How important is the banking sector for a country? Undoubtedly, it is the backbone of an economy, as it aids in the economy’s growth, trade, and investments, ensures financial access for all, and provides loans to individuals and businesses. With a tech-savvy population and a booming economy, India’s banking sector has significantly evolved over the past decade. In 2024, the top banks in India, in terms of market capitalisation, are also among the top in the same terms globally. For example, HDFC Bank is among the top 10 banks in the world in 2024 by market cap.In this article, we will delve into the top 10 banks of India, comprehensively analysing their operations, financial performance, and overall impact.
Top Indian banks in 2024 based on market cap
Here’s a table showcasing the top 10 banks in India, ranked by their market caps (as of September 06, 2024).
| Rank & Bank Name | Type | Market Cap (Rs Lakh Crore) |
|---|---|---|
| #1 HDFC Bank | Private | 12.51 |
| #2 ICICI Bank | Private | 8.63 |
| #3 SBI | Public | 7.10 |
| #4 Axis Bank | Private | 3.62 |
| #5 Kotak Mahindra | Private | 3.52 |
| #6 Punjab National Bank | Public | 1.22 |
| #7 Bank of Baroda | Public | 1.23 |
| #8 Indian Overseas Bank | Public | 1.10 |
| #9 IndusInd Bank | Private | 1.10 |
| #10 Canara Bank | Public | 0.95 |
Here’s a deep dive into the top banks in India, examining their foundation:Also Read: Top 10 index funds in India by AUM
HDFC Bank
- Founded on: August 30, 1994
- MD & CEO: Sashidhar Jagdishan
HDFC Bank is the largest bank in India in terms of market cap and the fourth-largest bank in the world on the same terms. As one of the leading private banks in India, it holds a prominent position in the financial industry. Renowned for its robust performance and innovative solutions, HDFC Bank is a key player in retail, corporate, and institutional banking. On July 1, 2023, HDFC Bank merged with HDFC Ltd., its sister housing finance company. The merger took place to provide better and more comprehensive financial services to the users. Sashidhar Jagdishan, the managing director and chief executive at HDFC Bank, has recently been named the highest-paid bank CEO in India. Also Read: Top 10 FMCG companies in India by market cap
ICICI Bank
- Founded on: January 5, 1994
- MD & CEO: Sandeep Bakhshi
ICICI Bank offers a wide range of financial services. It serves millions of customers in India and abroad, known for its customer-friendly approach, competitive rates, and advanced technology. In its recent ESG Report, ICICI Bank has notably declared its green financing portfolio constituted 21.4 percent of the total amount they lent out in 2023, amounting to about $119 billion. Also Read: Commercial banks in India: Types and functions
State Bank of India (SBI)
- Founded on: July 1, 1955
- Chairman: Dinesh Kumar Khara
With its headquarters in Mumbai, SBI is India’s largest public sector bank. It has 22,405 branches in India, holds a 23 percent market share, and has a strong presence abroad, with more than 233 foreign branches in 36 countries.In the April-June quarter of the fiscal year 2023-24, SBI overtook Reliance Industries as India’s most profitable company.
Axis Bank
- Founded on: December 3, 1993
- MD & CEO: Amitabh Chaudhry
Axis Bank is among India’s largest private-sector banks. It specialises in financial services for large and mid-sized corporates, SMEs, and retail businesses. Axis Bank prioritises digital banking, ensuring a seamless and user-friendly experience and caters to diverse retail, corporate, and institutional needs.Amitabh Chaudhry, the CEO of Axis Bank, is the second highest-paid Indian bank CEO. The bank partnered with the digital banking enterprise OPEN this year to bring about a native digital current account journey for its user base.
Kotak Mahindra Bank
- Founded on: November 21, 1985
- MD & CEO: Ashok Vaswani
Kotak Mahindra Bank provides a variety of services to various customers, including corporates, retailers, and SMEs. Uday Kotak, who had been the MD and CEO of Kotak Mahindra Bank Ltd. for 21 years, has stepped down. His successor is yet to be determined, and the RBI has reportedly rallied for an outsider to succeed him.
Punjab National Bank of India (PNB)
- Founded on: May 19, 1893
- CEO: Atul Kumar Goel
Punjab National Bank provides a wide range of banking services, such as retail, corporate, and international banking. The bank’s commitment to financial inclusion is evident through its strong presence in rural and semi-urban areas. It has a vast customer base exceeding 180 million.Freedom fighter Lala Lajpat Rai was one of the founding members of the bank and was closely associated with the management of the bank in its early years.
Bank of Baroda (BoB)
- Founded on: July 20, 1908
- MD & CEO: Debadatta Chand
Headquartered in Vadodara, Gujarat, Bank of Baroda witnessed the first-ever three-way merger with Dena Bank and Vijaya Bank. As a nationalised bank, Bank of Baroda is renowned for its extensive branch network and diverse banking services, covering retail and corporate banking and treasury operations.According to recent filings, the Bank of Baroda recorded a net profit of ₹4,070.1 crore for the April to June quarter in FY 2023-24, 88.7 percent higher than its performance in the same quarter in the last FY.
Indian Overseas Bank
- Founded on: 10 February 1937,
- MD & CEO: Ajay Kumar Srivastava
Started in 1937, the Indian Overseas Bank was initially focused on foreign exchange business. Today, it offers financial services such as deposit accounts, loans, and investments. Apart from its significant presence in the countries, Indian Overseas Bank has branches in Singapore, Hong Kong, Thailand, South Korea, and Sri Lanka.
IndusInd Bank
- Founded on: April 17, 1994
- MD & CEO: Sumant Kathpalia
IndusInd Bank is a prominent private bank in India. With branches concentrated in major Indian metro cities and representative branches in Dubai, Abu Dhabi, and London, the bank offers diverse financial services. It prioritises personalised solutions and superior customer service for retail, corporate, and institutional clients.Shiv Kumar Bhasin, formerly EVP and Group Chief Technology and Operations Officer at the NSE, has joined IndusInd Bank as the Chief Transformation Officer recently.\
Canara Bank
- Founded on: 1 July 1906
- MD & CEO: K. Satyanarayana Raju
FAQs
1. Which bank has the highest market cap in the world?US’s JP Morgan Chase has the highest market cap (as of September 2024) among all banks in the world at $619.19 billion. 2. Which is India’s first private bank?IndusInd Bank, established in April 1994 in Mumbai, holds the title of India’s first private bank.