India has a population of 125 crores, and it is important to have an excellent economic planning. India is well known for the strong financial and banking sector that it has. The banking sector has largely influenced the economy of the country.
A number of major reforms of the banks took place, and the most important reform was in the year 1991. Since then, almost the whole banking system has changed. Banks are considered to be one of the most influential industries in India. There are many banks in India where not only the Indians invest, but certain foreign countries also make the investments. All the banks are ruled by the Reserve Bank India. We have now started to move towards the complete digitization of the transactions.
Given below are the list of the ten largest banks in India by market capitalization in 2017-2018.
10. Punjab and Sind Bank (Market cap: 1962.01 cr)
Punjab and Sind Bank is owned by the government of India. The bank has its headquarters in New Delhi. There are as many as 1466 branches all over the country, of which 623 branches are located in the state of Punjab. The net profit of the bank is around 121.35 crores. The operating profit of Punjab and Sind Bank was 775.45 crores for the year end 2014-15. The market capitalization of the bank is 1962.01 crores.
9. United Bank (Market cap: 2537.73 cr)
The United Bank of India is also owned by the government of India. The bank has its headquarters in Kolkata. The bank is famous for the organizational setup which is three tiered. The head office is in Kolkata, and there are around 35 regional offices and almost 2005 branches all over the country. The major presence of the bank is in North India. There are three main overseas banks which are located in New Delhi, Mumbai, and Kolkata. The bank now aims to start with the international activities. The market capitalization of the bank is 2537.73 cr.
8. Allahabad Bank (Market cap: 5157.49 cr)
Allahabad is a national bank which has its headquarters in Kolkata. This bank is the oldest joint stock bank in India. The bank completed 150 years of establishment in the year 2014. This bank was founded in the city of Allahabad in the year 1865. There are around 2500 branches of the bank all over India. The branch is also known to have a branch in Hong Kong and Shenzhen, there is also a representative office of the bank. The market capitalization of the bank is 5157.49 cr.
7. Indian Overseas Bank (Market Cap: 5559.96 cr)
Indian Overseas Bank is one of the major banks that has its base in Chennai. The bank has as many as 3700 branches, and there are 1150 branches in the city of Tamil Nadu. There are also eight branches that are situated overseas. This bank has managed to achieve the networking status of 100% along with 100% CBS for the branches. The bank also has a network of 3300 ATMs spread across the country. The bank has branches in places like Colombo, Singapore, Bangkok, and Seoul. The Indian Overseas Bank has a market capitalization of 5559.96 crores.
6. IDBI Bank (Market Cap: 11,450.80 cr)
The IDBI bank is owned by the Indian government, and it is the top financial service providing company. The bank is also known as the Industrial Development Bank of India. It has its headquarters in Mumbai. The bank was established in the year 1964 by the Parliament Act. The bank is owned by the central government of India. This bank ranks the tenth among all the development banks all over the world. The market capitalization of the bank is 11,450.80 cr.
5. Indian Bank (Market cap: 13,966.88 cr)
The Indian bank is a bank that is owned by the state, and it provides financial services. The company was established in 1907, and it has its headquarters in the city of Chennai. The bank has around twenty thousand employees. There are 2594 branches spread across the country. This bank is undoubtedly the best performing bank of India. The bank has branches outside India which include Jaffna and Colombo. The Indian Government owns the bank since the year 1969. The market capitalization of the Indian Bank is 13,966.88 crores.
4. Bank of India (Market cap: 17,045.62 cr)
The Bank of India is one of the top commercial banks in India with the headquarters located in Mumbai. The bank was founded in 1906. Though it is owned by the Indian government, there are a few branches that are owned individually. The bank has around 5100 branches which include fifty-six branches outside the country. The market capitalization of the bank is 17,045.62 crores.
3. Punjab National Bank (Market cap: 30,717 cr)
Punjab National Bank is one of the top most Indian multinational organization that provides financial and banking services. The bank is state owned, and it has its base in New Delhi. The bank was established in the year 1894. Punjab National Bank has 6937 branches all over India, and there are around 10681 ATMs. The market capitalization of the bank is 30,717 crores.
2. Bank of Baroda (Market cap: 31,953.52 cr)
The Bank of Baroda is owned by the state, and it is one of the best international financial and banking services that has its headquarters in Vadodara. The bank also has a corporate office in the city of Mumbai. This bank was nationalized by the Indian Government in the year 1969. The bank has a market capitalization of 31,953 crores.
1. State Bank of India (Market cap: 239,712.04 cr)
The State Bank of India is the top most multinational banks of India. The corporation is owned by the Indian Government, and the bank has the headquarters in Mumbai. The State Bank of India will be entering the league of the fifty banks that have the balance sheet of thirty-three trillion. There are around 24,000 branches along with 59,000 ATMs. The State Bank of India has the highest market capitalization of 239,712 crores.
All the banks have carved the niche in the Indian economy, and they are well known for their reliability and the services that they provide.