If I say banks are the backbone of the Indian economy then there is nothing wrong with it. Without banks, we can’t imagine a good economy in India. If we have a look at banks and their role, they are playing a vital and important role in the growth of India and its economy. And there are some top banks in India that are contributing a lot and some of them are strategically very important for India.
However, every bank is important and contributes so much. Before I go into the details of my topic 5 top banks in India, I want to add a disclaimer. This article is a general overview and is for information purposes only. There are various banks in India that are contributing and playing very important roles. Here are some of the important roles of banks:
- Account opening, Mobilizing Find from the Public
- Deposit Cash.
- Provide Loans – Home Loans, Personal Loans, Business Loans, Car Loans, and other loans.
- Provide Lockers service
- Fund Transfer
- Financial support to Agriculture and other sectors
- Financial support to industrial sectors
There is a long list of what a bank usually does. There are various public and private banks in India. However, in this article, I am writing about 5 top banks in India which are big in size and have a big role in the Indian economy, and provide various banking services to the people of India.
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1- State Bank of India (SBI)
State bank of India is one of the top banks in India. In fact, SBI is the largest public sector bank in India and it is a multinational public sector bank that has it presence in 31 foreign countries. SBI has the largest market share in the Indian banking Industry and serving to more than 45 crores of customers in India.
State Bank of India has a big network of over 22000 branches, 62617 ATMs, and 71968 BC outlets. SBI has implemented multiple businesses through its various subsidiaries. SBI General Insurance, SBI Life Insurance, SBI Card, SBI Mutual Funds, etc are some most popular and successful subsidiaries of SBI. State Bank of India was founded in July 1955 and its headquarter is situated in Maharashtra. SBI has owned various awards and recognitions.
2- HDFC Bank Ltd
HDFC Bank is one of the top banks in India and a leading private-sector bank. It was founded in 1994 and its headquarter is situated in Mumbai, Maharashtra. HDFC bank offers various financial services including loans, cards, accounts, etc,
HDFC bank has a vast network of 6499 branches and 18868 ATMs in India. This bank has a presence in more than 3200 cities and towns. HDFC bank has a strong presence on digital channels like mobile banking, internet banking, etc.
HDFC bank is not only one of the top banks in India, but it also has a good contribution to the Indian economy. They are in the business segment of Retail banking, Wholesale banking, Treasury, etc. Here are some awards owned by HDFC bank in 2022.
- Asiamoney Best Bank Awards 2022 – Best Corporate Bank, Best Bank for SMEs, Best Bank for Diversity & Inclusion
- Euromoney Awards For Excellence 2022 – Best Bank in India
- Fortune India – Grant Thornton Bharat’s Study of India’s Best Banks 2022 – Best Large Bank HDFC
There are various awards, and recognitions owned by HDFC bank in the last few years. It is one of the most well-known and reputed banks in India.
3- ICICI Bank
ICICI has a long history. It was formed in 1955 as a development financial institution and the core objective of ICICI was to project financing and provide long-term financing to industrial projects. ICICI Bank was incorporated in 1994 as a part of the ICICI group and started various other banking services.
ICICI bank comes in the list of top banks in India and it has its presence in the whole of India. Savings Accounts, Current accounts, Credit cards, Home loans, Personal Loans, Car loans, Gold loans, Fixed deposits, etc are popular products of ICICI bank.
ICICI Lombard, ICICI Prudential, ICICI Direct, ICICI Home Finance Company, etc are some group companies of ICICI. This bank has owned various awards and recognitions. Some of them are:
- Indian Banks’ Association Banking Technology Awards 2022 – in The categories of “Digital Sales & Engagement” and “IT Risk & management”.
- Mahatma Award for ESG Excellence 20222.
Year after year there is a long list of various awards and recognitions which are owned by ICICI bank.
4- Punjab National Bank
Punjab National bank is a public sector bank and the first swadeshi bank in India. PNB started its operation in 1895. It has a long history and 9 banks have been merged and or amalgamated in PNB, and As of today, PNB is one the leading and top banks in India. It has a strong presence in India.
Punjab National Bank has over 18 crores of customers and serves a huge population of India. There are more than 12000 branches and 13000 ATMs of PNB. The headquarter of Punjab National Bank is in New Delhi.
PNB Metlife India Insurance, PNB Housing, PNB International, etc are some of the subsidiaries of Punjab National Bank. PNB has owned various awards. Let’s have a look at some awards:
- First Prize for PMEGP in Uttar Pradesh
- Wins 2 Awards in IBA Banking Technology Awards 2022
- National MSME Awards 2022
- Best MSME Bank (PSU) Award
There are many other awards also which are owned by PNB. You can visit PNB official site for more details. PNB deals in Retails banking and Wholesale banking as well.
5- Axis Bank
Axix bank was formerly known as UTI. Axis bank started its operation in 1994. It is one of the top banks in India and in fact it is the third largest private bank in India. It has a vast network of 4758 branches and more than 10990 ATMs in India.
Axis bank has overseas operations in multiple countries like Singapore, Dubai, the UK, etc. Axis Bank deals in various banking products like savings accounts, current accounts, fixed deposits, gold loans, personal loans, home loans, business loans, credit cards, and other products.
They are also providing various ways to do banking through Online banking, Mobile banking, Branch banking, Remote banking, and Phone banking. Axis bank is one of the top banks in India and it is a reputed name in India. It has also won various awards and recognition in the banking sector.
Conclusion – Top Banks in India
India’s banking system is very strong and in recent few years, banks have become smarter through mobile and digital banking services. Today, you can open an account online in a few minutes through video KYC. Apart from the above 5 top banks in India, there are many other banks also who are doing really well and have a strong presence.
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