Top 10 Banks In India By Market Cap In 2024 - Forbes India (2024)

Top 10 Banks In India By Market Cap In 2024 - Forbes India (1)
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 April 01, 2024).

Rank & Bank Name Type Market Cap (Rs Lakh Crore)
#1 HDFC Bank Private 11.16
#2 ICICI Bank Private 7.70
#3 SBI Public 6.75
#4 Kotak Mahindra Private 3.56
#5 Axis Bank Private 3.24
#6 Punjab National BankPublic 1.38
#7 Bank of Baroda Public 1.37
#8 Indian Overseas Bank
Public 1.21
#9 IndusInd Bank Private 1.20
#10 Union Bank
Public 1.19

Here’s a deep dive into the top banks in India, examining their foundation:Also Read: Top 10 index funds in India by AUM


  • Founded on: August 30, 1994
  • 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


  • Founded on: January 5, 1994
  • 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.

Kotak Mahindra Bank

  • Founded on: November 21, 1985
  • CEO: Dipak Gupta (interim)

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.

Axis Bank

  • Founded on: December 3, 1993
  • 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.

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
  • 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,
  • 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
  • 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.

Union Bank of India (UBI)

  • Founded on: November 11, 1919
  • CEO: A. Manimekhalai

Mahatma Gandhi inaugurated the Union Bank of India's office when it was established in 1919. The bank was nationalised in 1969 with 14 other banks to utilise their funds and resources for the development of the country. UBI had four branches when India became independent. Today, it has a network of more than 8700 branches across India, thanks to the merger with Corporation Bank and Andhra Bank in April 2020.


  • Founded on: July 1, 1964
  • CEO: Rakesh Sharma

IDBI (Industrial Development Bank of India) started as a development financial institution to provide financial services to the industrial sector when it was established by the government of India in 1964. In 2005, the institution was merged with the commercial division to make the present-day IDBI Bank. SIDBI, EXIM, National Stock Exchange of India, SEBI, and National Securities Depository Limited have their roots in IDBI. The government of India now holds a 45.48 percent stake in the bank, and the controlling share of 49.24 percent is held by Life Insurance Corporation (LIC) after the institute was asked to infuse capital and manage the bank to meet the regulatory norms in 2019.


1. Which bank has the highest market cap in the world?US’s JP Morgan Chase has the highest market cap among all banks in the world at $432.31 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.

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Top 10 Banks In India By Market Cap In 2024 - Forbes India (2024)


Top 10 Banks In India By Market Cap In 2024 - Forbes India? ›

The SBI, or the State Bank of India, is the largest bank in India by total assets, while HDFC Bank tops the list in terms of market capitalisation.

Which is the No 1 bank in India? ›

The SBI, or the State Bank of India, is the largest bank in India by total assets, while HDFC Bank tops the list in terms of market capitalisation.

Which bank has the highest market cap in India? ›

HDFC bank

Who is No. 2 bank in India? ›

2. State Bank of India (SBI)

Which bank is best in future in India? ›

Overview of 10 Best Banks in India 2024
  1. HDFC Bank. HDFC Bank is one of the most popular banks in India, with its headquarters in Mumbai. ...
  2. ICICI Bank. ICICI Bank is an Indian multinational financial services bank headquartered in Mumbai. ...
  3. SBI. ...
  4. Kotak Mahindra. ...
  5. Axis Bank. ...
  6. IndusInd Bank. ...
  7. Bank of Baroda. ...
  8. Punjab National Bank.
Mar 1, 2024

Which is the poorest bank in India? ›

#1 IDBI Bank

IDBI bank has incurred major losses in the last few years due to its corporate NPAs. In the last seven years, the bank has written off bad loans worth Rs 460 bn. For the financial year 2021, IDBI Bank's gross NPA ratio stood at 27.53 while its net NPA ratio stood at 1.97.

