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The banking industry is a key part of a country’s economy. Banks are essential for economic growth, and a strong banking sector can greatly impact a country’s financial health. This article covers the Top 10 Banks in India, the world’s largest democracy, and explains how these leading banks have boosted the country’s purchasing power and per capita income.
India’s banking sector is diverse, including both government and private banks that cater to various financial needs. The top 10 government banks in India and the top 10 private banks in India have a combined market share of over 70 percent. These banks have not only provided essential banking services but have also played a crucial role in the country’s economic development.
With recent reforms in the banking sector, investing in Indian banks has become increasingly profitable. These reforms have strengthened the financial foundation, making the banking sector one of the leading and most dynamic in the Asia-Pacific region. The growth of these banks has led to the creation of numerous job opportunities across different sectors, significantly boosting the economy.
Below is a detailed look at the largest banks in India. These top 10 banks, both government and private, have been instrumental in driving economic growth, enhancing financial inclusion, and providing robust banking services to millions of Indians. Through their efforts, they have helped improve the country’s financial stability and economic prosperity.
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List of Top 10 Banks in India 2024
India hosts 12 public sector banks, 21 private sector banks, and 45 foreign banks, all of which significantly influence the Indian banking industry and economy. Among these, the major players are the largest banks that dominate the sector. Here are the Top 10 Banks in India in 2024, based on a recent detailed survey that considered market capitalization:
These Top 10 Banks in India are crucial in shaping the financial landscape of the country. The list of Top 10 Banks in India is determined by their market value, size, and impact on the economy. Understanding the Top 10 Banks in India can help consumers and businesses make informed decisions about their banking needs. The survey highlighting the Top 10 Banks in India offers insights into the leading financial institutions in the country.
| Rank & Bank Name | Type | Market Cap (Rs Lakh Crore) |
| #1 HDFC Bank | Private | 11.57 |
| #2 ICICI Bank | Private | 7.84 |
| #3 SBI | Public | 7.35 |
| #4 Kotak Mahindra | Private | 3.32 |
| #5 Axis Bank | Private | 3.59 |
| #6 Punjab National Bank | Public | 1.39 |
| #7 Bank of Baroda | Public | 1.35 |
| #8 Indian Overseas Bank | Public | 1.25 |
| #9 IndusInd Bank | Private | 1.13 |
| #10 Union Bank of India | Public | 1.14 |
Top 10 Banks in India: Detailed Overview
HDFC Bank
As of January 2024, HDFC Bank Ltd. holds a market capitalization of Rs. 9.34 trillion. Based in Mumbai, it is currently the largest private sector bank in India and is ranked as the Number 1 Bank in India according to Forbes World’s Best Bank survey. HDFC offers a wide range of services including Retail and Wholesale Banking, Personal Banking, Home, Auto, and Business Loans, Lifestyle Loans, and Credit and Debit Cards. The bank is also known for its digital products like Payzapp and SmartBUY.
HDFC Bank Products and Interest Rates
| Product | Interest Rate |
| HDFC Home Loan | 8.75% – 9.65% |
| HDFC Personal Loan | 10.75% |
Important Facts
- Branches: 6,342
- ATMs: 18,130
- Employees: 1.41 Lakh+
- POS Terminals: 2,43,888
- Debit Cards: 4 Crore
- Credit Cards: 1.76 Crore
Recognitions
- Best Large Bank – HDFC Bank by Fortune India – Grant Thornton Bharat’s study of India’s Best Banks 2024.
- Best Bank in India by Euromoney Awards for Excellence in 2024.
- No. 1 in Super Affluent category by Euromoney Private Banking and Wealth Management Survey 2022.
- Best Performing Bank in SHG Linkage by National Rural Livelihood Mission (NRLM), Ministry of Rural Development, Govt of India.
- Most Committed to High Governance Best Standards by FinanceAsia’s Best Companies in Asia Poll 2024.
- Best Corporate Bank, Best Bank for SMEs, and Best Bank for Diversity & Inclusion by Asiamoney Best Bank Awards 2024.
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ICICI Bank
ICICI Bank Ltd., with a market capitalization of Rs. 6.08 trillion as of January 23, 2024, is the third largest bank in India. Headquartered in Mumbai and registered in Vadodara, ICICI Bank has consolidated assets of Rs. 12.50 trillion. It has a strong international presence with subsidiaries in Canada and the UK and branches in several other countries.
