Bangalore: Apart from financial assistance banks also perform many important and crucial roles in the society. The Reserve Bank of India's (RBI) decision to allow new players in the banking sector would generate huge employment opportunities, along with improving efficiency and increasing capital base to meet the credit needs of the economy.

However “Banker’s Magazine” has listed 12 banks in the world which was ranked on the basis of Tier 1 capital which determines the banks’ ability to lend money to the customers and other operations.

1. Industrial and Commercial Bank of China

China has pulled the financial world’s attention recently for having the world’s biggest banks according to the latest figures. In terms of balance sheet strength with $160.6 billion in tier one capital Industrial and Commercial Bank of China is ranked on top of the list. The bank has an asset worth $2,788,905.72 as of 2013.

Also Read:

What Your Bank Is Hiding From You

5 Unusual Ways You Can Borrow Money for Your Business