ICICI bank started in 1994, and its registered office is in Vadodara, Gujarat. As its total consolidated assets were Rs.14.76 trillion in 2020. ICICI has a large network of branches nationwide; they have 5288 branches and ATMs across the country and total employees of more than people in the country. ICICI bank offers services to the customers via several delivery channels and its group companies. The public sector banks also known as government banks enjoy a larger customer base than private sector banks. Axis Bank is the third-largest private sector bank of our country.
They give a big variety of financial products and services that includes wholesale & retail banking, all type of loans, treasury, and credit cards to its customers. Their banking network is also huge; globally, they have more than 5430 branches and ATMs. One of the fastest-growing private banks in the nation, Yes Bank, enjoyed a revenue of Rs. 25,423 crores in the previous year. The bank boasts of over 1,000 branches across the country, complemented by 1,800 ATMs. It was among the first banks in India to offer all products digitally and among the best private banks in India.
Which important sectoral indices should one track?
The functions of the Reserve Bank of India also include maintaining the reserves and banking accounts of all the scheduled banks and thus acting as a banker to the banks. New Private Banks are those which have emerged after liberalization in 1990s. These banks have reformed the economical & financial sector of India. There were certain rules and policies made before any private bank is made in the country. Any new bank which has to be created need to abide by the regulations as set by the Banking regulation act.
Earlier, the entire banking sector was under the regulation of RBI. Scheduled and non-scheduled banks, commercial banks, public sector banks, private sector banks, foreign banks, payments banks, small finance banks, etc., are the different types of banks in India. Apart from this, the bank bank in India also provide various kinds of banking services such as loan facilities, fixed deposit schemes, debit & credit card facilities, etc. Currently, there are a total of 34 nationalized banks in India of which 12 are Indian government banks and the rest 22 are private sector banks.
A. In the government banks in India list 2023, the bank that holds the No 3 position is the Bank of Baroda. A. State Bank of India tops the list of nationalised banks in India 2023. Here we have added the details of government banks in India list 2023 in this article.
list of private banks in india banks are those banks that are included in the second schedule of the RBI Act, 1934, while the non-scheduled banks are not listed in the second schedule of the RBI Act, 1934. The company’s operating segment includes Treasury operations, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations. The headquarter of Karnataka bank is located in Mangluru Karnataka. A short-term personal loan is a great way to manage a sudden, necessary expense. As of April 2022, HDFC Bank was the richest private bank in India with total assets over 20 trillion Indian rupees. These banks are registered under the Companies Act of 2013 as public limited companies.
Loans are made available by the banking industry to both commercial and agricultural businesses. SBI, HDFC, ICICI are the three largest banks in India that are considered as the safest bank in India as they have been declared too large by the RBI to fail. Here in our list HDFC Bank comes in the top position of best banks in India on the basis of customer satisfaction and branch availability. Learn from a team of serial entrepreneurs, business experts, and corporate professionals who have made efforts in their journey to success.
J&K bank is a pretty old bank that was established back in 1938. The headquartered of J&K bank is located in Srinagar, Jammu, and Kashmir. The headquarter of Federal Bank is located in Aluva, Kerala, Federal Bank consists of a banking network of over 1272 branches in the nation.
They adhere to the rules and regulations laid down by the RBI. It provides the parameters, policies, and guidelines of banking operations that are to be followed by all the banking and financial institutions in the country. Commercial banks pay interest on deposits, and the amount is dependent on the kind of account. With over 233 global offices spread across 36 countries, SBI has a commendable international presence and a 23% market share in India. Banking in India has now increased very much compared to previous years. After the demonetization scheme and Jan Dhan Scheme in the year of 2016 the banking industry has changed significantly in past years.
Best Books for Banking Examination 2022
The Government of India has boosted the banking sector in very fast way. In fact, their tagline itself is “We understand your world,” and they completely abide by it by offering great services. HDFC is one of the top-performing banks, and it comes under the listing of the 100 most valuable brands across the world. The lessons we provide to businesses are curated to match their needs, preferences, and operations.
It is one of the oldest private banks and is the first Kerela-based Bank to implement Core Banking System. They provide a plethora of financial services to retail customers, small businesses, and corporate. We hope the above article on types of banks in India will be helpful for the aspirants of various competitive examinations. Testbook provides more such notes, NCERT summaries, current affairs lists, and much more. Ace your UPSC preparation with our UPSC Online Coaching, and download the Testbook App now to check out various other topics relevant to the UPSC IAS Exam.
