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Votes are in! Which are India's top banks?

Last updated on: September 21, 2010 20:04 IST

Which are India's top banks? We asked your opinion on this and your enthusiastic response overwhelmed us. Thousands of you voted for the top bank in India today.

Now, the verdict is in! State-run banking major State Bank of India took the honours with most of you voting for it as the nation's top bank.

SBI bagged an huge 45% of the votes garnered, following by HDFC Bank and ICICI Bank.

To check out the complete ranking, browse through to the last slide. . . and in case you missed casting your vote, you can still do so . . .

The Indian banking sector is among the best regulated in the world. Having undergone a sea change over the years, Indian banks rely on rock solid policies that helped them remain more or less unscathed even as a frightful financial tsunami wreaked havoc on global banks the world over.

However, Indian banks still remain small compared to some global financial behemoths. And as the Indian economy booms, more and more people are slowly coming into the ambit the banking sector.

To cater to this huge market, a host of private and state-run Indian banks as also foreign banking majors are jostling for customers and financial majors are wooing people like never before.

In the following pages is a list of some of the top banks that have a successful track record in India (not all banks have been featured in this list because of space constraints).

Kindly note that the banks mentioned in the following pages have NOT been ranked.

If you feel we have missed any, do feel free to mention it in the message board below.

. . .

India's top banks

Image: State Bank of India.

State Bank of India

Founded on July 1, 1955, State Bank of India is headquartered in Mumbai. SBI is the largest of the Big Four banks of India, along with ICICI Bank, Punjab National Bank and Canara Bank.

The Imperial Bank of India was rechristened the State Bank of India on April 30, 1955.

The bank's profit stood at Rs 2,914.20 crore (Rs 29.14 billion) for the first quarter ended June 2010.

The bank's chairman is O P Bhatt. The bank has about 300,000 employees currently.

. . .

India's top banks

Image: A man leaves an ATM facility of ICICI bank in the southern Indian city of Kochi.
Photographs: Stringer India/Reuters


The Industrial Credit and Investment Corporation of India Limited was incorporated at the initiative of the World Bank, the Government of India, and the representatives of Indian industry in 1955. Over time, led by excellent management and good strategies, it turned into a universal bank.

Through technological and managerial push, the bank is now India's second-largest bank, second only to the mammoth State Bank of India.

ICICI Bank's profit stood at  Rs 1,026 crore (Rs 10.26 billion) for the first quarter ended June 2010.

Key people: Chanda Kochhar, managing director and chief executive officer; KV Kamath, chairman; and N S Kannan, chief financial officer.

As of 2009, the bank had about 36,000 employees.

. . .

India's top banks

Image: Allahabad Bank.

Allahabad Bank

The bank began operations in 1865. Headquartered in Kolkata, it has 2,278 branches across the country.

Key person: J P Dua is the bank's chairman and managing director.

The bank has a branch in Hong Kong and a representative office in Shenzen, China too.

The bank's profit for the April-June 2010 quarter stood at Rs 347.14 crore (Rs 3.47 billion).

. . .

India's top banks

Image: Citibank.


The Citibank was founded in 1812. It is headquartered in New York.

Key people: Vikram Pandit, chief executive officer; John Gerspach, chief financial officer; and John Ferderson, chief operating officer.

Citi reported losing $811 billion soon after Merrill Lynch announced that it too has been losing billions from the subprime mortgage crisis in the United States.

On April 11, 2007, the parent Citi announced major staff cuts and relocations. However, things started looking up gradually and in June 2010, Citigroup Inc posted a $4.43 billion profit.

. . .

India's top banks

Image: United Bank of India.

United Bank of India

Founded in 1950, the bank is headquartered in Kolkata.

Key person: Bhaskar Sen, chairman and managing director.

UBI was the result of the merger of four Bengal banks: Comilla Banking Corporation, Bengal Central Bank, Comilla Union Bank and Hooghly Bank (founded by Sri D.N. Mukherjee.)

The bank's net profit stood at 

Rs 322.356 crore (Rs 3.223 billion) for the year ended March 2010..

. . .

India's top banks

Image: HDFC Bank.


Headquartered in Mumbai, the bank has 1,725 branches.

HDFC Bank was incorporated in 1994 by Housing Development Finance Corporation Limited, India's largest housing finance company.

The bank reported that net profit stood at Rs 812 crore (Rs 8.12 billion) for te April-June 2010 quarter.

As of March 2010, the bank had 51,888 employees.

Key people: Jagdish Capoor, chairman; Aditya Puri, managing director.

India's top banks

Image: Cricketer Rahul Dravid poses for a Bank of Baroda advertisement.

Bank of Baroda

Maharaja Sayajirao Gaekwad III set up Bank of Baroda in 1908.

The bank is headquartered in Mumbai.

Key person: M D Mallya is the bank's chairman and managing director.

The bank's net profit stood at Rs 859.16 crore (Rs 8.59 billion) in the quarter ended June 2010.

