Top 10 Banks In India: List of Banks

The Banking Industry is one of the major pillars of a country’s economy. Banks are crucial for economic growth and a healthy banking sector can make or break a country’s financial situation.

This article discusses the Top 10 Banks in the world’s largest democracy, India, and how these primary players in the banking sector have contributed to increasing the purchasing power capability and per capita income of the country.

These top 10 banks have a combined market share of more than 70 percent and with reforms in the banking sector, have made investing in Indian Banks profitable for the investors, making it one of the dominant sectors in the Asia-Pacific region.

Given below in this article is a list of the largest banks in India, that have greatly contributed to generating huge amount of job opportunities for different sectors in the country, and helped boost the country’s economy.

Let’s start.

List of Top 10 Banks in India in 2024

India houses 12 public sector banks, 21 private sector banks, and 45 foreign banks (in the private sector) and these are the players that are influencing the Indian banking industry and to a significant extent the Indian economy. Out of all these banks, the key players are comprised of the largest of banks, that dominate the sector, and given below are the Top 10 Banks in India in 2023, based on a detailed recent survey, that takes into account the market capitalization:

Bank Name	Type	Market Capitalization (Rs Lakh Crore)
HDFC Bank	Private	11.61
ICICI Bank	Private	6.65
State Bank of India (SBI)	Public	5.13
Kotak Mahindra	Private	3.47
Axis Bank	Private	3.09
IndusInd Bank	Private	1.12
Bank of Baroda	Public	1.06
Punjab National Bank	Public	0.828
Union Bank of India	Public	0.778
IDBI Bank	Private	0.752

Top 10 Largest Banks in India 2024

Given below is detailed information about the titans of the banking sector from the above mentioned list, highlighting their market share, asset share, employment scale etc. These banks control the majority of shares in the banking market and are in many ways responsible for the per capita income of the country and purchasing power capability of India:

1. HDFC Bank

HDFC Bank is one of the largest private sector banks in the country in terms of assets and market capitalization. More details are given in the table below:

Type	Private Company
Industry	Financial Services
Founded	1994
Key person in charge	Atanu Chakraborty (Chairman)
Headquarters	Mumbai, India
Area served	India
Products	Banking
Revenue	₹2.05 lakh crore (US$26 billion)
Asset	₹25.3 lakh crore (US$320 billion)
Number of branches	8,344
Number of ATM’s	19,727
Number of Employees	1,77,000

2. ICICI Bank

ICICI Bank is one of the largest private sector of India. ICICI has a worldwide presence and serves millions of customers here and abroad. ICICI famous for customer-friendly approach, interest rates, and advanced banking solutions.

Type	Private Sector
Industry	Banking & Financial Sector
Founded	1994
Key Person in charge	Girish Chandra Chaturvedi
Headquarters	Mumbai, India
Area served	Worldwide
Products	Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, personal loans, wealth management, payment solutions.
Asset	₹1,958,490.50 crore (US$250 billion) (2023)
Number of Branches	5,900
Number of ATMs	16,650
Number of Employees	130,542 (2022)

3. State Bank of India (SBI)

SBI is the largest public sector bank in India and offers a comprehensive range of banking services to a large customer base, all over the country, It is known for its varied customer services.

Type	Public Company (Government of India)
Industry	Banking, Financial Services
Founded	2nd June 1806 – Bank of Calcutta 27th January 1921- Imperial Bank of India 1st July 1955 – State Bank of India 2nd June 1956 – Nationalization
Key Person in charge	Dinesh Kumar Khara
Headquarters	Mumbai, India
Area served	Worldwide
Products	Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management, credit cards
Total Asset	₹5,954,418.30 crore (US$750 billion) (2023)
Number of Branches	India- 22,219 International – 229 Branches in 31 countries
Number of ATMs	62,617
Number of Employees	2,36,116 (September 2023)

4. Kotak Mahindra Bank

Kotak Mahindra Bank is the third largest private sector bank by Market Cap in India. It offers banking and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management.

Type	Private Sector
Industry	Banking & Financial Sector
Founded	February 2003
Key Person in charge	Prakash Apte
Headquarters	Mumbai, India
Area served	India
Products	Credit cards, Life Insurance, Mutual Funds, Car Finance, Securities, Institutional Equities, Investment Banking, International Business, Kotak Private Equity, Kotak Realty Fund, Wealth Management
Asset	₹620,429.73 crore (US$78 billion) (2023)
Number of Branches	1,780
Number of ATMs	2,963
Number of Employees	1,00,000+ (March 2023)

5. Axis National Bank

Axis Bank is a private sector bank that caters to the diverse needs of retail, corporate, and institutional customers. Axis Bank mainly focuses on digital banking, offering a smooth and user-friendly banking experience.

Type	Private Sector
Industry	Banking & Financial Sector
Founded	3 December 1993
Key Person in charge	Amitabh Chaudhry
Headquarters	Mumbai, India
Area served	Worldwide
Products	Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management
Asset	₹1,344,418 crore (US$170 billion) (2023)
Number of Branches	4,903
Number of ATMs	15,953
Number of Employees	91,898 (As of March 2023)

6. IndusInd Bank

IndusInd Bank is a private-sector bank has an extensive branch and ATM network serve retail, corporate, and institutional customers. IndusInd Bank focuses on providing personalized banking solutions and superior customer service.

