Top 10 Banks in India 2018

In India banking sector is one of the most regulated sectors in the economy. When Indian Government allowed private banks to operate in the nation many banks came into existence and gave a tough competition to various nationalized players. Private Banks won over most nationalized banks because of the quality of services they offered to their customers. With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in India. So, which banks provide the best services?

Although Indian banking is known as world’s best banking but we can’t point out any single bank which provides best banking among all. Because i don’t think that even a single person is satisfied with service sector industry. Our expectation is too high and always running on increasing trend. Like; all customers are not same, all banks are not same. The behavior of employees perceive in different manner by different people. Because due to competition there is a huge change can feel in working style of PSU & Private sector banks which covers only limited area & they have too many complaints also. So we can’t point out any single name. Nowadays banking industry is totally changed, I m talking about the service quality of PSU banks. Lots of customer centric approach is applied today, now banks are more concerned about the customer retention. So if we go through the customer service delivery system of bank of Baroda it will now at par with the peer banks. Their services is now become centralized, a new retail loan factory concept is introduced by the bank which will help to improve the quality of loan,it also reduces the delivery time and make it more customer friendly.

In Short, Try to obtain the benefits of monopolistic competition between PSUs and private sector banks. It is good for retail customers because they always have choice to shift their banking.

We are going to give rank to the banks as per belove Individual Parameters

• Disclosure about charges and interest rates
• Pro-active communication about new products/services
• Trustworthiness
• Complaint Resolution
• Wide ATM coverage
• Professionalism of the company
• Convenient banking hours
• Well-trained staff
• Courteous and friendly staff
• Faster service at branches
• Knowing the customer and their needs
• Good Internet banking
• Efficient processes
• Effective communication on developments
• Innovative company
• Good phone banking

Here’s the list:

1. HDFC Bank

HDFC was established as Housing Development Finance Corporation in the year 1994.The operations of the bank started in 1995 after it was scheduled as a commercial bank.The bank has served well since then and still continues to bring in more and more costumers with its phenomenal services. Bank’s distribution network was at 4,555 branches and 12,087 ATMs across 2,597 cities / towns. HDFC is the largest bank in India in terms of assets.The total assets of the bank are estimated to be around $66.7 Billion.The Current CEO of the bank is Aditya Puri.

2. State Bank Of India

The largest Indian Bank which has the maximum number of branches in the country as well as abroad.The Bank has many sub-branches as well which serve the maximum number of consumers in India.The Bank was nationalized in the year 1955.The total assets of the bank are much more than any other bank.As of 31 March 2018, SBI has more than 22400 branches,including 52 foreign offices spread across 36 countries and 59541 ATMs. 

3. Bank Of Baroda

Bank of Baroda is one of the largest public sector banks in India. The services of the bank have always been satisfying and par excellence. The bank was set up in 1908 and the current CEO of the bank is Mr. P. S. Jayakumar. The total assets of the bank are somewhat closer to $70 Billion. The bank has 5498 branches including  107 overseas branch and over 10441 ATMs including the ones outside India.

4. Axis Bank

The Bank was founded in 1993 and the headquarters resides in Mumbai, Maharashtra. It has more than 3700 branches in India.The bank was an investment of some prominent international companies.The total worth of the bank is $96 Billion.The bank is known for its hassle free services throughout the country. Bank has 3710 branches, 13,857 ATMs, and nine international offices.

5. Punjab National Bank

One of the oldest banks in the country, the establishment of the Punjab National Bank goes back to 1894, more than 100 years from now.This is one of the oldest public sector banks in India.The total assets of the bank are more than $101 Billion. Bank has over 6,983 branches and over 9598 ATMs nationwide. The Chief Executive Officer of the bank is Sunil Mehta.