Who is the top 10 bank in India? ›

Here are the names of the 10 top banks in India:
  • State Bank of India (SBI)
  • HDFC Bank.
  • ICICI Bank.
  • Punjab National Bank (PNB)
  • Bank of Baroda (BoB)
  • Axis Bank.
  • Canara Bank.
  • Union Bank of India.
Sep 12, 2023

What are the top 5 banks by market cap? ›

By market capitalization
RankBank nameMarket cap (US$ billion)
1JPMorgan Chase491.76
2Bank of America266.45
3Industrial and Commercial Bank of China219.45
4Wells Fargo178.74
6 more rows

Which is the safest bank in India? ›

Safest Banks
  • State Bank of India. The Reserve Bank of India (RBI), India's central bank, has revealed which banks in the country are the safest and most dependable. ...
  • HDFC Bank. ...
  • ICICI Bank. ...
  • Punjab National Bank. ...
  • Bank of Baroda (BoB)

Which is the biggest private bank in India? ›


HDFC Bank was set-up in 1994 as a subsidiary of Housing Development Finance Corporation (HDFC). It is India's largest private sector bank based on market capitalisation and assets. It tops the list of best private banks in India.

Which is the number one bank in India in 2024? ›

Top Indian Banks In 2024 Based On Market Capitalisation:
Top 10 Banks by market cap in India
S.No.Bank NameBank Type
1HDFC BankPrivate
2ICICI BankPrivate
3State Bank of IndiaPublic
7 more rows
Apr 25, 2024

Which bank is strong in India? ›

Top Indian banks in 2024 based on market cap
Rank & Bank NameTypeMarket Cap (Rs Lakh Crore)
#1 HDFC BankPrivate11.16
#2 ICICI BankPrivate7.70
#3 SBIPublic6.75
#4 Kotak MahindraPrivate3.56
6 more rows
Apr 1, 2024

Which bank is rich in India? ›

HDFC Bank. One of the biggest banks in India by market capitalisation,² HDFC Bank has a huge network of branches and ATMs across the country. It also has a large number of accounts to choose from, including current accounts for businesses, salary accounts, deposit accounts and investment products.

Which is the best private bank in India? ›

Top Private Sector Banks in India List 2024
  • 1) HDFC Bank.
  • 2) Axis Bank.
  • 3) Kotak Mahindra Bank.
  • 4) IndusInd Bank.
  • 5) Yes Bank.
  • 6) Federal Bank.
  • 7) RBL Bank.
  • 9) South Indian Bank.
6 days ago

Which bank in India gives highest returns? ›

As of 2024, Canara Bank offers the highest interest rate of 7.25% for 444 days. Q4. Can I withdraw from a Tax Saver Term Deposit early? No, you cannot remove a tax-saver term deposit early because it has a 5-year lock-in period.

Which bank is best to save money in India? ›

Overview of the Top Savings Bank Accounts of 2024
  • 1) State Bank of India (SBI) Savings Account.
  • 2) HDFC Bank Savings Account.
  • 3) Kotak Mahindra Bank Savings Account.
  • 4) DCB Bank Savings Account.
  • 5) RBL Bank Savings Account.
  • 6) IndusInd Bank Savings Account.
  • 7) ICICI Savings Bank Account.
  • 8) Axis Bank Savings Account.
Apr 3, 2024

What are the top 3 banks in India? ›

List of Top 10 Banks in India
  1. HDFC Bank. Type: Private Company. ...
  2. ICICI Bank. Type: Private Sector. ...
  3. State Bank of India (SBI) Type: Public Company (Government of India) ...
  4. Kotak Mahindra Bank. Type: Private Sector. ...
  5. Axis National Bank. Type: Private Sector. ...
  6. IndusInd Bank. Type: Private Sector. ...
  7. Bank of Baroda. ...
  8. Punjab National Bank.
Dec 8, 2023

Which is the strongest bank in India? ›

List of Top 10 Banks in India
  1. HDFC Bank. HDFC Bank is one of the largest banks in the country in terms of assets and market capitalisation. ...
  2. State Bank of India (SBI) ...
  3. ICICI Bank. ...
  4. Axis National Bank. ...
  5. Kotak Mahindra Bank. ...
  6. IndusInd Bank. ...
  7. Yes Bank.

Which is the most trusted bank in India? ›

What Are The Safest Banks In India? In India, these three banks, SBI, HDFC, and ICICI, have been declared the safest due to their size.

Who is the No 1 private bank in India? ›

Summary: Top 10 Best Private Banks in India 2024
Bank NameProfit (Rs.)Market Cap
HDFC Bank46440 Cr.11.05 Trillion
ICICI Bank31,896 Cr.7.01 Trillion
Axis Bank6,071 Cr.3.27 Trillion
Kotak Mahindra Bank4,264 Cr.3.56 Trillion
6 more rows
Mar 13, 2024


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