The bank, along with 13 other major commercial banks of India, was nationalised on July 19, 1969.

. . .

India's top banks

Image: HSBC.

Hongkong and Shanghai Banking Corporation

The bank originated in Hong Kong and Shanghai, where its branches were first opened in 1865.

It has about 8,000 offices in 87 countries and territories in Africa, Asia, Europe, North America and South America and about 100 million customers.

As of 2009, the bank has about 302,000 employees.

The bank's net profit stood at $5.834 billion as of 2009.

Key people: Stephen Green (group chairman), Michael Geoghegan (group CEO).

. . .

India's top banks

Image: Canara Bank.

Canara Bank

Ammembal Subba Rao Pai, a philanthropist, established the Canara Bank Hindu Permanent Fund in Mangalore on July 1, 1906.

The bank changed its name to Canara Bank Limited in 1910 when it incorporated.

The bank is headquartered in Bengaluru.

Key people: A C Mahajan, chairman and managing director, and Jagdish Pai K L, executive director.

The bank's net profit stood at Rs 1,013 crore (Rs 10.13 billion) for the quarter ended June 2010.

. . .

India's top banks

Image: Axis Bank logo.

Axis Bank

Axis Bank, formerly UTI Bank, is a financial services firm that had begun operations in 1994.

The bank is headquartered in Mumbai.

Key people: Adarsh Kishore, chairman and Shikha Sharma, managing director and chief executive officer.

The bank's net Profit stood at Rs 741.88 crore (Rs 7.41 billion) for the quarter ended June 2010.

As of 2010, the bank has 13,389 employees.

. . .

India's top banks

Image: Union Bank

Union Bank

Union Bank of India has assets worth $13.45-billion.

The bank is headquartered in Mumbai.

Key person: Mavila Vishwanathan Nair, chairman.

Union Bank was registered on November 11 1919 as a limited company in Mumbai. It was inaugurated by Mahatma Gandhi. At present, the bank has 25,630 employees.

The bank's net profit stood at Rs 601 crore (Rs 6.01 billion) for the quarter ended June 2010.

. . .

India's top banks

Image: Standard Chartered Bank.

Standard Chartered Bank

Standard Chartered Bank is a British financial services company headquartered in London.

It operates in more than 70 countries and employs 80,000 people.

The name Standard Chartered comes from the two original banks from which it was founded and which merged in 1969 -- The Chartered Bank of India, Australia and China, and The Standard Bank of British South Africa.

The bank's 1st half profit stood at $3.12 billion.

Its key people are John W Peace, chairman of the board, Peter A Sands, chief executive officer.

. . .

India's top banks

Image: Corporation Bank.

Corporation Bank

Corporation Bank was founded in 1906 in Udupi, Karnataka. Headquartered in Mangalore, the bank has about 13,000 employees.

The bank's net profit stood at Rs 333.78 crore (Rs 3.33 billion) for the quarter ended June 2010.

Corporation Bank completed 100 years of existence on March 12 2006.

. . .

India's top banks

Image: Punjab National Bank logo.

Punjab National Bank

It was founded in Lahore in 1895.

Headquartered in New Delhi, the bank employees about 580,300 employees.

The bank has about 5000 branches across 764 cities of India.

The bank's net profit stood at Rs  1,135 crore (Rs 11.35 billion) as of March 31, 2010.

. . .

India's top banks

Image: IDBI Bank logo.


The Industrial Development Bank of India Limited was founded in July 1964.

Key person: R M Malla, chairman-cum-managing editor.

The bank has 8,989 employees at present.

The bank's net profit stood at Rs 251 crore (Rs 2.51 billion) in June 2010.

. . .

India's top banks

Image: Federal Bank.

Federal Bank

The bank was founded in Kochi in 1945.

The bank's key people are chairman Prof. A M Salim and managing director and chief executive officer M Venugopalan.

As of July 2010, the bank had 708 branches and 751 automated teller machines around the country.

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India's top banks

Image: Kotak Mahindra headoffice 'Kotak Infiniti' at Malad in Mumbai.
Photographs: Courtesy, Kotak Mahindra Bank

Kotak Mahindra Bank

Established in 1985, the Kotak Mahindra group has been one of India's leading financial services conglomerate.

In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India. This approval created banking history as Kotak Mahindra Finance Ltd is the first non-banking finance company in India to convert itself in to a bank.

Kotak Mahindra Bank offers complete retail financial solutions for varied customer requirements. All the services can be availed through Internet or phone banking services.

Kotak Mahindra Bank has 264 full fledged retail branches and 575 ATMs spread across 153 locations in the country.

In the quarter ended June 2010, the bank had revenues of Rs 2,228.7 crore (Rs 22.287 billion), and a profit after tax of Rs 3,27.69 core (Rs 3.277 billion).

Key personnel: Uday Kotak, executive vice chairman & managing director; C Jayaram, executive director; Dipak Gupta, executive director.

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India's top banks