6. ICICI Bank

ICICI stands for Industrial Credit and Investment Corporation of India and it was established in 1994.It is one of the best banks in the country with assets worth more than $160 Billion. Sandeep Bakhshi works as the CEO of the bank.The Bank has been operational in 18 countries as of now.The Bank also acquired Bank of Rajasthan in the year 2010. ICICI has adopted a Go Green initiative in which it has started most of its operations in electronic form.Even the bank statements are sent via e-mails. Bank has a network of 4867 Branches and 14,417 ATM's has a presence in 19 countries including India.

7. Kotak Mahindra Bank 

Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) issued the licence to Kotak Mahindra Finance Ltd., the group's flagship company, to carry on banking business. Kotak Mahindra Bank has a network of 1425 branches across 689 locations and 2,363 ATMs in the country (as of 31 March 2018). In 2018, it is the second largest private bank in India by market capitalization after HDFC Bank.

8. Canara Bank

Like other major public sector banks, Canara Bank is also state owned and was set up in the year 1906 by Subba Rao.The headquarters of the Bank reside in Bengaluru, Karnataka. The Bank provides hassle free service to its customers . Bank has revolutionized its services and spreads its hands more to cover more areas.As per the data of 2018, the Bank has 6212 branches and 9395 ATMs across the nation.The total assets of the bank $88 Billion which are set to increase in the coming years.

9. Bank Of India

Bank of India is one of the major public sector banks in India.The bank became government owned after the nationalization of Banks in 1969, though the bank was founded much before that in 1906.CEO of Bank of India is Dinbandhu Mohapatra. The total assets of the bank are around $97 Billion .Bank of India has 5127 branches as on 31 May 2018, including 29 offices outside India and more than 7000 ATMs nationwide.

10. IDBI Bank 

IDBI stands for Industrial Development Bank Of India and was established in the year 1964. It is a Public sector bank. The total assets of the bank reach to about $50 Billion. There are 1916 branches including one overseas branch at Dubai and 3276 ATMs across the country. Investment Banking and Agro-Loan facilities are the USP of the bank. Mr. Maheshkumar K. Jain is the Chief Executive Officer of the Bank.

So, guys this was some very basic information about the Top Banks in the Country. We just hope to satisfy you with whatever we write and you can also help us improve by giving the feedback to our written posts.If you loved our writings, do share it with your friends.

(data as on 31st May,2018)

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Axis Bank profit rises 83% in Q2

Axis Bank Ltd on Friday said its second quarter net profit rose 82.62% on the back of higher net interest income and other income.

The bank posted a net profit Rs 789.61 crore for the three months ended 30 September, compared with Rs 432.38 crore in the year-ago period. Profit was higher than Rs 758.9 crore estimated by a Bloomberg poll of 22 analysts.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 15.25% to Rs 5,232.11 crore from Rs 4,539.62 crore in the corresponding period last year.

Other income, which includes core fee income, rose 3.59% to Rs 2678.38 crore in the three months from Rs 2585.40 crore a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 5.96% in the September quarter, compared with 6.52% in the June quarter, and 5.90% in the year-ago September quarter.

Provisions during the quarter decreased 6.78% to Rs 2,927.38 crore, against Rs 3,140.41 crore in the year-ago quarter. In the April-June quarter, the bank had set aside Rs 3,337.70 crore as provisions.

Post-provision, the net NPA ratio was at 2.54%, against 3.09% in the April-June quarter, and 3.12% in the year-ago quarter.

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MD of HDFC Life appointed as CEO & MD of Axis Bank

Ending the speculation around the appointment of its next head once Shikha Sharma demits office, Axis Bank today chose Amitabh Chaudhry, 54, as the next CEO. 

Chaudhry, who is currently the managing director of HDFC Life was widely speculated to take over as the next boss at Axis. 

He will take over as MD & CEO for 3 years from January 1, 2019 and will remian in office till December 31, 2021. 

