A bank takes public deposits at a significantly lower rate, known as the deposit rate, and lends money at a much higher rate, known as the lending rate. Although banks’ basic responsibilities are essentially the same, the sorts of people with whom each sector or type deals may vary. In this article, we will share with you List of Public and Private banks in India.
There are 34 banks in India, including 12 public sector banks and 22 private sector banks. Banks have supported the country’s economic development by encouraging citizens to save. Let us explore the various types of banks in India.
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The Main Function of Banks in India:
- Accepting deposits
- Lending loans and advances
- Transfer of funds
- Credit deposits
- Foreign exchange services
There Are Different Types of Banks in India:
- Commercial Banks
- Cooperative Banks
- Small Finance Banks
- Payments Banks
List of Top Public and Private Banks in India 2022
The Reserve Bank of India (RBI) is India’s banking regulatory authority, founded by the RBI Act of 1934.
There are two categories of banks in India: scheduled and non-scheduled. Non-scheduled banks are those banks that are not included in the second schedule of the RBI Act, 1934, whereas scheduled banks are those banks that are listed in the second schedule of the RBI Act, 1934.
Commercial banks are divided into different categories, based on their ownership: private sector and public sector banks, as well as regional rural banks and foreign banks. The list of public sector banks and private banks in India may also be listed in the following list.
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List of Public Sector Banks
The term “public sector banks” refers to banks in which the government owns the majority stake. The Indian government holds default shares of at least 51%, while management control is completely in the hands of the central government, classifying them as Public Sector Banks.
The State Bank of India and its Associates, Nationalised Banks (including the Industrial Development Bank of India Ltd (IDBI) from December 2004), and Regional Rural Banks are all public sector banks.
State Bank of India (SBI):
This bank has a 200-year legacy, making it one of India’s most trustworthy banking firms. It belongs to the Fortune 500 and controls 23% of India’s total market assets.
It has a wide network of about 22000 branches, 66000 BC outlets, and 58500 ATMs that serve moreover 44 crore customers. It is India’s largest public sector bank, with 14% of all loans and deposits. By providing simple, responsive, and creative financial solutions, they hope to become the preferred choice for re-building India.
Punjab National Bank:
It is the first Swadeshi Bank in India, established on April 12, 1985, in Lahore. It has grown into one of India’s major bank, having combined with Oriental Bank of Commerce and the United Bank of India to become the nation’s second-largest public sector bank.
The basic motive for establishing this bank was nationalism, and it was the first bank exclusively run by Indians at the time. It has greatly extended its business and branch network, today having 10925 branches, 12346 BC outlets, and 13914 ATMs.
It provides a variety of financial services, including deposits, loans, mutual funds, agro banking, and more.
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Union Bank of India:
It has provided excellent service, ensuring that customers are happy and satisfied. Consumer banking, business banking, mortgage loans, investment banking, and other financial services are available.
It is a major public sector bank with a share capital of 89.07 percent. They are serving employ more than 75000 people in the country and around 120 million customers. Union Bank of India operates 9500 bank branches, 11700 BC outlets, and 13300 ATMs throughout India.
The oldest bank in the public sector is Canara Bank. After it merged with Syndicate Bank, it has recently become the nation’s fourth-largest bank. They presently have a total of 10491 branches and 12973 ATMs.Canara Bank has around 10.90 crore customers that are entirely happy with the bank’s services.
They generally provide services in four categories: retail banking operations, treasury operations, wholesale banking operations, and other banking activities.
Bank of Baroda:
It is one of the top banks in India because all of the services they give are outstanding, and they strive for success in all they do.
Loans, fixed deposits, mutual funds, insurance, and a variety of other services are some of the services they provide. India’s International Bank is another name for the Bank of Baroda.
It now has 8581 branches, 168 controlling offices, and 13400 ATMs, with a total customer base of around 127 million.
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Bank of India:
It was established on September 7, 1906, in Mumbai by a group of businessmen. This was a private bank that was nationalized in 1969 with 13 other banks.
They have consistently put its best foot forward in offering outstanding service to its consumers since its start. Credit cards, insurance, personal loans, auto loans, and house loans are some of Bank of India’s main services.
They have approximately 5000 branches and 1727 ATMs located around the country. You’ll be happy to learn that they also have a presence in 18 other countries.
Central Bank of India:
This public sector bank has branches in all 29 Indian states as well as 6 out of 7 union territories in India. Apart from this remarkable achievement, the Central Bank of India was the first commercial bank in the world to be entirely administered and owned by Indians. Individuals, both salaried and self-employed, can use this Indian government bank for financial services.
