Here is a list of the top 10 Banks in India 2015. The Indian Banking system has grown in leaps and bounces, and is one of the most prominent industries for the largest democracy of the world, with a population of over 1.2 billion. With services like online banking, mobile banking etc picking up pace and increasing penetration, the Indian banking sector is all set to grow further.
10. IDBI Bank
Formerly known as the Industrial Development Bank of India, the IDBI bank was established in 1964 as a wholly owned subsidiary of the Reserve bank of India (RBI).
It was later in 1974 that the ownership of this bank was transferred to the Government of India. Post its transfer to the Government of India it was made the apex Development Financial Institution. It has played an important nation-building role since then through its wide range of services that contributed towards development of backward areas; spread of industries geographically, evolution of capital market etc. A committee was formed by RBI which recommended diversifying the activities of the bank by converting from a development bank to a commercial bank. Thereafter in September 2004, it was converted into a banking company. In addition to its earlier role of a financial institution it now functions as a bank.
The IDBI has established its presence in financial sector businesses like Capital Market, Mutual Funds and Investment Banking apart from its core banking and project financing domain.
Headquartered in Mumbai this bank has a balance sheet size of Rs. 328996.62 Cr. and Market capitalization of Rs. 11027.21 Cr.
On October 03, 2006 the United Western Bank Satara was acquired by the IDBI bank because of which IDBI could double number of its branches from 195 to 425. It had 15,465 employees as on 31st march, 2013 and the average age of these employees was found to 33 years. IDBI bank is known to have incurred Rs. 1,538 Cr. towards employee benefit expenses during FY 2012-13.
The bank has also received a number of awards and recognitions for its superior offerings and services. It has also been successful in bagging the ‘Overall Best bank’ and the ‘Best Public Sector Bank’ awards in the Dun & Bradstreet Banking Awards, 2011. Its IT initiatives have also been recognized and this bank has received the Banking Technology awards from Indian banks Association for best use of Business Intelligence and the best Risk Management.