In this article, we will discuss the top 10 banks of India which are ruling the global market as well.
Posted bySumit Arora Published On December 8th, 2023
Top 10 Largest Banks in India 2023
Top 10 Banks in India 2023: The significant banks in India have contributed to the country’s progress in various ways. The banking industry is crucial for the growth of any economy. The leading 10 banks in India have been the primary players in the banking sector for an extended period, collectively holding over 70 percent of the market share. Furthermore, investing in Indian banks has become increasingly appealing and stands out as a dominant sector in the Asia-Pacific region.
This article has provided a list of the largest banks in the country. These banks are responsible for creating the highest number of job opportunities in the country. Moreover, they have contributed to the increasing purchasing power capability and per capita income of the country. Check the complete list of the top 10 banks in the country and find the key details about them in this article.
Top Indian Banks in 2023 Based on Market Cap
Below is the list of the top banks in India in terms of market capitalisation for 2023. India is home to 12 public sector banks and 21 private sector banks. In addition, there are 45 foreign banks in the private sector supporting the Indian banking system.
| Rank & Bank Name | Type | Market Cap (Rs Lakh Crore) |
|---|---|---|
| HDFC Bank | Private | 11.61 |
| ICICI Bank | Private | 6.65 |
| 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 |
List of Top 10 Banks in India
Given below are the largest private banks in India 2023. The list contains the best private banks and government banks in India.
1. HDFC Bank
- Type: Private Company
- Industry: Financial Services
- Founded: 1994
- Key Person: 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 ATMs: 19,727
- Number of Employees: 1,77,000
2. ICICI Bank
- Type: Private Sector
- Industry: Banking & Financial Sector
- Founded: 1994
- Key Person (Chairperson): Girish Chandra Chaturvedi
- Headquarters: Mumbai, India
3. State Bank of India (SBI)
- 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 (Nationalisation)
- Key Person (Chairperson): 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
4. Kotak Mahindra Bank
- Type: Private Sector
- Industry: Banking & Financial Sector
- Founded: February 2003
- Key Person (Chairperson): 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
5. Axis National Bank
- Type: Private Sector
- Industry: Banking & Financial Sector
- Founded: 3 December 1993
- Key Person (Chairperson): 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
6. IndusInd Bank
- Type: Private Sector
- Industry: Banking & Financial Sector
- Founded: 1994
- Key Person (Chairperson): Arun Tiwari
- Headquarters: Mumbai, India
7. Bank of Baroda
- Type: Public Sector
- Industry: Banking & Financial Sector
- Founded: 20 July 1908
- Key Person (Chairperson): Hasmukh Adhia
- Headquarters: Vadodara, India
8. Punjab National Bank
- Type: Public Sector
- Industry: Banking & Financial Sector
- Founded: April 12, 1895
- Key Person: Atul Kumar Goel
- Headquarters: New Delhi, India
9. IDBI Bank
- 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.
10. 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.
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FAQs
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.
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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