ICICI Bank Products and Interest Rates
| Product | Interest Rate |
| ICICI Home Loan | 8.75% |
| ICICI Personal Loan | 10.80% |
Important Facts
- Branches: 5,275
- ATMs: 15,589
- Employees: 97,354
State Bank of India (SBI)
State Bank of India (SBI) is the largest public sector bank in India with a market capitalization of Rs. 5.34 trillion. Headquartered in Mumbai, SBI ranks 221st on the Fortune Global 500 list of the world’s biggest corporations as of 2021.
SBI Products and Interest Rates
| Product | Interest Rate |
| SBI Home Loan | 8.50% – 10.05% |
| SBI Personal Loan | 11.15% |
Important Facts
- Branches: 22,219
- ATMs: 62,617
- Employees: 2,45,642
- POS Terminals: 6.08 Lakh
Kotak Mahindra Bank
Kotak Mahindra Bank, with a market capitalization of Rs. 3.55 trillion as of January 2024, is the fourth largest private sector bank in India. Founded in 2003, the bank generated revenue of Rs. 58,882 crores last year.
Kotak Mahindra Bank Products and Interest Rates
| Product | Interest Rate |
| Kotak Home Loan | 8.70% |
| Kotak Personal Loan | 10.99% |
Important Facts
- Branches: 4,758
- ATMs: 10,990
- Employees: 78,300
- Cash Recyclers: 5,972
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Axis Bank
Axis Bank has a market capitalization of Rs. 1.90 trillion and is the fourth largest private sector bank in India. The bank provides financial services to large and mid-size corporates, SMEs, and retail businesses, with a revenue of Rs. 68,116 crores in 2019.
Axis Bank Products and Interest Rates
| Product | Interest Rate |
| Axis Home Loan | 8.60% – 9.05% |
| Axis Personal Loan | 10.99% |
Important Facts
- Branches: 4,050
- ATMs: 11,800+
- Employees: 55,000+
- Cash Recyclers: 4,917
Punjab National Bank (PNB)
Punjab National Bank, with a market capitalization of Rs. 626.53 billion, is a leading public sector bank in India. The bank has a revenue of Rs. 88,339 crores and serves over 180 million customers.
PNB Products and Interest Rates
| Product | Interest Rate |
| PNB Home Loan | 8.40% – 10.25% |
| PNB Personal Loan | 11.40% |
Important Facts
- Branches: 12,248
- ATMs: 13,000+
- Employees: 1,03,144
Bank of Baroda (BoB)
Bank of Baroda, also known as BoB, has a market capitalization of Rs. 932.40 billion. Headquartered in Vadodara, BoB became well-known after the first-ever 3-way merger with Dena Bank and Vijaya Bank in April 2019. The bank had a revenue of Rs. 82,859.5 crores in 2021.
BoB Products and Interest Rates
| Product | Interest Rate |
| BoB Home Loan | 8.40% – 10.60% |
| BoB Personal Loan | 11.40% |
Important Facts
- Branches: 9,500+
- ATMs: 13,000+
- Employees: 79,806+
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Indian Overseas Bank
- Founded on: 10 February 1937
- CEO: Ajay Kumar Srivastava
Indian Overseas Bank, established in 1937, initially focused on foreign exchange business. Today, it provides a variety of financial services, including deposit accounts, loans, and investments. In addition to its extensive presence in India, the bank has branches in Singapore, Hong Kong, Thailand, South Korea, and Sri Lanka.
IndusInd Bank
- Founded on: April 17, 1994
- CEO: Sumant Kathpalia
IndusInd Bank is a leading private bank in India, with a strong presence in major Indian metro cities and representative branches in Dubai, Abu Dhabi, and London. The bank offers a wide range of financial services and emphasizes personalized solutions and excellent customer service for retail, corporate, and institutional clients. Recently, Shiv Kumar Bhasin, previously EVP and Group Chief Technology and Operations Officer at NSE, joined IndusInd Bank as the Chief Transformation Officer.
Union Bank of India (UBI)
- Founded on: November 11, 1919
- CEO: A. Manimekhalai
Union Bank of India was inaugurated by Mahatma Gandhi in 1919. The bank was nationalized in 1969, along with 14 other banks, to channel their resources for the country’s development. At the time of India’s independence, UBI had four branches. Following the merger with Corporation Bank and Andhra Bank in April 2020, it now boasts a network of over 8700 branches across India.
