Bank of India. Its headquarters is in Vadodara, it has a corporate office in the Mumbai. The bank was founded by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad III on 20 July 1908. The bank, along with 13 other major commercial banks of India, was nationalised on 19 July 1969, by the Government of India and has been designated as a profit-making public sector undertaking (PSU).
Best Banks In India 2018
9. KOTAK MAHINDRA BANK
Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) gave the license to Kotak Mahindra Finance Licensee group’s flagship company, to carry on banking business.It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries.Kotak Mahindra Bank has a network of 1,369 branches across 689 locations and 2,163 ATMs in the country.
8. Canara Bank
Canara Bank is one of the largest public sector banks owned by the Government Of India. Its headquarters is in Bengaluru. It was established at Mangalore in 1906( by Ammembal Subba Rao Pai). It is one of the oldest public sector banks in the country. The government nationalized the bank in 1969. The bank has a network of 6639 branches and more than 10600 ATM’s spread across the world.
IDBI Bank is one among the public sector banks in India and is a nationalised bank to be treated as par with SEBI. It was established in 1964 by an Act Of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry. It currently has 3817 ATMs, 1995 branches, including one overseas branch at Dubai, and 1382 centers.
6. BANK OF INDIA
Bank of India (BoI) is a commercial bank with headquarters at Bandra Kurla Complex, Mumbai. Founded in 1906, it has been government-owned since nationalisation in 1969. Bank of India has 5100 branches as on 31 January 2017, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture.
5. Axis Bank
Axis bank is the third largest of the private sector bank in India. The bank has its head office in Mumbai and registered office in Ahmedabad. It has 3304 branches, 14,003 ATMs, and nine international offices.Axis bank is one of the best banks in India.
Best Banks In India 2018
HDFC banks are known as Housing Development Finance Corporation has its headquarter in Mumbai, Maharashtra. The bank was incorporated in August 1994. HDFC Bank is India’s largest private sector lender by assets. It is the largest bank in India by market capitalization as of February 2016. It was ranked 69th in 2016 Brands Top 100 Most Valuable Global Brands. It has 4,715 branches and 12,260 ATMs across 2,657 cities and towns.
3. PUNJAB NATIONAL BANK
Punjab National Bank (PNB) is an Indian multinational banking and financial services company. It is a state-owned corporation based in New Delhi, India. The bank was founded in 1894. As of 31 March 2017, the bank has over 6,937 branches, and 10681 ATMs across 764 cities.PNB has a banking subsidiary in the UK (PNB International Bank, with seven branches in the UK), as well as branches in Hong Kong, Kowloon, Dubai, and Kabul.
ICICI stands for Industrial Credit And Insurance Corporation Of India. It is an another best bank in India. It was originally promoted in 1994 by ICICI limited. It is India’s largest private sector bank. Its headquarter is in Mumbai, Maharashtra with its registered office in Vadodara. The bank has a vast network of 4,850 branches] and 14,404 ATMs in India, and has a presence in 19 countries including India.
1. STATE BANK OF INDIA
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. It has more than 24,000 branches and 59,000 ATMs. It is the best bank in India. It has 198 offices in 37 countries; 301 correspondents in 72 countries. The company is ranked 232nd on the Fortune Global 500 list of the world’s biggest corporations as of 2016.
These are the 15 best banks in India. A proper banking system is essential for the economy to prosper. Banks are the oldest, biggest and fastest growing financial intermediaries in India. Banks accept deposits from the public and advances loan. They mobilize the savings and generate the flow of money in the economy. Banks are the backbone of our country. Since Independence, India has seen a lot of o changes in the banking structure of the country. Today banking system has expanded in our country so that it should be within the reach of a large no. of people. Some of the best banks in India have been discussed above. There are many more such banks in our country.