Corporate Taxpayers

I am very optimistic about Indian Banking, as this sector have tremendous ability to grow, and this sector not only rely on banking but also searching for more options to increase the profit and make sure that the investors will not loose the trust from this industry. As the country of more than 1 billion people, where the market for every industry exists, this banking industry can plays an important role to uplift the living standards of the people and in the development of the country.

When the world was reeling under a severe financial crunch, India went out to prove another point -- its banking business was not only profitable but had outperformed all other sectors. The icing on the cake was the first quarter advance (direct) tax results when for the first time in the history of corporate India, a bank became the country's highest tax-payer, leaving behind numero uno Oil and Natural Gas Corporation (ONGC).

According to the advance tax data for the first quarter April-June 2009, the country's largest bank State Bank of India posted a handsome growth in its profit while depositing Rs 1,068 crore in the tax kitty against Rs 890 crore deposited by the oil behemoth for the same period.

The top 11 financial institutions which figure in the list of 25 highest tax-payers in Q1 are: SBI, ICICI Bank, HDFC Bank, Standard Chartered Bank, PNB, Bank of India, HSBC, Bank of Baroda, Citibank, HDFC Ltd and NABARD. The highest growth of 89% has been posted by Bank of India which has paid Rs 231 crore tax, followed by Bank of Baroda which has paid Rs 210 crore with a growth of 50% and PNB with Rs 236 crore marking an increase of 48% as compared to last year.

So one can decide on the basis of this calculation, that how stable the Indian banks are, and the industry will grow. One can opt a long term investment in any of the banking sector banks, whether it is private, public or foreign bank.

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