India has a strong banking and financial sector. The Indian banking system consists of 21 private sector banks, 27 public sector banks, 49 foreign banks, 56 regional rural banks, 1,562 urban cooperative banks and 94,384 rural cooperative banks, in addition to cooperative credit institutions as of October 2018, according to India Brand Equity Foundation (IBEF). It was found that the total deposits in the Indian banks increased at a CAGR of 11.66%, while lending increased at a CAGR of 10.94%, for the financial year FY17-18.
India has made significant progress towards financial inclusion in recent years, as recognised by the World Bank. It was found that of the of the 51.4 crore bank accounts opened across the world in 2014-17, a commendable 55% were in India. In India, the number of adult bank account holders has significantly increased, reaching 80% in 2017, from 53% in 2014. This was the result of the Indian government’s successful implementation of the Jan Dhan Yojana campaign that brought a large number of Indians into the formal banking system.
In March 2017, Jan Dhan account holders totalled 28.17 crore, which rose 31.44% by March 2018, according to government data published by Business Today in April 2018.
India is making its way towards complete digitization of financial transactions. In this process, the involvement of banks has been and will be instrumental. When someone decides to open a bank account, they look for some of the major features to make their banking experience blissful, while ensuring that all their hard earned money is in safe custody.
There are many factors customers consider when deciding whether a bank is good or not. Here are some of the practical considerations of the modern consumer:
- A great reputation for withstanding economic downturns
- Easily accessible brick and mortar branches
- No/low minimum balance requirements
- An extensive network of ATMs
- Great customer service
- Free bill payment
- Smooth online banking
- Competitive rate of interest
- Free checks
- Availability of credit and loans
Based on these features I have created a list of some largest banks in the country that offer all or most of the conveniences and facilities mentioned above.
1. HDFC Bank
The Housing Development Finance Corporation or HDFC is a reputed private bank, offering services in India since 1994. Just like many others, this bank too is headquartered in Mumbai. As of March 31, 2018, HDFC had more than 88,000 permanent employees.
The bank has nearly 4,800 branches and more than 12,000 ATMs spread across major parts of the country.
Other than savings account, HDFC offers personal loans, credit cards, car loans, consumer financial services and forex cards.
HDFC has grown to become a prominent choice for opening salary accounts. In terms of the best bank in the private financial division, HDFC runs neck-to-neck with ICICI. Best Credit Cards from HDFC Bank and HDFC NRI Services Review.
2. Axis Bank
The third largest private sector bank in India, Axis Bank was founded in 1993 in Ahmedabad as a part of the financial services offered by the Unit Trust of India (UTI).
In 2007, the name was changed to Axis Bank. It offers consumer banking, corporate banking, credit cards, finance and insurance, investment banking, private equity, mortgage loans, wealth management and more.
The main products and services include savings accounts, credit cards, fixed deposits and personal loans, which can be accessed and operated online too.
The bank has more than 13,000 ATMs and over 3,000 branches in India.
3. IDFC Bank
Ever since IDFC has become IDFC First Bank, their services have taken a hit. Good customer service was the ONLY thing this bank could promise and looks like it’s gone to the dogs now.
To give you an example, when it was IDFC Bank (pre-acquisition) you could dial in to their customer support and there would be no IVR, and get connected directly to a support agent who would know who you are (provided you are calling from the registered mobile number).
4. State Bank Of India
Thinking of an establishing banking institution in India, the first name that comes to mind for most people is State Bank of India or SBI.
State Bank of India is a government-owned bank, headquartered in Mumbai, Maharashtra. It was founded on June 2, 1806 and is one of the oldest banks in India.
The bank offers a wide range of services, including corporate banking, consumer banking, investment banking, finance and insurance, credit cards, home loans, car loans, mortgage loans, private banking, savings, securities, private equity, wealth management and asset management.
SBI serves a worldwide audience, with a strong presence both in India and internationally. It has more than 18,000 branches in the country alone.