Loans, credit cards, remittance facilities, MSME, special agriculture loan schemes, and much more are among the key services they provide. Across the country, they have 4685 bank branches and 4886 ATMs.
It was established on 5 March 1907. They provide a variety of depository systems to their customers to meet the needs of both individuals and businesses.
It is India’s seventh-largest public sector bank, with 6089 branches, 1494 BNAs, and 5022 ATMs. It recently merged with Allahabad Bank, boosting its market position. You’d be surprised to learn that they established international branches in Colombo in 1932 and Singapore in 1941.
Indian Overseas Bank:
Because of the excellent banking product and trust it delivers to its customers, Indian Overseas Bank occupies a significant position. Indian Overseas was established in 1932 with the primary goal of becoming a world leader in the Foreign Exchange Business.
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UCO Bank was established in 1943 as a commercial bank and a government-owned company. The government of India and the Reserve Bank of India have representatives on all of their boards of directors.
They aspire to be the most admired and trusted bank in the country, and they make it a point to provide world-class services to all of their customers to achieve this goal. They provide loans, credit cards, insurance, education funds, mutual funds, and a variety of other services.
In all, they have 3078 branches and 2564 ATMs in 32 states and territories.
List of Private Sector Banks
Individuals and companies own the bulk of these institutions. Banks were nationalized in India in two parts, in 1969 and 1980. The Reserve Bank of India (RBI), which regulates all of India’s banking institutions, allowed various new commercial banks to open in 1993.
Private sector banks are seen as the banks of the future, offering innovative products, improved IT support systems, and competitive pricing. There were 22 private sector banks in India.
Due to its huge banking network, HDFC Bank is India’s most well-known bank. In terms of assets, it is without a doubt the country’s largest bank.They provide outstanding services to their customers in the fields of wholesale and retail banking, treasury, loans, and credit cards.
It is the most important component of Bank Nifty. They have 5608 branches and 16087 ATMs all around the country. The HDFC branches are all connected online in real-time, which makes them unique.
The bank is a worldwide banking and financial company based in Mumbai, Maharashtra, India, with its registered office in Vadodara, Gujarat.
In 2000, ICICI Bank became the first Indian bank to list on the NYSE, with a 5 million American Depository Shares offering that was 13 times oversubscribed. It has 4,850 branches and 14,404 ATMs in India and is active in 19 countries across the world.
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Axis Bank is an excellent Indian financial services bank that was established on December 3, 1993. It was formerly known as UTI Bank before changing its name to Axis Bank in 2007. Its headquarters are in the financial capital of the country (Mumbai).
Axis Bank primarily services retail companies, SMEs, moderate institutions, and large-scale enterprises. It has a good network of around 4530 branches. Axis Capital Ltd., Axis Finance Ltd., Axis Securities Ltd., and others are among its subsidiaries in India and worldwide. The bank bought a digital company called ‘Freecharge’ in 2017.
Kotak Mahindra Bank:
According to market capitalization, Kotak Mahindra Bank is India’s fifth-largest private-sector bank. Uday Kotak launched it in 1985.
The bank employs 71,000 people across the country and has 1,600 branches in 689 locations, as well as 2,519 ATMs. In 2015, it merged with ING Vyasa Bank for a value of Rs 15,000 crore (US$2.3 billion).
It is India’s sixth biggest private sector bank with 1120 bank branches and 1450 ATMs. Yes, the bank was founded in 2014. And it has performed admirably in terms of service and transaction security.
This bank’s headquarters is in Mumbai, Maharashtra. Yes Bank has an IBU in GIFT City as well as an Abu Dhabi Representative Office.
Loans, credit cards, banking, mutual funds, merchant banking, investment banking, and other services are available. Their goal is to become one of India’s best major banks, and they’re working hard to make that happen.
This bank was established in 1964. It has 1892 bank branches and 3683 ATMs in its network. It was started to provide long-term credit facilities to industry and agriculture. In 2006, the bank only made one purchase. It increased its branch network after acquiring Union Western Bank.
This bank was inspired by the Indus Valley Civilization. It is recognized as India’s premier bank. The IndusInd Bank’s headquarters are in Mumbai, India’s financial capital.
P. Hinduja founded the bank in 1994, and it now has a large banking network covering 760 districts across India. The banks started by focusing on the requirements of NRI residents, but as time passed on, they expanded their product offerings to provide a broad range of customers.
They are the final category of banks that make up a major portion of the commercial banking industry. They are based outside of India and control the country through wholly-owned subsidiaries or branches. Royal Bank of Scotland, Bank of America, Barclays Banks, Deutsche Bank, and others are among the foreign banks.
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