The banking sector is the most powerful and the leading industry in the Indian economy. After several reforms and advancements during the independence and post-independence phase, the banking sector witnessed immense prosperity. Currently, the country has about 22 public sector banks, 22 private sector banks, 46 international banks, and several scheduled and co-operative banks operating within the Indian economy. But the dominating position in the market is enjoyed by the public sector banks which own nearly 80 percent market share.
1. State Bank of India (SBI)
State Bank of India is the largest and one of the oldest banks operating in India. It is a government-owned company established in 1955 and has its headquarters in Mumbai. SBI deals in banking and financial-related services having a presence internationally. Forbes has ranked this bank at the 236th position in its “Fortune Global 500” list which contains the names of the largest corporations all over the world in 2017. After merging with its 5 associate banks and Bharatiya Mahila Bank on April 1, 2017, this bank has accomplished in serving more than 43 crore customers through more than 26,340 branches and over 60,000 ATM facilities. The bank also enjoys an international presence with 195 offices set up in 36 counties.
Market Capitalisation: Rs. 254,708.41 crore
Total Assets: Rs. 3,888,467.07 crore
2. Bank of Baroda (BOB)
Established in 1908, Bank of Baroda is the second largest nationalized bank having its headquarters in Vadodara in Gujarat and corporate office in Mumbai. The bank provides services relating to banking and finance. Currently, it has 9,500 branches functioning all over the world (including 104 overseas branches) and more than 13,400 ATM facility centers across India. BOB caters to more than 78 million customers in around 25 countries all over the world. Its services include debit and credit card facilities, loans, and wealth management. Vijaya and Dena Banks were amalgamated with Bank of Baroda on April 1, 2019.
Market Capitalisation: Rs. 36,890.12 crore
Total Assets: Rs. 819,671.95 crore
3. Punjab National Bank (PNB)
Punjab National Bank was established on 12th April 1895 in Lahore under the leadership of Lala Lajpat Rai as a part of the Swadeshi movement. It became the first bank on the Indian soil to be solely managed by the Indians by utilizing Indian capital. PNB has its headquarters in New Delhi. Since the bank came into operations, it has merged with seven banks. There are over 10,681 ATM centers and 7000 branches of this bank which includes 62% of the branches set up in semi-urban and rural areas.
Market Capitalisation: Rs. 30,801.07 crores
Total Assets: Rs. 789,265.79 crore
4. Canara Bank
Canara Bank is a state-owned commercial bank providing banking and financial services. Established in 1906, it has its headquarters in Bengaluru. The bank boasts of a global presence with branches in Hong Kong, Leicester, Shanghai, London, New York, Manama, Johannesburg, and Dubai. Canara Bank has 6310 branches and 9395 ATMs functioning all over the country. It has an ever-increasing clientele base of 8.27 crore. It has been honored with MSME Banking excellence award in 2014.
Market Capitalisation: Rs. 17,381.12 crores
Total Assets: Rs. 711,782.81 crore
5. Bank of India (BOI)
Bank of India was established on September 7, 1906, as a result of the partnership between few noted businessmen hailing from Mumbai. Initially, the Bank was privately-owned and controlled but turned into a public sector bank in 1969 after the nationalization of banks. It has more than 5,500 branches operating in the country and 60 branches operating in 22 countries abroad. The important overseas centres of this bank are Singapore, Paris, Tokyo, Hong Kong, New York, New Jersey, and London.
Market Capitalisation: Rs. 22,545.23 crores
Total Assets: Rs. 630,883.91 crore