In comparison with other banks in India, SBI has a wider reach among Indian households. This bank is touted as one of the safest banks. Generations of many families have been putting their money and trust in SBI. Despite the interest rates being lower than many multinational banks, SBI’s popularity has not dimmed.
SBI has also made prominent contributions to the 2014 Pradhan Mantri Jan Dhan Yojana for financial inclusion and helped open a large number of accounts.
5. Bank Of Baroda
Bank of Baroda is another state-own banking and financial service in India. It is headquartered in Baroda, (now Vadodara), in Gujarat, with its corporate office in Mumbai.
In July 1906, Maharaja Sayajirao Gaekwad III, the then Maharaja of Baroda, founded this bank. On July 19, 1969, Bank of Baroda was nationalized by the Indian government, after which the bank came under the category of a PSU (profit-making public sector undertaking).
As of July 2017, Bank of Baroda boasts a network of 5,538 branches and more than 10,000 ATMs in the country and abroad.
6. Punjab National Bank
PNB Offering a wide range of services, including savings account, loans and credit cards, Punjab National Bank or PNB can be a one-stop destination for all your banking needs.
It is a state-owned, Indian multinational banking and financial services company, headquartered in New Delhi.
The bank offers internet banking, mobile banking and SMS banking. Unfortunately, the bank has seen some really hard times after the February 2018 Nirav Modi fraudulent loans case.
However, the bank still managed to make a prominent contribution to the digital India initiative.
According to recent findings by the Department of Financial Services, PNB is ranked as the #1 PSU bank in digital transactions in India, says an article by The Economic Times.
7. ICICI Bank
ICICI is another very popular private bank in India. Its wide range of banking products and financial services are designed to suit the needs of both retail and corporate customers in the country. In 2014, ICICI gained the second position among banks with the highest assets and third position in terms of market capitalization.
ICICI has a presence in 18 countries across the world, apart from India.
It was founded by the Industrial Credit and Investment Corporation of India in June 1994 in Vadodara.
The bank operates through more than 8,700 branches and over 14,000 ATMs spread across major parts of the country.
Its subsidiaries specialize in life insurance, non-life insurance, investment banking, asset management and venture capital funding.
ICICI’s online investment and personal banking services add to its popularity.
8. Canara Bank
One of the largest and the oldest public banks, Canara Bank was established by Ammembal Subba Rao Pai in Mangalore in 1906.
This government bank is headquarters in Bangaluru. It was nationalised by the government of India in 1969.
Consumer banking, commercial banking, retail banking, investment banking, private banking, mortgage, credit cards, asset management and pensions are some of the major products and services offered by Canara Bank. It offers a seamless experience to its customers through its easy-to-use net banking services.
9. IDBI Bank
Industrial Development Bank of India or IDBI is a public sector bank, founded in July 1964 to finance large industries, as a special act of Parliament.
The bank is headquartered in Mumbai. IDBI can be a convenient choice for corporate banking, consumer banking, investment banking, finance and insurance, private banking, mortgage loans, private equity and agriculture loans. The bank offers a wide range of credit card and hassle-free loan options.
IDBI has also been making major contributions to the Digital India campaign, allowing most transactions to be made online.
10. Bank Of India
One of the top five nationalized banks, Bank of India (BOI) is a commercial bank founded in 1906. This government-owned bank is also headquartered in Mumbai.
The bank offers the convenience of mobile banking and online payments. As of the beginning of 2017, BOI has more than 5,000 branches throughout the country.
The bank was setup with the aim of serving all Indian communities.
11. Kotak Mahindra Bank
One of the most trusted private financial institutions in India, Kotak Mahindra Bank was founded in 1985. The bank is once again headquartered in Mumbai.
It has more than 2,000 ATMs and 1,300 branches across the country. The bank offers a wide range of banking and financial services, including personal banking, investment banking, life insurance, general insurance and wealth management.
The bank is highly popular for its various savings accounts, designed to meet the unique needs of different customers.
No comments:
Post a Comment