The KPMG has made a survey on the best banks in India on the basis of their deposits and operating profits. Moody investor services started an argument on the healthiness of India’s banking system after the drop in their business. This brought the banks under the spotlight. Here are the 10 best banks listed which has a balance sheet amounted larger than 50,000 Crore.
1. Bank of Baroda:
The third largest bank in India after Punjab national and HDFC bank has topped the list of best banks in India. The bank was founded on July 20, 1908 by the king of Baroda, Sir Sayajirao Gaekwad III. The bank was nationalized on July 19, 1969 by the government of India when 13 other banks were also commercialized. The total deposit in this bank is 305439 Crore with operating profits of 6,982 Crore. They have 3620 branches spread all over India. M.D Mallya is the Chairman and the MD of the Bank.
2. HDFC bank:
The bank has total deposits of 208586 Crore and an operating profit of 7.725 Crore. This is a financial service company based in India which competes with big banks like Punjab national bank, state bank of India and ICICI bank. The bank was established in the year 1994 after the approval of privatization of banks by RBI. the bank has 1,1725 branches and 4,323 ATMs, in 779 cities in India and all branches of bank give a facility of online banking on real-time basis. The promotion of bank was done by housing development and Finance Corporation. Aditya Puri is the MD of the bank.
3. Axis bank:
The total deposits in the bank is 189,238 Crore and the operating profits generated by the bank is 6,416 Crore. Axis bank, previously known as UTI bank is a financial service firm was started in the year 1994 after RBI gave permit for the privatization of banks. Unit trust of the India promoted the bank initially. Life insurance of corporation was also was also into the administration of the bank. The bank has 1,095 branches throughout the country and over 4,846 ATMs spread all over. The registered office in located at Ahmadabad and the head office are situated at Mumbai. The name of bank was changed to Axis bank in the year 2007 as the collaboration of LIC and UTI created great confusions among the consumers. The CEO of this presitigious organization is Shikha Sharma.
The total sum of deposits in Yes bank is 45,939 Crore and makes an operating profit of 1,190 Crore. This is a just an 8 year old bank established by Ashok Kapoor and Rana Kapoor. The bank is headquartered in Mumbai and also run corporate and institutional banking and financial markets, investment banking, corporate finance, branch banking, business and transaction banking. The organization is also into wealth management business lines. The bank employs around 3,034 people. the CEO of Yes Bank is Rana Kapoor.
SBH has a total deposits of 88,628 Crore and churns an operating profit of 2,319 Crore. The bank’s establishment was donein the year 1942 by the last Nizam of Hyderabad named Mir Osman Ali Khan. Hyderabad had its own currency Osmania Sicca which was also managed by the bank. This was the only state at the time of British rule to have its own currency. In the year 1956, the bank merged with the mercantile bank of Hyderabad. The MBH was found by Raja Pannalal Pitti in 1935. After the merging, the bank was renamed as state bank of Hyderabad. The entire stocks of the bank were linked with the RBI. In the year 1959, the subsidiary bank act was passed and the banks of the princely states became the part of SBI and SBH was the first subsidiary of SBI. M Bhagavantha Rao is the MD of the bank.
6. Punjab National Bank:
The third largest bank is in the sixth rank of the best bank in India. The bank was registered under Indian companies act in the year 1984 with office at Anarkali bazaar in Lahore. The total deposits in the bank are 312,899 Crore and make an operating profit of 9,056 Crore. They have around 5000 branches across 764 cities and is the second largest state owned profitable bank India. PNB has branches in UK, Hong Kong, Dubai and Kabul and representative offices in Almaty, Dubai, Oslo and Shangai. K.R Kamnath is the Chairman and the Managing Director of the bank.
7. Canara Bank:
The deposits in this bank are worth 293, 973 Crore and the overall operating profits is of 6,107 Crore. Previously, the bank was called as Canara Bank Hindu Permanent Fund and was founded by late Ammembal Subba Rao Pai in the year 1906. The humanitarian’s bank flourished into a limited company as Canara bank Ltd in the year 1910. Later, Canara bank Ltd became just Canara bank after nationalization. The bank has more than 3000 network spread across India. S. Raman is the Chairman and MD of the bank.
8. Andhra Bank:
With the total deposits of 92,156 Crore and operating profit of 2,413 Crore, Andhra bank has been ranked eighth. Bhogaraju Pattabhi Sitaramayya, a renowned freedom fighter and a mastermind founded the bank. Andhra bank was registered in the year on November 20, 1923 and started their operations on November 28 of same year. The bank was started with a paid up capital of 1, 00,000 and sanctioned capital of 10 lakh. Around 1, 611 branches of this bank are spread in India and two branches in the foreign nations. R.Ramachandran is the chairman and the MD of the bank.