"We wish to inform you that the Board of Directors (the Board) of the Bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Shri Amitabh Chaudhry as the Managing Director & CEO of the Bank. for a period of 3 years. with effect from 1 January, 2019 up to 31 December, 2021 (both days inclusive) and the terms and conditions relating to the said appointment, including remuneration," Axis Bank said in a notice to the BSE.

The Axis board will now meet to approve the appointment of Chaudhry as additional director. 

"After an extensive search, my fellow directors and I are pleased to welcome Amitabh as the Bank's MD & CEO. Amitabh has a proven track record and is well-equipped to lead Axis Bank in pursuing its growth ambitions balanced with a strong emphasis on risk and compliance management," said Sanjiv Misra, chairman, Axis Bank. 

Chaudhry has been with HDFC Standard Life since January 2010 and is widely credited for the insurance company's sucessful IPO earlier this year. 

He started his career in the corporate banking with Bank of America in 1987, where before moving to CALYON Bank as its managing director, head south east Asian investment banking and Head technology investment banking. 

He also worked for Infosys BPO between 2003 and 2006. He is a B. Tech in (Electronic & Electricals) from the Birla Institute of Technology & Science, Pilani and is an alumnus of Indian Institute of Management, Ahmedabad. 

"I would like to thank the RBI and the Axis Bank Board for the privilege and honor given to me to lead this great institution. Axis Bank is amongst the leading private sector banks in the country. Together, with the support of the Board and the Axis team, I am confident of continuing the bank's remarkable journey these past 25 years and to contribute to its future growth," Chaudhry said in a press release. 

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Axis Bank Q1 profit nearly halves YoY as provisions jump 43%

Axis Bank on Monday posted 46.30 per cent YoY fall in net profit at Rs 701.09 crore for the quarter ended June. It had reported a net profit of Rs 1,305.60 crore in the corresponding quarter last year.

ETNow poll had predicted a net profit of Rs 600 crore for the June quarter.

Provisions increased 42.51 per cent on a year-on-year basis to Rs 3,337.70 crore in Q1FY19 over Rs 2,341.93 crore in Q1FY18. They declined 53.51 per cent on quarter-on-quarter basis.

Net interest income of the bank increased 11.92 per cent YoY to Rs 5,166.80 crore for the quarter under review against Rs 4,616.14 crore in the corresponding quarter last year.

Asset quality of the lender improved during the quarter with percentage of gross non-performing assets coming in at 6.52 per cent against 6.77 per cent on a quarter-on-quarter basis. Percentage of net NPA declined to 3.09 per cent from 3.40 per cent on QoQ basis.

The bank’s balance sheet grew 14 per cent YoY and stood at Rs 6,92,686 crore as on June 30. Axis Bank’s advances grew 14 per cent YoY to Rs 4,41,074 crore for the quarter under review.

The private sector lender had reported its first-ever loss since listing at Rs 2,188.74 crore in the sequential quarter ended March 2018.

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One of the PSU banker is being considered for Axis Bank top job

P S Jayakumar, chief executive of Bank of Baroda (BoB), could become the successor of Axis Bank CEO Shikha Sharma. Earlier this year, the appointments committee of the bank had hired Egon Zhender to identify a new CEO after Sharma said she would step down prematurely on December 2018 after the Reserve Bank of India (RBI) raised questions over her three-year term.

According to a TOI report, the Zhender-led search panel is understood to be considering Jayakumar, a former Citibanker and the first lateral recruit into the top position at a public-sector bank and whose term comes to an end this year.

Jayakumar, 56, joined BoB on October 2015 and was heading VBHC Value Homes prior to taking charge of the lender. Those close to him said that he had taken permission from private equity investors in the earlier firm to take public office and was not keen on the private sector. However, uncertainty over what the government wants to do with PSBs might alter his plans.

Jayakumar is one of the only two bankers selected by the government to head a PSB. The other being Rakesh Sharma, former CEO of private lender Lakshmi Vilas Bank, was appointed to head Bengaluru-based Canara Bank.

