“The banking sector is one of the most profitable sectors in India. There are many new banks making entries in the Indian Market. Check out this post to know the Top Banks in India in 2023”
Banks have been one of the most significant industries in India for decades. But there are a lot of changes happening in the banking industry and the country. With India opening up to global markets and increasing its competition in the banking industry, it is important to take a look at the latest trends and what may be the best bank to invest in. In this blog, we discuss the top 10 banks in India 2023 that may be the best bank to invest in in the coming 2023.
List of Top 10 Banks in India in 2023
India is a country with a high number of banking institutions, but not all of them are the same. There are a few banks that are more popular than others and have a reputation for being the best. Let’s check out the list of 10 Best Banks in India in 2023.
|1||State Bank of India|
|2||Punjab National Bank|
|4||ICICI Bank Ltd|
|5||Union Bank of India|
|6||Bank of Baroda|
|7||Kotak Mahindra Bank|
|10||Bank of India|
Details of Top 10 Banks in India
State Bank of India
State Bank of India is the most famous bank in India. It is the largest bank in the country with over 24000 branches and 62,617 ATMs. It has been operating since 1955 and is headquartered in Mumbai. It has been one of the most influential banks in India since its inception. The bank offers a range of financial services and products including loans, deposits, investments, insurance, and payment systems to customers. SBI also has offices in overseas locations such as Australia, Bahrain, Bangladesh, China, Sri Lanka, etc.
|Full Name of the Bank||State Bank of India|
|Date of Foundation||1st July 1955|
|Headquarters||State Bank Bhawan, M.C. Road, Nariman Point, Mumbai, Maharashtra, India|
|Number of Branches||Over 24000 in India and 229 International Branches in 31 Countries|
|Chairman||Dinesh Kumar Khara|
Punjab National Bank
Punjab National Bank is a well-known bank in India. It was founded in 1894 by the British as Punjab National Bank and was nationalized on January 1, 1969. It has been one of the largest banks in India since its inception and has branches in many overseas countries. It has a wide range of products, including savings accounts, checking accounts, fixed deposits, mutual funds, and insurance. The bank has over 11,800 branches in India. It was founded by Lala Lajpat Rai.
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|Full Name of the Bank||Punjab National Bank|
|Date of Foundation||19th May 1894|
|Number of Branches||11,809|
|MD and CEO||Atul Kumar Goel|
HDFC bank is one of the largest banking institutions in India. It was established in 1994 and has over 1,41,000 employees. It is known for its personal banking services and has a wide network of branches across India. HDFC Bank has more than 6300 branches in India and overseas. It provides a range of banking products to meet the needs of its customers such as deposits, loans, insurance, credit cards, and mutual funds. HDFC Bank also provides an array of financial services to non-banking customers such as corporate loans, wealth management, and consultancy services.
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|Full Name of the Bank||HDFC Bank Limited|
|Date of Foundation||August 1994|
|Number of Branches||6378|
ICICI Bank Ltd
ICICI Bank Ltd is a private-sector bank based in India. The bank was founded in 1994 and is one of the largest banks in India. ICICI has a wide network of 5,275 branches with 15,589 ATMs across India and a presence in 17 overseas countries. ICICI Bank Ltd offers a wide range of services including lending, deposit taking, foreign exchange, treasury management, and wealth management.
|Full Name of the Bank||Industrial Credit and Investment Corporation of India (ICICI) Bank Ltd.|
|Date of Foundation||5th January 1994|
|Number of Branches||5275|
|Chairman||Girish Chandra Chaturvedi|
Union Bank of India
Union Bank of India is a bank in India with a long history. It was founded in 1919 and has been operational ever since. Commonly known as UBI, The Union Bank of India has a network of more than 9316 branches and 12,957 ATMs. The bank provides a lot of services to customers, including retail banking, corporate banking, trade finance, treasury, investment banking, asset management, private banking and more.
|Full Name of the Bank||Union Bank of India|
|Date of Foundation||11th November 1919|
|Headquarters||Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra, India|
|Number of Branches||9316|
Bank of Baroda
Bank of Baroda is an Indian public sector bank with its headquarters in Vadodara, Gujarat. After SBI, it is the second largest public sector bank in India. It has around 132 million customers with a total business of around 128 Billion US Dollars. Apart from India, the Bank of Baroda (BOB) also has a presence in 100 overseas countries. This bank was founded by the Maharaja of Baroda, Sayajiro Gaekwad III in the year 1908. It was nationalised in 1969. Currently, the bank has around 8214 branches and more than 10000 ATMs.
|Full Name of the Bank||Bank of Baroda Ltd|
|Date of Foundation||20th July 1908|
|Headquarters||Vadodara, Gujarat, India|
|Number of Branches||8214|
Kotak Mahindra Bank
Kotak Mahindra is the third largest private sector bank in India by market capitalization. It was founded by Uday Kotak in the year 1985. Last year, the bank generated a revenue of Rs. 58,882 Crore (7.4 Billion US Dollars). Currently, the bank has a network of over 1600 branches and 2519 ATMs in India. Kotak Mahindra bank offers services like Savings and Deposits, Loans, Insurance, Foreign Exchange, Credit Cards, Mutual Funds, Investment Banking, Securities & Exchange Services and much more.
|Full Name of the Bank||Kotak Mahindra Bank|
|Year of Foundation||1985|
|Number of Branches||1600|
The Canara Bank is one of India’s oldest and largest banks. Founded in 1906, the bank has over 9722 branches and more than 10,759 ATMs spread across India. The Canara Bank specializes in providing banking services to rural areas, small towns, and villages. The bank is also known for its innovative products and services that help make banking easier for Indian customers. In a country like India, it is hard to find a bank that offers better customer service than Canara Bank. Apart from India, the bank also has offices in Dubai, London, and New York.
|Full Name of the Bank||Canara Bank|
|Date of Foundation||1st July 1906|
|Number of Branches||9722|
Formerly known as UTI bank, Axis Bank Limited is a private-sector bank, which was founded in 1993. If you are looking for a bank that offers banking services at your doorstep, Axis Bank is the perfect choice for you. It has the largest ATM network among all private-sector banks in India. Axis bank even offers ATM service at Thegu, Sikkim which is one of the highest sites in the world at a height of 4023 metres above sea level. In addition to India, Axis bank has branches in Singapore, Dubai, Hongkong, Colombo, Dhaka, etc.
|Full Name of the Bank||Axis Bank Limited|
|Date of Foundation||3rd December 1993|
|Number of Branches||4594|
|MD and CEO||Amitabh Chaudhry|
Bank of India (BOI)
The Bank of India is a bank that has been in existence for over 116 years. The Bank of India has seen many changes in the way banking is done, but it remains one of the most trusted banks in India. The Bank of India has a wide variety of services, including loans and investments. It is an institution that provides personal loans, car loans, and personal loans for education. The Bank of India also offers a variety of investments that can help you to grow your money. Today, the bank has 5430 Branches and 5551 ATMs.
|Full Name of the Bank||Bank of India|
|Date of Foundation||7th September 1906|
|Number of Branches||5430|
|MD and CEO||Atanu Kumar Das|
Frequently Asked Questions
State Bank of India is the largest Bank in India. It is among the Fortune 500 companies.
Maidavolu Narasimham was a renowned banker who is known as the Father of Indian Banking.
State Bank of India with more than 24000 branches.
The Madras Bank is considered the oldest bank in India. It was opened in 1683. However, it got merged to form Bank of Madras (Presently the State Bank of India)