Type	Private Sector
Industry	Banking & Financial Sector
Founded	1994
Key Person in charge	Arun Tiwari
Headquarters	Mumbai, India
Products	Credit cards, Car loan, Gold loan, Home loan, Loan against property.
Asset	₹7,443 crore (US $930 million)(2023)
Number of Branches	2,015
Number of ATMs	2,606
Number of Employees	32,445

7. Bank of Baroda

Bank of Baroda is a leading public sector bank known for its extensive branch network and global presence. This bank is recognized for its customer-centric approach and innovative digital initiatives.

Type	Public Sector
Industry	Banking & Financial Sector
Founded	20 July 1908
Key Person in charge	Hasmukh Adhia
Headquarters	Vadodara, India
Area served	India
Products	Credit cards, consumer banking, corporate banking, finance and insurance, investment banking. mortgage loans, private banking, private equity, wealth management.
Asset	₹1,525,878.97 crore (US$ 190 billion) (2023)
Number of Branches	9,693
Number of ATMs	10,033+
Number of Employees	79,806 (2022)

8. Punjab National Bank

Punjab National Bank is an important public sector top bank in India, that offers retail banking, corporate banking, and international banking services. PNB mainly promotes financial inclusion and has a strong presence in rural and semi-urban areas of the country.

Type	Public Sector
Industry	Banking & Financial Sector
Founded	April 12, 1895
Key Person in charge	Atul Kumar Goel
Headquarters	New Delhi, India
Area served	India
Products	Credit cards, consumer banking, corporate banking, finance and insurance, investment banking. mortgage loans, private banking, private equity, wealth management.
Asset	₹1,493,648.94 crore (US$190 billion) (2023)
Number of Branches	12,248
Number of ATMs	12,898
Number of Employees	1,03,144 (2022)

9. IDBI Bank

IDBI (Industrial Development Bank of India) was founded by the government of India in 1964 as a development financial institution to provide financial services and aid to the industrial sector. It was merged with the commercial division to form the current IDBI bank in 2005. SIDBI, EXIM, National Stock Exchange of India, SEBI, and National Securities Depository Limited all have their origins from IDBI in one way or the other.

The government of India holds a 45.48 percent stake in the bank, and the majority share of 49.24 percent is held by Life Insurance Corporation (LIC) after IDBI was asked to infuse capital and manage the bank to meet the regulatory norms in 2019. IDBI is not your usual go to personal bank. It was created for a specific purpose aka to financially support India’s industrial sector, and it evolved overtime to become one of India’s top 10 banks in terms of its services and market share.

Type	Private sector
Founded	July 1, 1964
Key person in charge	Rakesh Sharma (CEO)

10. Union Bank of India (UBI)

UBI’s office was established in 1919 and was inaugurated personally by Mahatma Gandhi, giving it a unique nationalistic character in pre independence era. UBI was nationalized in 1969 along with 14 other banks so that the government could utilize their funds and resources for the development of the country. UBI had four branches when India became independent. In 2020 UBI merged with Corporation Bank and Andhra Bank.

Type	Public sector
Founded	November 11, 1919
Key person in charge	A. Manimekhalai (CEO)
Number of Branches	8,700

Top 10 Government Banks in India

The following is the list of government Banks in India:

1. State Bank of India (SBI) – Market Cap: ~ Rs. 4.5 Lakh Crore
2. Punjab National Bank (PNB) – Market Cap: ~ Rs. 0.3 Lakh Crore
3. Bank of Baroda (BOB) – Market Cap: ~ Rs. 0.2 Lakh Crore
4. Canara Bank – Market Cap: ~ Rs. 0.2 Lakh Crore
5. Union Bank of India – Market Cap: ~ Rs. 0.2 Lakh Crore
6. Bank of India (BOI) – Market Cap: ~ Rs. 0.1 Lakh Crore
7. Indian Bank – Market Cap: ~ Rs. 0.1 Lakh Crore
8. Central Bank of India – Market Cap: ~ Rs. 0.1 Lakh Crore
9. Indian Overseas Bank (IOB) – Market Cap: ~ Rs. 0.1 Lakh Crore
10. Bank of Maharashtra – Market Cap: ~ Rs. 0.1 Lakh Crore

Top 10 Private Banks in India

The following is the list of Private Banks in India:

1. HDFC Bank
2. ICICI Bank
3. Axis Bank
4. Kotak Mahindra Bank
5. IndusInd Bank
6. Yes Bank
7. Federal Bank
8. IDFC First Bank
9. Bandhan Bank
10. RBL BankTop 10 Government Banks in India:
11. State Bank of India (SBI)

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FAQs on Top 10 Banks in India

Which one is a better bank, SBI or ICICI?

Several factors can help us in determining the better bank, one of them being a comparison of interest rates between both the banks. In this case, SBI’s interest being 9.60 percent whereas ICICI’s interest rate being 10.25 percent.

Which is the best bank in India?

HDFC is ranked as India’s number 1 bank in Forbes World’s Best Bank Report.

Which is the largest bank in India?

Some of the largest banks in India are HDFC, ICICI, SBI, Axis, Kotak Mahindra Bank to name a few.

Which is India’s first private bank?

IndusInd Bank, established in April 1994 in Mumbai, holds the title of India’s first private bank.

Which bank has the highest market cap in the India?

HDFC has the highest market cap among all banks in the India at 11.61 Rs Lakh Crore.