Top 10 Commercial Banks In India In 2023

"Ranking the Leading Commercial Banks in India for 2023"

By Janvi Das Updated: Sep 13, 2023, 00:54 IST

A commercial bank is a financial institution that provides a range of banking services to individuals, businesses, and other organizations. These services typically include accepting deposits, offering loans, facilitating payments, and providing various financial products and services. Commercial banks play a crucial role in the economy by serving as intermediaries between depositors who have excess funds and borrowers who need capital for various purposes, such as buying homes, starting or expanding businesses, or financing projects. They also offer services like checking and savings accounts, credit cards, and investment options. Commercial banks are regulated by government authorities to ensure their stability and adherence to banking regulations.

Types of commercial bank

1.Public Sector Banks (PSBs):These are government-owned banks where the majority of the shares are held by the government.Examples include State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda.

2.Private Sector Banks:These banks are owned and operated by private individuals or corporations.Examples include HDFC Bank, ICICI Bank, and Axis Bank.

3.Foreign Banks:These are banks with their headquarters in foreign countries that operate in India.Examples include Citibank, HSBC, and Standard Chartered Bank.

Which one is the number 1 commercial bank in India?

State Bank of India is the Number one commercial bank in India which have 24,000+ branches across various locations in India as well as 190+ overseas branches in 36 countries.

List of top 10 commercial bank in India

1. State bank of India

The State Bank of India is an Indian multinational public sector bank and financial services statutory entity. SBI is placed in world's 43rd largest bank and the only Indian bank to rank 221st on Fortune's Global 500 list of the world's largest firms for 2020. The Economic Times has named SBI as an iconic brand of India for the year 2021.SBI has a large workforce of about 2 lakh people.

SBI has a strong presence in digital banking, offering internet banking, mobile banking, and digital payment solutions. Its online banking platform allows customers to manage their accounts, pay bills, and perform various financial transactions conveniently.

2 HDFC bank

HDFC Bank was established in 1994 and is headquartered in Mumbai, Maharashtra. Presently, the bank have 7000+ branches across various cities in India. Thanks to its excellent customer service and loan supplies. HDFC has won several awards over the years including the award for best bank in India in 2019 by FinanceAsia magazine.

HDFC Bank actively participates in financial inclusion initiatives, aiming to provide banking services to rural and underserved areas in India.

3.ICICI Bank

ICICI Bank was established in 1994 and is headquartered in Mumbai, Maharashtra.The bank is known for its strong retail banking services, catering to individual customers with innovative products and digital banking solutions for convenient access.

With over 5,900 branches and 16,650 ATMs across India and a presence in 17 countries, ICICI Bank continues to demonstrate its extensive reach and global presence, serving a wide range of customers both within India and internationally.

Panjab national bank

4.Panjab National Bank

Punjab National Bank (PNB) is one of India's oldest and leading nationalized banks.PNB was founded in 1894 and is headquartered in New Delhi, India. It has a rich history of providing banking and financial services.

PNB has an extensive branch network across India, serving customers in urban and rural areas. It also has a presence in some international locations.PNB plays a crucial role in handling various government transactions, including the distribution of pensions and subsidies.

5.Bank of Baroda (BoB):

Bank of Baroda is a nationalized bank headquartered in Vadodara, Gujarat. It has a significant presence both in India and internationally.BoB offers a wide range of banking services, including retail banking, corporate banking, loans, deposits, and digital banking solutions.

It has a global network of branches and subsidiaries, providing services to customers worldwide.Axis Bank manages an extensive network in India, including more than 11,000 ATMs and over 4,700 branches, making it one of the leading private sector banks in terms of reach and accessibility.Axis Bank's personal loan interest rates, ranging from 10.2 to 11%

6.Kotak Mahindra Bank

Kotak Mahindra Bank is the fourth largest private sector bank in India as per the market capitalization. The bank was founded and established in 1985, which is now operating a network of more than 1600 branches across various cities of India. Kotak Mahindra has significantly increased its total assets to 4.43 trillion INR, that too over a short period of time.

Unlike many traditional banks, it offers a digital savings bank account that comes with the enticing feature of zero maintenance fees. This digital account can be effortlessly applied for online, and it opens the door to a realm of limitless benefits for its account holders.

Union Bank of India

7.Union Bank of India

Union Bank of India is one of the prominent public-sector banks in India. Here's an overview of Union Bank of IndiaIndia. Union Bank of India was founded in 1919 and is headquartered in Mumbai, Maharashtra. It has a rich history of serving customers for over a century.

The bank offers a comprehensive range of banking and financial services, including savings and current accounts, fixed deposits, personal and home loans, credit cards, and various other financial productsUnion Bank has a substantial network of branches and ATMs across India, making it accessible to customers in urban and rural areas.

8.Canara Bank

Canara Bank proudly stands as one of India's largest public-sector commercial banks, tracing its roots back to its establishment in 1906. With an extensive workforce surpassing 80,000 dedicated employees as of January 30, 2021, this bank has firmly established itself in the financial landscape.

The bank's financial might is impressive, with total assets amounting to a substantial 7.12 trillion INR. This formidable foundation is built upon the operations of 6,300 branches strategically positioned across various cities throughout the nation. Adding to its accessibility, Canara Bank boasts an extensive network of more than 8,800 ATMs, making banking services conveniently available to its customers.

9.IndusInd Bank

Induslnd Bank a relatively recent entrant into the banking arena, was founded in 1994 under the esteemed Hinduja Group. While it may not boast the largest market capitalization, its value stands impressively at Rs. 50,000 crores. What's truly remarkable is the bank's reach, powered by a widespread network comprising over 1,600 branches strategically positioned across the nation.

As of March 2020, IndusInd Bank has left no stone unturned in ensuring easy access to its services, with a substantial network of more than 2,500 ATMs spanning the entire country.This private sector commercial bank stands out as a new-generation financial institution, offering a diverse array of services that encompass foreign exchange, investment banking, capital marketsmarkets.

IDBI Bank

10. IDBI Bank (Industrial Development Bank of India):

Established in 1964 and headquartered in the bustling city of Mumbai, Maharashtra, IDBI Bank has a distinct mission. This mission was enshrined in an act of parliament with the purpose of providing essential credit services.

IDBI Bank stands as a notable institution owned by the Central Government, proudly holding the title of the 10th largest development bank worldwide. This financial giant orchestrates its operations through a network that spans over 1,900 branches, including one international branch in Dubai. Additionally, it boasts a wide-reaching network of more than 3,600 ATMs and CRMs, facilitating convenient banking experiences for its customers.In terms of financial prowess, IDBI Bank commands significant resources, with total assets amounting to an impressive Rs. 3.74 trillion. The bank's commitment to its mission is further reflected in its workforce, with around 18,000 dedicated employees serving customers across India.

Top 10 Commercial Banks In India In 2023

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