Want to know the top 10 Banks in India? The banking industry is the most important part of each country that handles finances including credit and debit. According to the Reserve Bank of India (RBI), banks are the central point or the institutional bodies that accept deposits and grant credits to the entities. Do you know how many best Government banks in India and private sector banks in India are playing a major of a country’s economic stature? RBI is the apex banking institution and it regulates the monetary policy of India. In this post, you’ll get to know what are the largest banks in India 2023 and its branches and list of merged banks in India.
Before get into more about the top 10 banks in India list, you must know what are the classification of banks in India. In general, the banks are classified into four major categories.
- Commercial Banks
- Small Finance Banks
- Payments Banks
- Co-operative Banks
India’s Banking and Financial Sector
According to the India Brand Equity Foundation (IBEF), the Indian banking system consists of
- 12 Public Sector Banks
- 22 Private Sector Banks
- 46 Foreign Banks
- 56 Regional Rural Banks
- 1485 Urban Cooperative Banks
- 96,000 Rural Cooperative banks
- Total number of ATM’s in India is 209,282 (as of November 2020)
- The Assets of public sector banks stood at Rs. 107.83 lakh crore (US$ 1.52 trillion) in FY20.
Which is Best Bank in India?
There are many factors playing in the banking sectors to know which are the best banks in India. The primary function or role of any bank is to get deposit and lend money to individuals and businesses who needs money. Across the world, the banks are considered to be a synonym of trust.
When people deposit the money in the bank, they will not worry about the safety of their money. They know that their money is safe in the bank as compared to anywhere in the world. The best of top banks in India help the people in putting their hard-earned money in the bank and it gives the interest of that amount. In general, people decide that which bank is the best in India is based on the interest they get from the banks.
Apart from the interests, banks provide many good services to its account holders like loans (house loan, car loan etc.), fixed deposit plans, credit and debit cards and more.
How Many Banks in India? (Top 10 Banks in India 2023)
Currently, 34 banks are functioning in India. 12 banks are public sector banks and 22 are private sector banks in India.
You’ll read more all about it with the complete list of banks in India in 2023.
Best Government Banks in India 2023 (Public Sector (PSU) Banks in India)
|List of PSU Banks / Government Banks in India||Branches||Number of ATMs||Headquarter|
|State Bank of India (SBI)||24000||58559||Mumbai|
|Punjab National Bank (With Merger of Oriental Bank of Commerce and United Bank of India)||11437||8985||New Delhi|
|Bank of Baroda (With Merger of Dena Bank & Vijaya Bank)||8581||10318||Vadodara|
|Canara Bank (With Merger of Syndicate Bank)||10391||12829||Bengaluru|
|Union Bank of India (With Merger of Andhra Bank and Corporation Bank)||9500||13300||Mumbai|
|Bank of India||5825||5000||Mumbai|
|Indian Bank (With Merger of Allahabad Bank)||6000+||6104||Chennai|
|Central Bank of India||2876||4666||Mumbai|
|Indian Overseas Bank||2995||3400||Chennai|
|Bank of Maharashtra||1860||1897||Pune|
|Punjab & Sindh Bank||1045||1554||New Delhi|
Top 10 Private Banks in India (2023)
|List of Private Banks||Number of Branches||Number of ATMs||Headquarter|
|Bandhan Bank||1000||485||Kolkata, West Bengal|
|Catholic Syrian Bank||426||290||Thrissur, Kerala|
|City Union Bank||600||1724||Thanjavur, Tamil Nadu|
|DCB Bank||323||4,99||Mumbai, Maharashtra|
|Dhanlaxmi Bank||269||3,46||Thrissur, Kerala|
|Federal Bank||1252||1598||Aluva, Kerala|
|HDFC Bank||4787||13514||Mumbai, Maharashtra|
|ICICI Bank||4882||15159||Mumbai, Maharashtra|
|IDBI Bank||1892||3693||Mumbai, Maharashtra|
|IDFC First Bank||301||216||Mumbai, Maharashtra|
|IndusInd Bank||1004||2662||Mumbai, Maharashtra|
|Jammu & Kashmir Bank||958||1322||Srinagar, Jammu and Kashmir|
|Karnataka Bank||835||1503||Mangaluru, Karnataka|
|Karur Vysya Bank||668||1641||Karur, Tamil Nadu|
|Kotak Mahindra Bank||1369||2429||Mumbai, Maharashtra|
|Lakshmi Vilas Bank||570||1045||Chennai, Tamil Nadu|
|Nainital Bank||135||–||Nainital, Uttarakhand|
|RBL Bank||342||–||Mumbai, Maharashtra|
|South Indian Bank||852||1393||Thrissur, Kerala|
|Tamilnadu Mercantile Bank Limited||509||1156||Thoothukudi, Tamil Nadu|
|Yes Bank||1050||1305||Mumbai, Maharashtra|
Top 10 Nationalized Banks In India 2023
Here is the list of top 10 government banks in India.
Top 10 Private Banks in India 2023
We’ve listed below the list of best private banks India in 2023.
Nowadays, most of the banks provide customer support through WhatsApp. You can use WhatsApp Web to contact your bank through your desktop or laptop.
List of public-sector banks in India 2023
List of private sector banks in India 2023
Final Thoughts on Best and Largest Banks in India
So, these are the list of best banks in India. However, choosing the best bank that’s right for you, along with ATM usage, your money habits, online banking and other banking needs, investment, low account balances, deposits, credit cards and more.
It’s very important to have a brick and mortar bank branch in your close proximity ( even if you do all your bank transactions online).
Tell me in the comment’s section, Which bank is best in India today?