Lakshmi Vilas Bank
Santhanam Iyer, S. Krishna Iyer, and V. Krishnaswami Iyengar. This bank in India is one of the most customer-focused and service-driven banks that cater to the employment needs of more than Indians. The bank was started in 1994, with its headquarters based in Mumbai, Maharashtra. It’s important to research and understand the industries and companies included in each sectoral index to make informed investment decisions. Here are the latest stock price details of India’s top Banks Private Sector stocks. For more detailed updates, read our Banks Private Sector report and check the latest Banks Private Sector results.
Bangalore has a pride of place for having the first branch inception in the year 1934. The financial services that DCB bank offers to its customers are retail, micro-SME, SME, mid-corporate, government, public sector, Indian banks, co-operative banks, agriculture, commodities, and NBFC. It was formerly known as the Catholic Syrian Bank and is one of India’s oldest private sector banks as it was established in November 1920. People in Maharashtra and Southern India prefer opening their accounts in CSB Bank because of the credibility and reputation they have maintained. The total market share of private sector banks in the Indian banking system is 19.7%. Being one of the premier best bank in India, Indian Bank is the seventh-largest PSU Bank in the country.
India’s All Bank List: Government Banks in India Before Merger (Public Sector Banks)
We believe you now have a good understanding of India’s top 10 banks. As of January 23, 2023, the Industrial Credit and Investment Corporation of India, better known as ICICI Bank, had a market value of Rs. 6.08 trillion. It ranks third among the leading banks in India in terms of size.
Post Independence, several privately owned banks in the country were nationalized and made public sector banks. These banks cover about 72.9% of the total banking business in the country. The primary functions of commercial banks include accepting deposits and credit cash and providing loans and advances to entrepreneurs and business organizations. These are considered secondary functions of commercial banks.
- They understand the customer’s needs pretty well and ensure to deliver remarkable financial solutions and excellent customer services.
- How can one rate ICICI Bank the safest Bank with 6% Gross NPA, I think all along NPA is it’s weakness though it has improved lately.
- In public sector banks, the majority of stakes are held by the government while in private sector banks, the majority stakes are held by shareholders of the bank.
- And the best thing about this is that among all the customers, 30 lakh customers are from rural areas.
- Being one of the premier best bank in India, Indian Bank is the seventh-largest PSU Bank in the country.
- The banking system was introduced in India during the British Era.
One of the reasons that makes Axis Bank one of the best bank in India in the private sector, is the largest number of ATM networks across the country. After ICICI and HDFC Bank, if there is one bank that is the most preferred bank among the customers, it is Axis Bank. Some of their most preferred products are in categories like home loans, retail banking, corporate banking, mortgage loans, wealth management, etc.
Public banks have a broader customer base due to its exceptional reach and trustworthy services. The scope and reach of public banks is broader than that of the banks. But, the former does not provide attractive customer service options.
- Some of them are home loan products, retail loans to consumers, credit card services, insurance, mutual fund services, etc.
- In this article, we have provided the complete list of all private sector banks in India.
- The primary functions of commercial banks include accepting deposits and credit cash and providing loans and advances to entrepreneurs and business organizations.
- Banks also provide miscellaneous functions such as overdraft facility, locker facility, and ATM facilities.
HDFC bank is currently placed as the largest bank of India in terms of asset values and market capitalization. Do you know that one of the top banks in India – IndusInd Bank’s name draws its name and inspiration from Indus Valley Civilization which is one of the greatest ancient cultures in the world? Well, now you know this fact and you must be understanding the facts behind the excellence of IndusInd Bank. With the promise of being an amazing business and banking partner to its clients, IndusInd Bank provides a range of services that help in fulfilling its promises. The services include Loans, Deposits, Accounts, Insurance, Investments, etc.
In public sector banks, the majority of stakes are held by the government while in private sector banks, the majority stakes are held by shareholders of the bank. The above-mentioned list of private sector banks and public sector banks changes from time to time. As and when there’s a change in the list, the same will be notified here.
You may be doing great online, but it’s always better to learn more about things better. Learning experiences provided by us are enjoyable and beneficial at the same time. P. Hinduja in 1994, the bank has a rich banking network spread across 760 regions of India. The bank was initiated primarily to focus on the needs of NRI residents, but later on, they expanded the spectrum of their products, aiming at different classes. Formerly known as Kumbakonam Bank Limited, this Indian bank was established in 1904 by three prominent figures – R.
Initially, the Indian bank sector was dominated by the Public Sector banks, but after the 1990s, private sector banks came into existence and have grown immensely. It was one of the first to get ‘in principle’ clearance to open a bank in the private sector. It was among the first to receive in-principle approval from the RBI to set up a bank in the private sector, as a part of RBI’s liberalization of the Indian Banking Industry in 1994. Founded in the year 1931 as Travancore Federal Bank, the present-day Federal Bank is headquartered in Kochi, Kerala.