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Best Top Banks In India in 2023


Best Banks In India in 2023

The banking sector plays a vital role in any economy's growth and development, as it provides financial services to people and businesses. 

Best Top Banks In India

India has a modern banking system that can be said to be very efficient. There are several banks in India but there are only a few notable banks that have earned the trust of the citizens. 

This article covers the best 10 banks in India in 2023. 

State Bank of India (SBI)

State Bank of India is one of the biggest public sector banks in India. 

The bank offers home, personal loans, personal and credit cards, travel cards, and insurance policies. 

SBI also deals in education loans, health insurance options, and vehicle and home insurance. 

On the technology front, the bank has made significant strides in digital penetration by enhancing services such as mobile banking, unified payments interface (UPI), e-KYC for UPI transactions, and several other apps.

Founded

July 1, 1955

Headquarters

Mumbai, Maharashtra

Industry

Banking and Financial Services

Type

Public Sector

Chairperson

Dinesh Kumar Khara

Products

Consumer and corporate banking

NRI Account Services

Loans and insurance

investment banking

private equity

asset management

wealth management

HDFC

HDFC Bank Limited (HDFC Bank), is a leading private sector bank and financial services provider. 

HDFC offers outstanding integrated financial products such as retail banking, small savings schemes, asset management and wealth management, and corporate overdraft. 

Founded

August 1994

Headquarters

Mumbai, Maharashtra

Industry

Financial Services

Type

Private Sector

CEO

Sashidhar Jagdishan

Products

Treasury

Retail Banking

Wholesale Banking

Third-party product distribution

Primary dealership business, and

Other Banking Operations

Punjab National Bank(PNB)

The Punjab National Bank was established in 1894 and was purely managed by Indians, making it the first Swadeshi Bank in India. 

Today, PNB is an integrated financial services provider offering banking, insurance, asset management, and more services to its customers.

Founded

19 May 1894

Headquarters

New Delhi, India

Industry

Financial & Banking Services

Type

Public Sector

CEO

Atul Kumar Goel

Products

Credit cards

Consumer banking

Corporate banking

Finance and insurance

Cash management services

Doorstep banking services

Private banking

Corporate loans

Wealth management

ICICI Bank

ICICI Bank Limited is a leading financial services company in India with extensive domestic and international operations.

ICICI Bank offers loans to individuals, entities, and corporations for the purchase of homes, building accessories, commercial businesses, automobile needs, personal needs, and agricultural requirements. The bank offers services such as foreign exchange, remittance, import/export financing, and advisory to trade matters.

Founded

1994

Headquarters

Mumbai, Maharashtra

Industry

Financial & Banking Services

Type

Private Sector

CEO

Sandeep Bakhshi

Products

Savings Accounts

Insurance

Loans

Investment management

Wealth management

Foreign exchange services

Social security schemes

Union Bank Of India

Union Bank of India is one of the largest banks in the country. It is engaged in banking, financial services, payment systems, and insurance. 

The Head Office building of the Bank was inaugurated by Mahatma Gandhi, in 1921. The bank has received numerous awards and accolades for its technological, digital banking, and financial inclusion initiatives.

Founded

11 November 1919

Headquarters

Mumbai, Maharashtra

Industry

Financial & Banking Services

Type

Public Sector

CEO

A. Manimekhalai

Products

Wealth management

Mutual funds and Demat

Insurance

MSME credit cards

Loan syndication & debt reconstructing

NRI services

Remittances

Treasury, and more

Kotak Mahindra Bank 

Kotak Mahindra Bank is one of the fastest-growing banks in India. 

It offers transaction banking, corporate and investment banking, textiles and real estate assets management, etc. In addition to this, the Bank has set up Regional Nodes across India which enables customers to avail services at their doorstep.

Founded

21 November 1985

Headquarters

Mumbai, Maharashtra

Industry

Financial & Banking Services

Type

Private Sector

CEO

Uday Kotak

Products

Personal banking

Loans & Advances

Deposits

National Pension scheme

Treasury products

Overdraft facilities

Kotak Realty Fund

Investment banking

Kotak securities, and more

Axis National Bank

Axis Bank Limited is India's third-largest private bank. 

The bank's interests are well spread across the corporate credit market, including large and multinational companies. 

It also has a strong presence in government securities underwriting and distribution, both in India and overseas. It is also one of the most profitable banks in India with good asset quality ratios.

Founded

1993

Headquarters

Mumbai, Maharashtra

Industry

Financial & Banking Services

Type

Private Sector

CEO

Amitabh Chaudhry

Products

Personal banking

Forex services

Digital FD

Retail Lending

Insurance

Digital banking services

Cash management services

Treasury services

IndusInd Bank

With operations spread across all major cities and towns of India, IndusInd bank’s banking portfolio includes corporate banking, retail banking, treasury and information technology, among others.

The bank is one of the most preferred choices for Indians all over the world because of its renowned brand name in India and abroad. 

The bank enjoys clearing bank status for major stock exchanges - BSE and NSE, commodity exchanges in India - MCX NCDEX NMCE

Founded

April, 1994

Headquarters

Mumbai, Maharashtra

Industry

Financial & Banking Services

Type

Private Sector

CEO

Sumant Kathpalia

Products

Personal banking

Corporate banking

Forex services

Loans

Payment products

Financial Inclusion

Merchant Acquisition products

Tax Payments

NRI/high-net-worth individual banking 

Deposits, etc

Yes Bank

YES BANK is a full-service commercial bank providing a complete range of products, services, and technology-driven digital offerings to retail, MSME as well as corporate clients. 

The Bank's investment banking, merchant banking, and brokerage operations are handled by YES SECURITIES, a fully owned subsidiary of the bank.

While this bank did undergo a crisis in the past, it is well on its way to recovery.

Founded

2004

Headquarters

Mumbai, Maharashtra

Industry

Financial & Banking Services

Type

Private Sector

CEO

Prashant Kumar

Products

Banking Services

Escrow Lending for businesses

Trade advisory

Working capital finance

Treasury & risk management

Emerging corporate banking

Multinational corporate banking

Foreign currency loan, and more

Bank Of Baroda

Bank of Baroda is one of the leading commercial public sector banks in India with operations in various business segments including corporate banking, retail, wholesale, and overseas. 

The Bank's solutions include personal banking which includes deposits, loans and advances services, lockers and credit cards, business banking which includes wholesale banking deposits, loans and advances services, trade finance and corporate treasury, and international business which includes NRI services, foreign currency credits. 

Founded

20 July 1908

Headquarters

Alkapuri, Vadodara

Industry

Financial & Banking Services

Type

Public Sector

Chairman

Hasmukh Adhia

Products

Personal banking

Business banking

Deposit accounts

Capital gain accounts scheme

Remittances

Cash management services

NRI banking services

Offshore banking

Correspondent banking, etc

Conclusion

The largest banks in India have assisted India's growth by funding small and medium-scale businesses, providing loans for residential property and commercial properties, as well as helping individuals with their daily life expenses.

These banks have grown significantly over the years and now in aggregate they manage a chunk of banking assets in India. Not only have they provided the right financial services to everyone, they have also taken initiatives to assist India’s development in many ways.

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