Backbone of the economy is served by the banking sector. When it comes to Indian Banking sector then it is very regulated by the RBI and the Indian government. If you are finding some information about top ten banks in India in terms of market capitalisation then this article is quite useful for you. We did a lot of research and found top ten Indian banks in 2021 which are not only top banks but also oldest and largest too.
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10. Bank of India
(Market Capitalization: Rs. 8056.01 crore) Bank of India was established in Mumbai by a group of businessmen in 1906 but it was fully nationalised in 1969. M O Rego is the CEO and managing director of the bank. Various products and services are offered by the banks such as, asset management, retail banking, private banking, commercial banking, etc. it has 3100 plus branches in India including overseas. “Relationship beyond banking” is the tagline of this bank. It also has its offices in around 18 countries such as, New York, London, Singapore, Paris, Hong Kong, Tokyo etc. BOI has 48 zonal offices in India.
9. Central bank of India
(Market Capitalization: Rs. 14486.03 crore) this is one of the largest bank in India that was by Sir Sorabji Pockhanawala in 1911. It was fully nationalised in 1969 by the government of India. CBI has a very strong network in India with has 5000 ATMs and over 4700 plus branches. Various products and services are offered by the banks such as, asset management, retail banking, private banking, commercial banking, etc. 42000 employees are working with it. Its headquarters of the bank is situated in Mumbai, India. On 2nd March 2016 CBI got approval from its board of directors for raising additional equity capital. Rajiv Rishi is the managing director and chairman of the bank. 7 regional banks are sponsored by the central bank of India.
8. Bank of Baroda
(Market Capitalization: Rs. 31900.96 crore) Bank of Baroda was established by the Maharaja Sayajirao Gaekwad III.Mr. P. S. Jayakumar in the year of 1908, he also serves as CEO. It has 100+ overseas branches while 5400+ branches are in India. Its head office is in Vadodara, Gujarat. It is also one of the largest banks in India which is known for its fast financial services. Banks conduct its business operation in 24 counties while it has a network of 8291 ATMs. Various products and services are offered by the banks such as, asset management, retail banking, private banking, commercial banking, etc.
7. Canara Bank
(Market Capitalization: Rs. 10471.56 crore) Canara Bank was established by the Ammembal Subba Rao Pai in the year of 1906. The bank has become one of the leading banks in the country. One of the most trusted bank in India where you can enjoy hassle free transactions. The bank was fully nationalized in 1969 by the Indian government. This is also one of the oldest banks in the country. In 1996 this bank got the ISO certificate. It deals in various products and services such as, asset management, retail banking, private banking, commercial banking etc. It has more than 2000 ATMs and 2700 plus branches in the country while in 1983 it has started its overseas operation. The bank has opened its first overseas branch in London.
6. Union Bank of India
(Market Capitalization: Rs. 13866.15 crore) Union Bank of India is the first bank which is inaugurated by the famous Indian personality mahatma Gandhi. It was established in November 1919 while fully nationalised in 1969 by the Indian government. It has 4 overseas branches while 4100 branches in India. It also has a very strong and wide network of ATMs which is more than 6909. Currently 36377 employees are employed by this large bank. It deals in retail banking operation, treasury operations, corporate wholesale banking as well as other banking operations. Arun Tiwari is the managing director and chairman of the bank.
5. Punjab national Bank
(Market Capitalization: Rs. 15158.99 crore) One of the oldest and largest bank in India. It was founded in May 1984 and its first office was opened in Anarkali Bazar, Lahore. This bank is founded by the famous Indian freedom fighter Lala Lajpat Rai with a mission to create a Swadeshi bank in the country. With the 20,000 Rs PNB has started its operation and later on it became one of the largest banks in the country. In 1969 it was nationalised by the government of India. Currently bank has its 4900 offices in the country. it has a very strong network with more than 9500 ATMs and more than 6300 branches including 9 overseas countries. More than 62000 employees are working in this bank. It also has a long list of customer’s base of 80 million of people. The head office of the bank is situated in the capital of India Delhi.
4. Axis bank
(Market Capitalization: Rs. 122468.25 crore) this is one of the fastest growing private sector bank in India. It deals in four main business segments such as, wholesale banking, retail banking, treasury banking, corporate banking and other banking operations. It’s headquarter is in Mumbai while registered office is in Ahmadabad, Gujarat, India. It has 3000 plus branches while with the 12922 ATMs it creates a very strong network in the country. 42,000 employees are employed by this bank while it has 8 overseas offices. The bank was established as UTI bank in 1993 but later on the name has been changed by the management which is now Axis bank. This bank is known for its fast and speedy services.
3. ICICI Bank
(Market Capitalization: Rs. 142316.29 crore) ICICI bank was founded by the ICICI group in 1994. It’s headquarter is situated in Mumbai, it has total 2000 branches in India while it also creates a very strong banking network with 5500 ATMs. Chanda Kochar is the CEO and managing director of the bank while Mr. MK Sharma is the chairman. In 2010 it acquired the bank of Rajasthan, currently bank possess its operations in 18 countries. More than 74,096 employees are employed by this bank. Go Green initiative program is conduct by the bank which aim to create awareness about the environment. It deals in various products and services such as, asset management, retail banking, private banking, commercial banking etc.
2. HDFC bank
(Market Capitalization: Rs. 298464.15 crore) HDFC bank was established by the Housing Finance development corporation limited on 30 August 1994. This is one of the largest private sector banks in India. It deals in various products and services such as, asset management, retail banking, private banking, commercial banking etc. HDFC has started its commercial banking operation in January 1995. Bank got the 7th ranked by the Forbes in terms of ten biggest consumer financial service firm. It has presence in 996 cities in India with more 7110 ATMs and total 2201 branches.
1. State Bank of India
(Market Capitalization: Rs. 154208.03 crore) Bank of Calcutta was founded in 1806 but its name replaced with state bank of India. SBI is India’s largest bank in terms of market capitalizations, branches, ATMs, offices, revenue generation. Recently it became the top merchant acquiring bank in India. It has operations in 36 countries. It deals in asset management, card services, investment banking, corporate and retail banking etc. Smt Arundhati Bhattacharya is the chairman of the bank and at the same time she is the first female chairman of SBI. She was ranked 36th by the Forbes for most powerful women in the world. 222,033 employees are employed by the state bank of India.
Above listed information is helpful in the context of banking in India. From the above information we got to know about the top ten banks in India according to market capitalization. At the same time we came to know about them in descending order which is a quite interesting thing. Above listed information is helpful for those people who want to acquire some knowledge about the Indian banks.