The biggest contribution to an economy to move forward is done by the banking sector of that economy. India as a nation is no different! Banks play a crucial part in lending loans to the commercial operators as well as to the agricultural sector. There are two kinds of banks, namely the private sector banks and the public sector banks and both contribute to the national development at their own levels and up to their capabilities.
Following are the top ten banks in India as per RBI in 2021.
1. Housing Development Finance Corporation Ltd. (HDFC Bank Ltd.)
HDFC Bank is the largest bank that India has and it is also given the tag of being the number 1’ bank of India. It has a total of 5,103 number of branches at present with over 1,00,000+ employees. The two kinds of loans, the personal and the home loan have interest rates of 10.75% and 6.90% respectively.
Some of the notable awards that HDFC got are ET Innovation Awards 2020, Euromoney Awards for Excellence in 2020, 2020 BrandZ™ Top 75 Most Valuable Brand in India and Asiamoney Best Bank Awards 2020.
2. State Bank Of India (SBI)
It is one of the largest public sector banks in India. Headquartered in Mumbai, it is also known as the financial services statutory body. In 2021, SBI ranked 21st in the world’s biggest corporation fortune Global 500 list. The bank has about 195 foreign offices across 36 different countries. It has managed to make a splendid overseas name and recognition over so many years. It also enjoys a market share of 23% in India with over 24000+ branches and above 2,47,000 employees. The home loan and personal loan interest rates of the bank are 7% and 9.60% respectively.
3. ICICI Bank Ltd
The Industrial Credit and Investment Corporation of India shortly known as ICICI Bank is the third-largest bank in the list of ten leading banks. The bank has subsidiaries across the United Kingdom and Canada due to which it experiences a gross overseas presence. It has 4882 branches presently and with more than 85,000 efficient employees. 6.90% and 11.25% are the respective interest rates of home loan and personal loan.
4. Kotak Mahindra Bank Ltd.
Established in the year 2003, Kotak Mahindra Bank has managed a market capitalization of 3,80,117.77 crores as of Dec 2021. It generated a revenue of 28,547.24 crores as of the year 2019. The bank has over 1390+ branches with more than 33,000 employees contributing to the growth of the bank and to ultimately of the nation. Its home loan interest rate stands at 6.75% and the personal loan interest rate at 10.50%.
5. Axis Bank Ltd.
In the list of largest private sector bank of India, Axis Bank stands at the 4th position. It is popular because of the financial services that it renders to its customers. It has about 4050 branches with more than 55000 efficient employees to add to its assets. The interest rate of axis bank stands at 7.75%, while the personal loan interest rate stands at 10.49%.
6. Indusland Bank Ltd.
Geering up with a market capitalisation of 70,631.88 crores, Indusland Bank is known as the leading new generation private bank of India. Headquartered in Mumbai, it centres itself majorly around the metro cities of the country. With its representative branches in London, Dubai and Abu Dhabi, the bank has been enjoying a lot of overseas presence and acknowledgement. In the year 2019, it is said to have generated a revenue of 18,577 crores. The bank has been giving in an efficient performance with almost 25000 employees at 1558 branches.
7. Yes Bank Ltd.
With a market capitalisation of 46,226.29 crores, Yes Bank is said to be one of the fastest-growing banks of the private sector in India. Founded in 2004, the bank is especially acknowledged for its asset management and retail banking functions to be specific. With around 18000 employees at 1122 branches, the bank generated a revenue of 25,419 crores in 2019.
8. Punjab National Bank
Popularly recognised as PNB, Punjab National Bank has a market capitalization of 37,411.52 crores. Its commendable reach nad hold over around 8 crore customers is what makes the bank a fast-growing one. With its branches in Hongkong and Dubai, the bank enjoys a great overseas presence and acknowledgement. It has 7000+ branches with 70,800 efficient employees.
9. Bank of Baroda
A public sector bank which is to be placed at number nine in the top ten banks of India, Bank Of Baroda, also known as BoB, has a high market capitalization of 35,251.50 crores. Spreading its baser over 12 crore customers, the bank has made a really big name of itself in a short span of time. BoB’s home loan interest rates lie around almost 6.85% and its personal loan interest rate stands to be at 9.85%.
10. Bank of India
Also known as BoI, the bank had a market capitalisation of 28,464.06 crores, on April 2, 2019. With its headquarters in Mumbai, it is also a founding member of the SWIFT (Society for Worldwide Interbank Financial Telecommunication). With almost 56 offices in the overseas locations, the bank has got recognition in the overseas market as well. It has 48000 employees in 5100 branches. The home loan interest rate of the bank is 6.85%. And the personal loan interest rate stands at 10.35%.