Top 10 Indian Banks

India’s banking and finance sector has gained momentum over time since it is considered as the ‘most’ regulated’ banking sector with more than 170 banks operating in the urban, semi-urban and rural sectors of India. Most Indian banks remained resilient even during the worst-ever-seen 2008 recession, proving their potential and brand merit on the global front. Hence, we are profiling the ‘Big Bs’ in the Indian banking zone, giving an illustrated picture of the routes they have taken to reach at the top.

Here are India’s top 10 Business Banks that have gained recognition for their innovative approach and technological brilliance towards offering competent yet convenient solutions to the customers.

1)State Bank of India – The Big Daddy of Indian banks
SBI is the largest bank in India with 2914 crore profits booked in the FQ2010. Established in 1955, SBI initiated many new strategic tie-ups with an objective to grow and sustain in the banking sector. Bringing new banking models and updating the rural customer base have been some of the prime goals of the bank. SBI has won the award of the ‘Best Bank’ in 2009.

2)ICICI Bank – An Indian Bank with global identity
Besides being the second-largest (private) bank in India, the ICICI Bank (Industrial Credit and Investment Corporation of India Limited) has succeeded in getting recognized as one of the well-managed universal banks. Strategic business approach in personal and investment banking divisions and excellent managerial assets are the driving forces behind the accelerating growth of the bank. The gigantic ICICI group has marked revenues worth 1,026 crore in the FQ10.

3)HDFC Bank – A private sector bank with huge capital structure
The HDFC bank (Housing Development Finance Corporation Limited) is also known as a financial institution that received an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of the RBI's liberalization of the Indian Banking Industry in 1994. HDFC owns an authorized capital of 550 crore and claims to hold 19.4% Foreign Institutional Investors FIIs. The HDFC group dreams to be known as the ‘world-class’ Indian bank.

4)Allahabad Bank – The oldest Joint Stock Bank of India
Founded in 1865, this Kolkata-based bank was established by a group of Europeans in Allahabad. After becoming nationalized in 1869, the bank listed its shares in an IPO registered in 2002. The bank’s profit figure is 347.14 crore in the first quarter. In 2007, Allahabad bank opened its first overseas branch in Hong Kong. The bank specializes in a Merchant Banking service called ‘AllBank Finance Ltd.’

5)The Bank of Baroda – A national bank with international standards
The Bank of Baroda marked its presence on the two underlining principles – corporate wisdom and financial prudence. With a net profit of 859.16 crore, the bank concentrates on providing Appraisal & Merchant Banking services.

6)Punjab National Bank – A leader in the small bank category
Punjab National Bank (PNB) is the first Indian bank to have been started solely with Indian capital in 1895. Besides being ranked as India’s top service brand, PNB is dedicated in spreading the buzz of ‘social banking’ on robust domestic profits ( 1,135 crore).

7)Canara Bank – The Farmers’ Bank
Headquarter in Bengaluru, the Canara bank is known for its ‘customer centricity’ phenomenon called ‘Good Banking’. Shri Pai pioneered the bank in 1906, prioritizing the welfare of local farmers; it offers agricultural consultation to the farmers. It is also the first bank to acquire an ISO certification. 1.031 crore net profit in FQ10.

8)Axis Bank – The Fastest growing Indian bank
Founded in 1994, the Axis bank (former UTI bank) is a new yet fast growing Indian bank with strengths in both retail and corporate banking. 741.88 crore is the net profit figure of Axis in FQ10.

9)Union Bank of India – The king of Rural banking
With worth $13.45-billion assets, the UBI has booked 601 crore revenue in the FQ10. The bank was inaugurated by Mahatma Gandhi in 1919. It has a ‘Village Knowledge Center’, exclusively developed for rural masses. The bank also offers the widest range of treasury products.

10)IDBI Bank - The Best Public Sector Bank
The Industrial Development Bank of India Limited was founded in 1964 with an objective to bring the IT banking platform and to provide capital market and asset management services. IDBI is known as the ‘Best Public Sector Bank’ with 251 crore net earnings.

Kotak Bank – The Fastest growing Big bank
Established in 1985, the Kotak Mahindra Bank is one of the Indian banks to have set in-house research facility on Mutual Funds. The bank focuses on offering complete retail solutions. In 2009, it opened its representative office in Dubai. 2,228.7 crore is a net revenue earned by Kotak in FQ10.