Top 10 Banks in India [2024 New Updated List]

The Indian Bank sector is one of the most important financial backbone for the country, from contributing to credit to financing business ventures. The Indian banking sector is booming and diverse. In 2024, these prominent banks in India, continue to pave their way to contribute to the economy of the country. Here in the blog we will list and discuss the top 10 banks in India by their market capitalization as of 23 October 2024.

Top 10 banks in India 2024

1. HDFC Bank

Revenue – 72.77KCr    

Net Income – 17.83KCr  

NIM – 3.65%

CASA – 38.18%

Gross NPA – 1.24%    

HDFC Bank is Known to be the largest bank in India, It was established in 1994 and is now a strong influence in the Indian banking sector. With more than 5,400 branches spread across 2,800 cities and towns. Being the largest private bank in the country, gaining status as a Domestic Systemically Important Bank from RBI, they are considered the premier bank in the credit sector landscape.

They have over 56 million customers, making them one of the most popular choices for Indian customers. They are known for their high-quality services in retail banking, with a strong history of very good performance. As of the latest stats, its market cap is standing at 1,354,442.63 Crore INR.

2. ICICI Bank

Revenue – 44.83KCr    

Net income – 11.7KCr  

NIM – 4.36%

CASA – 2.17%

Gross NPA – 2.15%

ICICI Bank is widely recognized as one of the best banks in India, its central foundation is in Mumbai, Maharashtra and it has more than 6000 branches along with around 17 thousand ATMs all over India only. This bank works in 17 other countries globally too. It provides different financial services to clients like retail banking for individuals and corporate banking for businesses. Moreover, it is involved in investment banking, providing insurance products, venture capital funding, and asset management services. Being one of the top 10 banks in India, Currently, Its market cap stands at 919,099.06 Crore INR.

3. State Bank of India (SBI)

Revenue – 76.02KCr

Net Income – 19.32KCr

NIM – 3.47%

CASA – 39.89%

Gross NPA – 2.24%

State Bank of India (SBI) is considered one of the top 10 banks in India, in the public sector. Holding 23% share of total assets held by Indian banks, Headquartered in Mumbai. SBI is known for popular retail banking services in rural and urban populations of the nation, they also have treasury services.

SBI is the biggest bank in India in the public sector and is the tenth largest employer in the country. SBI has been listed in the Fortune Global 500 list of the world’s biggest corporations of 2020, landing as the only Indian bank on the list. Moreover, In 2023, the Bank found itself in Forbes Global 2000 with 77 rank.

SBI in the Q3 result of 2023-2024 reported a net income of 39,815 Crore INR, SBI being the biggest public sector bank, with its current market cap standing at 754,710.49 Crore INR.

4. Axis Bank

Revenue – 19.31KCr    

Net Income – 7.4KCr   

NIM – 3.99%

CASA – 42.98%  

Gross NPA – 1.43%

Axis Bank, established in 1993, is a prominent best bank in India, famous for its customer-centric attitude and innovative solutions. Axis Bank with its network of 4,000 branches and 12,000 ATMs throughout the country provides multiple banking service options for the population nationwide. 

Through a wide variety of products and services, the bank provides financial solutions for individuals with different financial requirements and preferences.

This bank is one of the largest banks in India based on market cap, whose current value is 354,457.43 Crore INR.

5. Kotak Mahindra Bank

Revenue – 18.85KCr    

Net Income – 5.04KCr

NIM – 4.9%%

CASA – 0.00%   

Gross NPA – 1.39%

Kotak Mahindra Bank is one of the top banks in India in the private sector, famous for its creative financial offerings and focus on customers. It is one of the biggest private banks by market size and provides many banking and finance services to people and companies. The bank’s main office is in Mumbai and it has a big network, with more than 1,600 branches and 2,500 ATMs throughout the nation.  According to the latest market information, its current market capitalization stands at 352,948.84 Crore INR.

6. Bank of Baroda

Revenue – 14.78KCr    

Net income – 4.73KCr  

NIM – 3.14%

CASA – 38.76%

Gross NPA – 2.92%    

Bank of Baroda (BOB) is one of the top banks in India in the public sector, with its headquarters in Vadodara, the city of Gujarat. Founded in 1908 by Sayajirao Gaekwad III, Maharaja of Baroda, the legendary leader, it is currently the second biggest public bank in the country.

BOB is an international entity with thousands of network outlets in India and other countries.

The network consists of over 9,600 branches and 10,000 ATMs spread not only in India but in more than 25 countries around the world, making it one of the top 10 banks in India. The bank provides a comprehensive range of banking products and financial services to meet the demands of not only corporate customers but also retail clients.

Also per the latest information from the stock market exchange, Bank of Baroda holds 127,836.07 Crore INR in market cap.

