Top 10 Banks in India: Best of the Best

Banks In India

Having a bank account has become indispensable in today’s era. Besides, all financial aid provided by the government is directly transferred to bank accounts. Moreover, the government’s financial inclusion programs have facilitated almost every citizen to possess a bank account. In India, there are 34 banks, including 12 public sector banks and several private sector banks. This article aims to highlight the top-performing public and private sector banks in the country. By reviewing the best banks in India, readers can get a better understanding of the banking sector’s current state and make informed decisions while choosing a bank for their financial needs.

Top 10 Banks In India

The following is a compilation of the leading banks in India based on their market capitalization as of 2022. India boasts of 12 public sector banks and 21 private sector banks, with an additional 45 foreign banks operating in the private sector, contributing to the overall strength of the Indian banking system. 

S. No

Banks in India


State Bank of India


Punjab National Bank


Union Bank of India






Kotak Bank


Bank of Baroda


Bank of India


Axis Bank


Canara Bank


State Bank of India

SBI, also known as the State Bank of India, is a renowned Indian multinational company that offers banking and financial services to the public sector. It has been listed among the Fortune 500 companies and is headquartered in Mumbai, India. With over two centuries of experience, SBI has gained the trust of generations of Indians and is known for its core values of Service, Transparency, Ethics, Politeness, and Sustainability. SBI has established itself as the largest bank in India with a market share of 1/4th, serving over 44 crore customers through an extensive network of more than 20,000 branch offices, 58,500 ATM centres, and 66,000 BC outlets. Additionally, SBI has a global presence in 22 countries, with approximately 233 offices.

SBI constantly strives to focus on innovation and customer-centricity, making it a preferred bank among the masses. Apart from banking services, SBI has diversified into other businesses and has 11 subsidiaries that include SBI Mutual Fund, SBI Life Insurance, SBI General Insurance, SBI Card, and many more.

Punjab National Bank

Punjab National Bank (PNB) is a public sector bank that is owned by the Ministry of Finance. It was founded in Lahore in 1894 and is currently the second-largest government bank in India. PNB has a global business of INR 18,09,587 crore and has undergone nine mergers throughout its history, with the most recent being the Oriental Bank of Commerce and United Bank of India. PNB has a PAN India presence and operates through a network of 10,925 branches, 13,914 ATMs, and 12,346 business correspondents as of December 2020. Its low-cost Current Account and Savings Account Deposits (CASA) hold a significant market share of 44.66% in these deposits.

Apart from its domestic presence, PNB has two international branches, one each in Hong Kong and Dubai. It also has two overseas subsidiaries in London and Bhutan under the names PNB International Limited and Druk PNB Bank Limited, respectively. Additionally, PNB has a joint venture in Nepal named Everest Bank Ltd. PNB has set its sights on digitalization, and it has been successful in that regard. Its PNB mobile banking users have crossed 96 lakhs, and its internet banking users have crossed 250 lakhs. PNB has received numerous awards, including the Most Innovative Public Sector Bank of the Year at the ET-BFSI Excellence Awards 2020 and the Most Innovative Project Using Technology – PNBOne at the IBA Banking Technology Award 2020.

Union Bank of India

Union Bank of India, a prominent public sector bank in India, is listed on the stock exchange, with the Indian government owning 89.07% of its capital. Founded in 1919, it has its headquarters in Mumbai and boasts a vast network of over 9500 domestic branches, 13,300 ATMs, 11,700 business correspondent points, and more than 75,000 employees serving over 120 million customers.

The bank has a global presence with three overseas branches located in Sydney, Dubai, and Hong Kong. Additionally, it operates a representative office in Abu Dhabi, a subsidiary in London, and a joint venture in Malaysia. The bank has three para banking subsidiaries and three joint ventures, including two in the life insurance business. After merging with Andhra Bank and Corporation Bank, the bank’s business as of April 1, 2020, was valued at INR 15,34,749 crore. In 2020, it received several accolades for its technology, innovation, and financial inclusion.


Established in August 1994, HDFC or The Housing Development Finance Corporation Ltd is the first private financial institution to receive in-principle approval from the Reserve Bank of India (RBI). The bank has its registered office in Mumbai and operates in more than 2,902 cities/towns with more than 5,608 branches and 16,087 ATMs across India. The bank’s core values are centred around excellence, customer focus, product leadership, people, and sustainability. HDFC operates in three business segments: retail banking, wholesale banking, and treasury.

HDFC’s retail banking wing provides a wide range of financial products and banking services. Customers can access banking services through the growing network of branches and ATMs, as well as through digital channels such as net banking, phone banking, and mobile banking. On the other hand, wholesale banking provides commercial and transactional banking services to organisations and businesses, including working capital finance, trade services, cash management, and transactional services. Under the treasury business, HDFC helps businesses generate better returns from their funds. HDFC focuses on three main product areas: equities, money market and debt securities, foreign exchange, and derivatives.


ICICI Bank, founded in 1955 by a partnership between the World Bank, the Government of India, and Indian industry, is a prominent private bank in India. Initially focused on infrastructure financing, it transitioned to a diversified financial services provider in the late 1980s following the liberalisation of India’s financial sector in 1991. ICICI Bank was established in 1994 as part of the ICICI group, which became the first Indian corporation and the first non-Japanese Asian bank to be listed on the New York Stock Exchange in 1999.