In his three-year tenure, Jayakumar has been on the forefront at cleaning up the bank’s balance sheet and drawing up a road map for growing the retail business and investing in technology.

The board’s appointment committee would have to come up with a shortlist soon considering that a candidate would need to be finalised by September 2018. Within the bank, deputy MD V Srinivasan and executive director Rajiv Anand are potential candidates.

Once the search panel shortlists the candidates, the board would have to interview each of them and make a choice. This process is expected to take a few weeks. Once the CEO is finalised, the appointment has to be approved by the shareholders and the RBI — under its fit and proper guidelines.

In July last year, Axis Bank reappointed its CEO & MD Shikha Sharma for three years from June 2018. It was her fourth three-year term. In April this year, it was reported that the RBI had asked the Axis Bank board to reconsider her new term due to bank’s performance and deteriorating asset quality.

Sharma’s term will come to an end in December this year. In April, the board of directors of the bank wrote to the RBI, saying that Sharma had requested them to reduce her fourth term to December 2018, instead of May 2021.

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Axis Bank posts Q4 loss over provisions for bad loans

Axis Bank Ltd, India’s third-biggest private sector lender by assets, reported a surprise fourth-quarter loss, plagued by a rise in provisions for bad loans.

Net loss was Rs2,189 crore ($327.94 million) for the three months ended 31 March, compared with a profit of Rs1,225 crore a year ago, the Mumbai-based bank said.

Analysts had on average expected a profit of Rs514 crore, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans rose to 6.77% at end-March, compared with 5.28% in the preceding quarter and 5.04% a year ago. 

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PNB fraud case: SFIO calls ICICI Bank CEO, Axis Bank MD

Serious Fraud Investigation Office (SFIO) has issued notices to ICICI Bank's CEO Chanda Kochhar and Axis Bank's Managing Director Shikha Sharma in the Punjab National Bank (PNB) scam worth Rs 12,700 crore.

They were asked to appear in the Mumbai SFIO today. The investigative body has authorised them to send representatives in case they are not able to appear themselves.

The representatives from Axis Bank arrived at SFIO some time back for being questioned and have left now. Shikha Sharma was not present. Meanwhile, ICICI Bank representatives are yet to come.

BSE has sought clarification from ICICI Bank and Axis Bank with respect to the news, but both the banks have not responded yet.

The Enforcement Directorate told that Choksi and Modi diverted money to related companies.The ED has also traced some of the money being routed back to the banks for re-issuing letter of undertaking, or LoUs.

A consortium of 31 banks led by ICICI Bank has loans close to Rs 5,200 crore to Mehul Chokshi's Gitanjali Group. Nirav Modi firms Stellar Diamond and Solar Exports and Diamonds have together borrowed close to Rs 4,000 crore from banks.Separately, the ED is also investigating the planned listing of Choksi's Nakshtra World, and Modi's Firestar International.

The Enforcement Directorate (ED) is hoping to recover Rs 3,000-4,000 crore from the real estate assets seized from Nirav Modi and Mehul Choksi, sources told Moneycontrol.

This is in addition to the diamonds and precious stones seized by ED from the two groups, which is valued at Rs 5,816 crore. The ED’s estimate of the value of precious stones seized from the two groups is based on the stock value, which is always higher than the market value of the stones.

PNB had informed stock exchanges about the Rs 11,400 crore worth of unauthorised transactions at its Brady House branch based on forged letters of undertaking (LoUs).

The bank had alleged that two of its officials had issued the forged LoUs, which allowed the Gitanjali group and Nirav Modi group of companies to borrow money from overseas banks, with PNB as the guarantor of the loans.

Source- Moneycontrol

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More Indian banks entangled in PNB fraud

At least three more Indian banks – two from the public sector and one private – are likely to have been caught in the Rs 11,000-crore fraud that hit the Punjab National Bank(PNB) on Wednesday. 

Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB.

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