Banking system plays a very significant role in the economy of a country. It can said to be the backbone of nation’s economy as it caters to the needs of credit for all the sections of the society. Banking sector is the prime, foremost and most significant player in shaping up Indian Economy. The banks help in mobilising savings through network of branch banking. The ultimate savings of people result in capital formation which forms the basis of economic development. India’s Banking System has no longer confined to only the metropolitans, but have reached even to the remote corners of the country.
India is not only the world’s largest independent democracy, but also a prominent, emerging economic giant. Without a sound and effective banking system, no country can ever have a healthy and sustainable economy. India has a strong banking and financial sector and it is one of the most influential industry in India’s economy. A lot of major reforms have happened post-independence and especially the reforms in 1991. A lot of changes happened since and now banks are moving towards complete digitization of transactions. Banks have been instrumental in making this progress. Now let’s have a look of leading banks in India.
State Bank Of India
State Bank of India (SBI) is the largest commercial bank in India serving worldwide with over 293,469 employees. It serves as an Indian multinational, public sector bank owned by government corporation headquartered in Mumbai, Maharashtra. The company is ranked 217th on the Fortune Global 500 list of the world’s biggest corporations as of 2017. The bank is now headed by the chairperson Arundhati Bhattacharya. The bank descends from the Bank of Calcutta, and Imperial Bank of India. Later the Bank of Madras merged into the other two “presidency banks” in British India which in turn became the State Bank of India in 1955. Serving people with its products like Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans equity, savings, securities, asset management, wealth management, credit cards etc. SBI had a revenue Increase: ₹2.85 trillion (US$42 billion) (2016) and Profit Increase of ₹127 billion (US$1.9 billion) (2016).
Another prestigious public bank founded in 1994 headquartered in Mumbai. It had branches all over India offers all the financial services to people with 87,555 (31st March 2016) employees. Bank Asset is more than USD 66.7 billion has a presence in Bahrain, Hong Kong and Dubai. HDFC Bank is India’s largest private sector lender in terms of assets. And it is the largest bank in India by market capitalization as of February 2016. It was ranked 69th in 2016 BrandZ Top 100 Most Valuable Global Brands. Now the leading journey headed by Aditya Puri (MD). The equity shares of HDFC Bank are listed on the Bombay Stock Exchange and the National Stock Exchange of India. Its American Depository Shares are listed on NYSE and the global depository receipt are listed on the Luxembourg Stock Exchange where two GDRs represent one equity share of HDFC Bank. The successful journey got a lott of awards and recognitions including Best Banking Performer, India in 2016 by Global Brands Magazine Award. Performing Branch in Microfinance among private sector banks by NABARD, 2016 Award for Best Performance in Microfinance etc.
Leading player among private sector banks founded in the year 1994 headquartered in Mumbai, Maharashtra, India. Handling all the financial services like redit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management, personal loans, payment solutions etc. Bank is served World wide. Key people are M. K. Sharma (Chairman), Mrs Chanda Kochhar (MD & CEO). There are 74,096 employees (2016) working with the bank. HDFC had a revenue of US$10.3 billion (2016).
Punjab National Bank
A public bank founded by Lala Lajpat Rai 122 years ago and now owned by government of India. The bank is headquartered in New Delhi. Serving people with it’s heritage with all the banking and financial services available. Key people leading the company is Sri. Usha Ananthasubramanian (MD & CEO)
‘A new generation private bank ‘ Axis bank really deserves the title. By the changing economic conditions banks have wake up from their old and typical infrastructures and client strategies and gained a face and experience in day to day banking. This private bank divides it’s consumer policies by offering a neat banking for every client. Axis bank formerly UTI Bank founded in 1993. Which headquartered in Ahmedabad, Gujarat. The bank offering credit cards, consumer banking,wealth management, investment banking etc. Key people are Shikha Sharma (MD & CEO) Sanjiv Misra (Chairman).
A public sector bank founded in Mangalore before 111 years. Now headquartered in Bangalore with 53506 (2016) employees and with a net income of rupees 33.41 billion. Owned by Government of India with support of well equipped technological support. Bank offers personal banking, Loans, investment schemes etc. Like all other banks canara bank also compete with net banking and digital transactions.
Bank of Baroda
A public bank owned by Government of India. Founded by Maharaja H. H. Sir Sayajirao Gaekwad in 20 July 1908 – 108 years ago. Headquarters is in : Vadodara, India. Bank is serving it’s customers World wide. Products and services are Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management. Total assets: ₹6.714 trillion (US$100 billion) (2015)
A public sector bank serves in India from 11 November 1919. Headquarters is locatedin Mumbai, India. Now headed by Mr. Arun Tiwari (Chairman & MD). The bank had a revenue over ₹211.44 billion (US$3.1 billion) (2012). Nearly fourty thousand employees are working with this bank. All the banking products are available as any other bank.
The Government owned bank headquartered in Mumbai. Founded in July 1964 52 years ago Key people are Mr. Kishor Kharat (MD & CEO). Products are consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management, Agriculture Loan etc. The bank had a total assets of ₹374,372.13 crore (US$56 billion) (2016). Number of employees: 16,555 (March 2015).
Bank of India
A public sector bank founded in 7 September 1906; 110 years ago. It’s headquartered in Mumbai, Maharashtra, India. Key people are Shri Melwyn Rego (MD & CEO). As same as the banks above Bank of India deals with it’s products like Commercial Banking, Retail Banking, Private Banking, Asset Management, Mortgages, Credit Cards etc.The Bank had a revenue of ₹243,935.0 million (US$3.6 billion) and it’s total assets costs ₹6,469 billion (US$96 billion) (2015).