Currently, ICICI Bank offers a broad range of banking and financial services to corporate and retail customers through various delivery channels and companies. The bank boasts a strong network of 5,288 branches and 15,158 ATMs in India.

Kotak Bank

Kotak Mahindra Finance Ltd. was established in 1985 and is currently recognized as one of India’s most reliable financial institutions.

With over 1,600 branches and 2,519 ATMs, Kotak Mahindra Bank serves a customer base of more than 23 million active users. The bank also has an international presence in the USA, Middle East, London, and Singapore.

The bank continuously endeavours to capitalise on new opportunities by distinguishing itself through its products, services, and technologies. Its multiple business offerings cater to individuals and corporations alike, including banking services (consumer, commercial, and corporate), equity broking, credit and financing, insurance (general and life), wealth and asset management, and investment banking.

Bank of Baroda

Bank of Baroda, which was established in 1908, has evolved from a small building to a bank with a global presence in 19 countries. It has 8,581 branches, of which 96 are overseas branches, and serves more than 131 million customers. The bank’s rural and semi-urban presence is significant. The merger of Dena Bank and Vijaya Bank with Bank of Baroda has recently taken place.

The bank’s subsidiaries include those in domestic markets, capital markets, and financial solutions, as well as joint ventures in insurance. Additionally, the bank has subsidiaries in 7 countries, including Botswana, Kenya, Uganda, Guyana, New Zealand, Tanzania, and the UK. The bank also has joint ventures in Malaysia and Zambia. In 2020, Baroda Gurkul was recognized for Baroda Radio & Best Learning Platform implementation of the year.

Bank of India

Bank of India, initially a private bank founded in 1906 in Mumbai, was among the 13 banks that got nationalised in 1969. Since then, it has expanded its business operations within and outside India.

The bank’s vast network of more than 5,000 branches across India is regulated by 55 zonal offices and 8 NGB offices. Additionally, the bank has a presence in 18 countries on five continents, including 52 offices, one representative office, four subsidiaries, and one joint venture. Bank of India went public in 1997, issuing shares to the public.

In 1989, Bank of India was among the first nationalised banks to introduce fully computerised branch and ATM facilities. The bank has always been at the forefront of implementing innovative services and systems.

Axis Bank

Axis Bank, established in 1994 as a new generation private bank, is the third-largest private bank in India, offering a wide range of financial services catering to all customer segments, including large and midcap corporates, retail businesses, agriculture, and MSME sectors.

The bank has a vast network of 4,594 branches, of which 4,050 are domestic, along with 11,333 ATMs and 5,710 cash recyclers spread across the country. Its international operations are carried out through eight offices located in six countries, focusing mainly on investment banking, liability businesses, corporate lending, trade finance, and syndication.

As of 31st March 2021, the bank’s balance sheet size is INR 9,96,118 crores, with a 5-year CAGR of 13%, 13%, and 15% in assets, advances, and deposits, respectively. The bank also has 11 subsidiaries in India, including capital markets, securities, private equity, trustee services, and asset management services.

Canara Bank

Canara Bank, formerly known as Canara Hindu Permanent Fund Ltd, was established in 1906 and renamed in 1910. It was nationalised in 1969, along with 13 other banks. The bank has gained a reputation for prioritising customer satisfaction and has grown into a “Financial Conglomerate” with around ten subsidiaries and joint ventures both in India and abroad.

As of December 2020, Canara Bank’s network includes 10,491 branches, 12,973 ATMs, and a customer base of 10.90 crore customers. Throughout its more than a century-long history, the bank has accomplished many firsts, such as launching an inter-city ATM, providing credit cards to farmers, and being awarded an ISO certificate for one of its branches.

Canara Bank also has branches in six countries, namely, UK, Hong Kong, the USA, UAE, Russia, and Tanzania. The bank’s subsidiaries include asset management companies, financial services, securities, venture capital, and bank securities. In 2020, the bank won several awards in recognition of its technology, innovation, and financial services.

Which Is The No 1 Bank In World?

However, according to the Forbes Global 2000 list of 2021, the Industrial and Commercial Bank of China (ICBC) is the largest bank in the world based on total assets. ICBC has held this position for several years and reported total assets of over $4.3 trillion in 2021.

ICBC has been holding the title of the largest bank in the world for several years, with a substantial lead over other banks. In fact, the second-largest bank, China Construction Bank, reported total assets of around $3.7 trillion, which is almost $600 billion less than ICBC’s total assets.

ICBC’s dominance in the global banking sector can be attributed to its massive network of more than 16,000 branches and outlets, spread across 45 countries and regions. The bank has a strong presence in China, where it operates through more than 400,000 employees, making it the largest employer in the world.

The bank offers a wide rage of financial services, including commercial banking, investment banking, asset management, and insurance, to its vast customer base. ICBC’s success has also been driven by its focus on technological innovation, which has enabled it to stay ahead of its competitors in terms of digital banking services.

Moreover, the Forbes Global 2000 list also highlights the dominance of Chinese banks in the global banking sector, with four of the top five banks on the list being Chinese. This is a testament to the rapid growth of the Chinese economy and its financial system in recent years.

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