Top 10 Banks in India in 2024 by Market Cap

Top 10 Banks in India in 2024 by Market Cap

In 2024, the top 10 banks in India, ranked by market capitalization, represent the top financial institutions leading India’s economy. Their market value reflects investor confidence and their role in shaping India’s banking sector. These banks offer a wide range of services, including retail, and corporate banking to NRI banking needs. Their performance influences the overall health of India’s financial system and impacts economic growth. Understanding their ranking provides insights into the banking sector’s strength and its contribution to India’s development.

SBNRI is a business partner of leading Indian banks. An NRI can apply for an NRE/ NRO account with one of these Banks by clicking the button below.

List of Top 10 Banks in India by Market Capitalisation

Here’s the list of the top 10 banks in India based on the current market capitalisation in 2024:

RankBank NameTypeMarket Cap (In lacs crore INR)
1HDFC BankPrivate11.67
2ICICI BankPrivate7.70
4Kotak Mahindra BankPrivate3.56
5Axis BankPrivate3.24
6Punjab National BankPublic1.38
7Bank of BarodaPublic1.37
8Indian Overseas BankPublic1.27
9IndusInd BankPrivate1.20
10Union Bank Of IndiaPublic1.19

Also read: 10 Best NRE Accounts in India for NRIs 2024: Online Application

Top 10 Banks in India by Market Capitalisation: Key Features

Here are the key features and detailed information on the aforementioned banks:

1. HDFC Bank

HDFC is one of the top banks in the world. With the world rating of 10th largest bank in the world and the largest bank in India in terms of market capitalization. It is the largest bank in India and holds a leading position in the financial industry. HDFC is well known for its retail banking, NRI banking, Corporate, and institutional banking services. To provide better services and in-depth financial services to the users, HDFC has now merged with its sister housing finance company HDFC Ltd. 

  • CEO and managing director: Sashidhar Jagdishan is the highest-paid CEO in India.
  • Headquarter: Mumbai

2. ICICI Bank 

Established in 1994, ICICI Bank offers a vast range of financial services. ICICI Bank provides services related to business, personal, corporate, and NRI banking. It provides services to the millions of customers in India and abroad, well known for its:

  • Customer-friendly approach
  • Competitive rates
  •  Advanced technology
  • Services offered:
    • Cards
    • Net banking
    • Digital savings and many more.
  • CEO: Sandeep Bakhshi
  • Headquarter: Mumbai


SBI is a multinational public sector bank with:

  • 22,405 branches in India.
  • Holding 23% market share.
  • With 233 foreign branches in 36 countries, it has a strong presence abroad.
  • They provide services in loans, accounts, cards, corporate banking, investments, deposits, etc.
  • CEO: Dinesh Kumar Khara
  • Headquarter: Mumbai

4. Kotak Mahindra

Kotak Mahindra Bank, led by Uday Kotak for 21 years, offers various services to corporates, retailers, and SMEs. However, Uday Kotak has stepped down as MD and CEO, with a successor yet to be chosen. The RBI seeks an outsider to fill the role. The bank provides financial services like

  • Investment banking services
  • Personal finance services
  • Wealth management services
  • Life insurance to Indian customers
  • It also promises high interest on savings and low interest on loans
  • CEO: Dipak Gupta (interim)
  • Headquarters: Mumbai

5. Axis Bank

Established in 1993, Axis Bank is one of India’s largest private-sector banks and serves large and mid-sized corporates, SMEs, and retail businesses. With a focus on digital banking, it offers a consistent experience for retail, corporate, and institutional customers. This year, it partnered with OPEN for a native digital current account journey. Formerly known as UTI Bank, it’s now India’s 3rd largest private bank by assets and 4th largest by market capitalization. Axis Bank provides various services including:

  • Corporate banking services
  • Personal banking services
  • Internet banking services
  • Cards services
  • Loans to its diverse customer base
  • CEO: Amitabh Chaudhry
  • Headquarter: Mumbai

6. Punjab National Bank of India 

Established in 1893, PNB provides various banking services such as retail banking, corporate banking, and international banking. PNB has been in service since 1894 and is the 3rd largest public sector and one of the top 10 banks in India, providing worldwide services. Their customer base is more than 180 million and the bank’s commitment to financial involvement is seen through its strong and remarkable presence in rural and semi-urban areas. The bank offers numerous services, like:
  • Personal banking services
  • Corporate banking services
  • Loans services
  • Credit cards services
  • Investment schemes
  • deposits, etc.
  • CEO: Atul Kumar Goel
  • Headquarter: New Delhi

