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 13th September, 2024.

Top 10 banks in India

1. HDFC Bank

The HDFC Bank, which was established in 1994, 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 1,268,701.18 Crore INR.

2. ICICI Bank

ICICI Bank, 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 876,922.38 Crore INR.

3. State Bank Of India (SBI)

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 known to be the tenth largest employer in the country, Famously 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 703,170.21 Crore INR.

4. Axis Bank

Axis Bank, est. in 1993, is one of the premier private sector banks of 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 373,793.62 Crore INR.

5. Kotak Mahindra Bank

Kotak Mahindra Bank is a top banks in Indian 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 363,299.11 Crore INR.

6. Bank of Baroda

Bank of Baroda (BOB) is the most prominent public sector Indian bank, 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 having 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 123,078.42 Crore INR in market cap.

7. Punjab National Bank

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 and best banks in India but also positions it as a market leader, showcasing 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. Punjab National Bank (PNB) operates in various countries, including the UK’s PNB International with seven branches and locations such as Hong Kong, Kowloon, Dubai, & more. With current market condition it’s market cap is valued at 121,011.06 Crore INR.

8. Indian Overseas Bank

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 111,562.04 Crore INR.

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. 

9. IndusInd Bank

IndusInd Bank, founded by Srichand P. Hinduja in 1994, is an important private bank located in India. It delivers 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 the fiscal year 2024, IndusInd Bank – one of the top private banks in India demonstrated significant growth. Net profit reached ₹5,000 crore and total income rose by 20% to ₹18,500 crore. Advances increased by 15% to ₹2,00,000 crore. The standard of assets stayed good, showing low NPAs. Steady capital ratio at 17.8% leaves the bank in a strong position for future development. According to latest market information it currently holds up to 113,685.72 Crore INR. 

10. Canara bank

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 for different people’s wants. They have offices in many countries around the world. It’s solid financial situation is shown in its market value, which is about 95,377.90 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’s money-making area.

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 ser