Top 10 Government Banks in India
Here are the top 10 government banks in India, known for their significant market presence and extensive banking services:
- State Bank of India (SBI) – Market Cap: Approximately Rs. 4.5 Lakh Crore
- SBI is the largest public sector bank in India, offering a wide range of banking products and services across the country and globally through its extensive network.
- Punjab National Bank (PNB) – Market Cap: Around Rs. 0.3 Lakh Crore
- PNB is known for its strong presence in Northern India and offers comprehensive banking solutions to retail and corporate customers.
- Bank of Baroda (BOB) – Market Cap: About Rs. 0.2 Lakh Crore
- BOB is among the largest banks in India with a global presence, catering to diverse banking needs through its wide range of products and services.
- Canara Bank – Market Cap: About Rs. 0.2 Lakh Crore
- Canara Bank is renowned for its customer-centric approach and robust banking infrastructure, serving millions of customers across India.
- Union Bank of India – Market Cap: About Rs. 0.2 Lakh Crore
- Union Bank of India has a rich history dating back to pre-independence era and continues to expand its footprint with a focus on digital banking solutions.
- Bank of India (BOI) – Market Cap: Around Rs. 0.1 Lakh Crore
- BOI offers a wide spectrum of banking services and is known for its commitment to financial inclusion and customer satisfaction.
- Indian Bank – Market Cap: Around Rs. 0.1 Lakh Crore
- Indian Bank has a strong presence in Southern India and is recognized for its efficient banking practices and innovative financial products.
- Central Bank of India – Market Cap: Around Rs. 0.1 Lakh Crore
- Central Bank of India is one of the oldest banks in India, playing a crucial role in the economic development of the country with its extensive branch network.
- Indian Overseas Bank (IOB) – Market Cap: Around Rs. 0.1 Lakh Crore
- IOB has a global presence and offers specialized banking services, including foreign exchange and international banking solutions.
- Bank of Maharashtra – Market Cap: Around Rs. 0.1 Lakh Crore
- Bank of Maharashtra serves diverse customer segments with a focus on rural and semi-urban areas, contributing to inclusive growth and development.
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Top 10 Private Banks in India
Here are the top 10 private banks in India, known for their innovative services and customer-centric approach:
- HDFC Bank: Leading private sector bank offering a wide range of financial products and services.
- ICICI Bank: Known for its extensive network and innovative digital banking solutions.
- Axis Bank: Offers comprehensive banking services to retail and corporate customers.
- Kotak Mahindra Bank: Known for its focus on wealth management and investment banking services.
- IndusInd Bank: Offers personalized banking solutions and superior customer service.
- Yes Bank: Known for its rapid growth and innovative banking products.
- Federal Bank: Provides a range of banking services with a focus on customer satisfaction.
- IDFC First Bank: Offers banking services with a focus on retail and corporate clients.
- Bandhan Bank: Known for its microfinance and banking services in rural and semi-urban areas.
- RBL Bank: Offers innovative banking solutions and personalized services to customers.
FAQs on Top 10 Banks in India
Which one is a better bank, SBI or ICICI?
Comparing SBI and ICICI involves looking at various factors. One key aspect is the interest rates: SBI offers 9.60%, while ICICI offers 10.25%.
Which is the best bank in India?
According to Forbes World’s Best Bank Report, HDFC is ranked as India’s number 1 bank.
Which is the largest bank in India?
HDFC, ICICI, SBI, Axis, and Kotak Mahindra Bank are among the largest banks in India.
Which is India’s first private bank?
IndusInd Bank, established in April 1994 in Mumbai, is India’s first private bank.
Which bank has the highest market cap in India?
HDFC has the highest market cap among all banks in India at Rs. 11.61 lakh crore.
Which is the No. 1 Bank in India?
Forbes World’s Best Bank survey ranks HDFC Bank as the top bank in India.
Which is the largest bank in India 2024?
State Bank of India (SBI) is the largest bank in India, known for its extensive branch network and being a major employer.
Which is the second largest bank in India?
HDFC Bank is India's second-largest private-sector bank by assets and market capitalization.
Which bank offers the safest banking in India?
Public sector banks, including State Bank of India, Punjab National Bank, Bank of Baroda, and Bank of India, are considered safest for banking in India.
Which is India’s largest private bank?
HDFC Bank holds the title of the largest private sector bank in India.
Which bank is bigger, ICICI or HDFC?
HDFC Bank is larger than ICICI Bank in terms of market capitalization and branch presence across India.
Which bank has the highest market cap in the world?
JP Morgan Chase in the US has the highest market cap among all banks worldwide, at $432.31 billion.