7. Bank Of Baroda 

Bank of Baroda is one of the top banks in India and ranked as 2nd largest public sector bank. With its vast global network and presence, they own more than 100 offices in international locations. They are well known for their:

  • Vast branch network
  • Diverse banking services 
  • Covering retails 
  • Corporate baking
  • Financial operations

Bank of Baroda provides customers with:

  • Banking services 
  • Cards services
  • Loans services
  • Investment options and services.
  • CEO: Devbutt Chand
  • Headquarter: Vadodara, Gujarat

8 Indian Overseas Bank

Established in 1937, Indian overseas bank initially focused on foreign exchange but now provides various financial services like:

  • Deposit accounts
  • Loans services
  • Investments services

 With branches in Singapore, Hong Kong, Thailand, South Korea, and Sri Lanka, it has a significant presence abroad. 

  • CEO: Ajay Kumar Shrivastava
  • Headquarters: Chennai

9 IndusInd Bank

Established in 1994 IndusInd Bank, a well-known private bank in India, provides diverse financial services with branches in major metro cities and representative branches in foreign countries like Dubai, Abu Dhabi, and London. It emphasizes giving personalized solutions and excellent customer service for retail, corporate, and institutional clients targeting both domestic and international markets. In 2021, RBI authorized it to collect direct and indirect taxes for CBDT(Central Board of Direct Taxes) and CBIC (Central Board of Indirect Taxes and Customs), expanding its services.

IndusInd bank offers:

  • Personal banking services
  • Corporate banking services
  • Cards services
  • Loans services
  • Savings services
  • Investments services
  • CEO: Sumant Kathpalia 
  • Headquarter: Mumbai

10 Union Bank Of India 

Established in 1919, the Union Bank of India is a public sector bank of India was inaugurated by Mahatma Gandhi and later in 1969 it was nationalized to contribute to the country’s development. At the time of independence, it had only four branches, it now has over 8700 branches across India. In April 2020, it merged with Corporation Bank and Andhra Bank.

Union Bank of India offers: 

  • Corporate banking services
  • Personal banking services
  • NRI banking services
  • CEO: Ms. A. Manimekhala
  • Headquarter: Mumbai

Wrapping Up

These top 10 banks in India by market capitalization in 2024 highlight the various options and competitiveness of the country’s banking sector. These banks play an important role in driving economic growth and financial stability, fulfilling diverse customer needs, and contributing significantly to India’s Economy. All these financial institutions provide financial services to their customers to fulfill their needs and give them better financial guidance.

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Which bank has the highest market cap in the world?

  • JP Morgan Chase has the highest market cap among all banks in the world at $432.31 billion.

Which bank is best in India 2024?

  • HDFC has the highest market cap among all banks in India.

Which is India’s first private bank?

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

Who is No 2 bank in India?

  • ICICI Bank with its market cap of Rs 7.70 lakh crore is the No 2 Bank in India in 2024 while State Bank of India (SBI) with 6.75 lakh crore market cap is the No 3 Bank in India at present.

Which is the top bank in India according to market cap?

  • HDFC Bank is the top bank in India according to the market cap. It has a market cap of 11.67 lakh crore.

What are the top 5 banks by market cap?

  • Here are the top 5 banks by market cap in India:
    • HDFC Bank (11.67 lakh crore)
    • ICICI Bank (7.70 lakh crore)
    • State Bank of India (6.67 lakh crore)
    • Kotak Mahindra Bank (3.56 lakh crore)
    • Axis Bank (3.24 lakh crore)

Who is the No 1 bank in India?

  • HDFC Bank is the No 1 bank in India according to the market cap. It has a market cap of 11.67 lakh crore.

Which is the 3 largest bank in India?

  • HDFC Bank, ICICI Bank and State Bank of India (SBI) are the 3 largest bank in India at present in terms of market cap.

Which is the 4rd largest bank in India?

  • Kotak Mahindra Bank is the 4th largest bank in India with a market cap of 3.56 lakh crore.

Which is biggest private bank in India?

  • HDFC Bank is the biggest private bank in India. It has a market cap of 11.67 lakh crore.

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