10 best banks in India
While all the 10 banks are 'large banks' (balance sheet size greater tha Rs 50,000 crore), rankings of medium and small banks are also being mentioned to give the presentation a complete picture.
Rank 1: Axis Bank
Formerly UTI Bank, Axis Bank is a financial services firm that began operations in 1994, after the Government of India allowed new private banks to be established.
The bank was promoted jointly by the Administrator of the Specified Undertaking of the Unit Trust of India, Life Insurance Corporation of India, General Insurance Corporation, National Insurance Company, The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance.
The bank changed its name to Axis Bank in April 2007 to avoid confusion.
The bank's registered office is at Ahmedabad and its central office is located at Mumbai.
At the end of September 2010, the bank has a very wide network of more than 1,095 branches and over 4,846 ATMs.
The BT-KPMG study ranks Axix Bank as the best bank in India based on the 26 pre-determined parameters.
Rank 2: Punjab National Bank
Punjab National Bank is the third largest bank in India.
It was registered on May 19, 1894 under the Indian Companies Act with its office in Anarkali Bazaar, Lahore.
Today, the bank is the second largest state owned commercial bank in India with about 5,000 branches across 764 cities.
PNB has a banking subsidiary in the UK, as well as branches in Hong Kong, Dubai and Kabul, and representative offices in Almaty, Dubai, Oslo, and Shanghai.
Rank 3: HDFC Bank
HDFC Bank is a major Indian financial services company incorporated in August 1994, after the Reserve Bank of India allowed establishing private sector banks.
The bank was promoted by the Housing Development Finance Corporation.
HDFC Bank has over 1,725 branches and 4,232 ATMs, in 779 cities in India, and all branches of the bank are linked on an online real-time basis.
Rank 4: Bank of Baroda
Bank of Baroda is the third largest bank in India, after the State Bank of India and the Punjab National Bank and ahead of ICICI Bank.
BoB has a network of over 3,000 branches and offices, and about 1,100 ATMs.
As of August 2010, the bank has 78 branches abroad and by the end of FY11 this number should climb to 90.
In 2010, BOB opened a branch in Auckland, New Zealand, and its tenth branch in the United Kingdom.
The Maharajah of Baroda, Sir Sayajirao Gaekwad III, founded the bank on July 20, 1908 in the princely state of Baroda, in Gujarat.
The bank, along with 13 other major commercial banks of India, was nationalised on July 19, 1969, by the Government of India.
Rank 5: Corporation Bank
Nationalised in 1980, Corporation Bank was the second public sector bank in the country to enter capital market.
Its IPO in 1997 was over-subscribed by 13 times. The bank has many 'firsts' to its credit -- cash management services, gold banking, m-Commerce, etc.
CorpBank prides itself on maintaining highest standards of service backed by innovative products.
Rank 6: Andhra Bank
Andhra Bank was founded by the eminent freedom fighter and a multifaceted genius, Dr Bhogaraju Pattabhi Sitaramayya.
The bank was registered on November 20, 1923 and commenced business on November 28 the same year with a paid up capital of Rs 100,000 and an authorised capital of Rs 10 lakh (Rs 1 million).
It has 1,611 branches in India, and two outside the country.
Rank 7: Indian Bank
A premier bank owned by the Government of India, Indian Bank was established on August 15, 1907 as part of the Swadeshi movement.
Today it serves the nation with a team of over 19,000 dedicated staff.
Total business crossed Rs 167,980 crore (Rs 1,679.8 billion) as on 30.09.2010.
It has overseas branches in Singapore and Colombo including a foreign currency banking unit at Colombo.
Rank 8: Allahabad Bank
This bank was founded on April 24, 1865, by a group of Europeans at Allahabad.
In 1923, the head office of the bank shifted to Calcutta (now Kolkata).
On July 19, 1969 it was nationalised along with 13 other banks.
In October, 2002, the bank came out with an initial public offer 10 crore share of face value Rs 10 each, reducing government shareholding to 71.16 per cent.
In February, 2007, the bank opened its first overseas branch at Hong Kong.
Rank 9: State Bank of Hyderabad
It was established in 1942, during the reign of the last Nizam of Hyderabad, Mir Osman Ali Khan.
The bank also managed the Osmania Sicca, the currency of Hyderabad state, which had the distinction of having its own currency during British rule.
In 1956, the bank absorbed, by merger, the Mercantile Bank of Hyderabad, which Raja Pannalal Pitti had founded in 1935.
Hyderabad State Bank was renamed State Bank of Hyderabad in 1956, and its entire share capital was vested with the Reserve Bank of India.
Later, after the Subsidiary Banks Act was passed in 1959, it and the other banks of the princely states became subsidiaries of SBI.
SBH was the first subsidiary of State Bank of India.
Rank 10: Canara Bank
Founded as Canara Bank Hindu Permanent Fund in 1906, by late Ammembal Subba Rao Pai, a philanthropist, it blossomed into a limited company as Canara Bank Ltd in 1910.
It became Canara Bank in 1969 after nationalisation.
In 2009-10, the bank's aggregate business crossed Rs 400,000 crore mark.
Net profit of the bank crossed Rs 3000 crore (Rs 30 billion).
The bank's branch network crossed the 3,000 mark.
Source - Rediff
(Updated - 12 Feb 2011)
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