7. Punjab National Bank (PNB)

Revenue – 13.32KCr    

Net Income – 3.98KCr

NIM – 3.11%

CASA – 40.33%

Gross NPA – 5.73

The Punjab National Bank (PNB) is a public-sector bank in India that was initially founded on 12th May 1894. This not only makes PNB one of the oldest banks in the country but also one of the market leaders as well as a testament to its long record of success. PNB has nearly 18 crores of customer base, 12248 banking channels, and around 13500 ATMs and is one of the two public sector banks of India.

However, it is not only a local bank, but also a transnational banking organization that includes branches in Hong Kong, Dubai, and Kabul. Its main offices can be found in Almaty, Dubai, Shanghai, Oslo and Sydney. Along with that, the PNB has ownership of Nepal, Bhutan, and Kazakhstan banks.

It depicts this as a mission statement from Emfinbi to create global financial inclusion. SBI ranks just behind the top five banks, holding a market cap of 120,009.31 Crore INR, which is equivalent to the sixth largest bank in terms of market capitalization.

8. IndusInd Bank

Revenue – 6.8KCr  

Net Income – 2.17KCr  

NIM – 4.25%

CASA –  37.91%

Gross NPA – 1.92  

IndusInd Bank, founded by Srichand P. Hinduja in 1994, delivered services to more than 38 million customers through the large number of branches it has – 2,728 – and also by operating an extensive network consisting of around 2,939 ATMs all over the nation.

IndusInd Bank acquired Bharat Financial Inclusion Limited in 2017 for ₹15,000 crore and finished the merger process in 2019. It joined with ICC as a worldwide sponsor for men’s cricket events in 2023.

In April 2024, IndusInd Bank collaborated with Circularity Innovation Hub India Private Limited (CIH) to pilot a project utilizing the Reserve Bank of India’s (RBI) programmable Central Bank Digital Currency (CBDC). The trial allocated digital currency to farmers in Maharashtra to encourage sustainable farming and gain carbon credits, involving partners like Hindustan Agro who work with these farmers. The bank has a goal to spread this creative effort all over the country for better results for more farmers and nature.

During the last part of the financial year 2024’s fourth quarter, IndusInd Bank experienced a notable rise in its net profit. The bank saw an increase of 15 percent to ₹2,349 crore in net profit compared to ₹2,043 crore during the same period in the past year. This growth shows the bank’s good financial performance. Moreover, according to the latest stats from the stock exchange, its current market cap stands at 98,978.86 Crore INR.

9. Indian Overseas Bank (IOB)

Revenue – 3.03KCr

Net income – 779.62Cr

NIM – 3.28%

CASA – 43.90%

Gross NPA – 2.72%

Indian Overseas Bank (IOB), which has its main office in Chennai, is a big public sector bank. It was established back in 1937 and started with special focus on foreign exchange together with overseas banking services.

Nowadays, IOB provides a wide array of financial services to people, businesses and corporations. It gives personal and corporate banking along with different kinds of loans for housing, vehicles as well as education.

The bank has a big network in India, with branches and ATMs all over the country. It also manages some international operations.

On March 31, 2024, IOB reached a combined net profit of ₹2,665.66 crore. This shows an increase of 24% from the last year’s performance and illustrates the bank’s strong financial situation and operational efficiency. The bank also experienced an elevation in its operating profit to ₹1,961 crore along with total income of ₹9,112.67 crore which displays steady growth and provides a robust base for future expansion. As of latest market stats it’s market cap is 99,369.98 Crore INR.

Indian Overseas Bank announced strong results on October 23, 2024. The bank’s profits grew by 24%, reaching Rs. 777 crore in the second quarter, compared to Rs. 625 crore last year. This growth came from higher interest earnings of Rs. 6,851 crore and new customer additions.

In India’s banking industry, IOB is still a significant participant. It aids the country’s economic expansion and initiatives to make financial services available for every citizen. For many Indians, IOB remains a reliable monetary establishment that caters to their varied banking requirements.

10. Canara Bank

Revenue – 15.15KCr    

Net Income – 4.07KCr  

NIM – 3.05%

CASA – 35.00%

Gross NPA – 4.23%

Canara Bank, which started in 1906 in Mangalore, is a major public bank in India with a long history. Its main office is in Bangalore, and it has grown greatly, having more than 8,500 branches and 10,000 ATMs throughout the whole country. The bank is also growing internationally. Canara Bank provides many kinds of money services and financial products to meet different people’s wants. They have offices in many countries around the world. Its solid financial situation is shown in its market value, which is about 91,386.81 Crore INR. With its wide network, complete goods and services, and good financial position, Canara Bank has secured its place as one of the best banks in India.

Conclusion

The banking sector is one of the most important machinery in the structure of the Indian economy, it plays a very significant role in day-to-day commerce, trade, and finance. All the top 10 banks in India discussed above have shaped the banking landscape in our country.  

The banking sector is set to play a major role in shaping the country’s future. The sector is changing, with private banks gaining more market share alongside public banks. Technology will be important for Indian banking going forward. Data science may help predict customer needs and improve services.