Top 10 banks in India by market cap in 2024

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	12.70
#2 ICICI Bank	Private	8.93
#3 SBI	Public	6.99
#4 Axis Bank	Private	3.82
#5 Kotak Mahindra	Private	3.67
#6 Bank of Baroda	Public	1.23
#7 Punjab National Bank	Public	1.19
#8 IndusInd Bank	Private	1.14
#9 Indian Overseas Bank	Public	1.10
#10 Canara Bank	Public	0.96

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.

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.

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.

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.\

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.

Canara Bank

• Founded on: 1 July 1906
  
• MD & CEO: K. Satyanarayana Raju

Canara Bank's origin dates back to 1906. Philanthropist Ammembal Subba Rao Pai established the Canara Hindu Permanent Fund in Mangalore, which later became Canara Bank. It was nationalised with 13 other banks on July 19, 1969. It is also the first Indian bank to receive ISO certification for Total Branch Banking. As of June 2024, Canara Bank services over 11.42 crore customers through a network of 9,627 branches and 12,256 ATMs/Recycler spread across all Indian states and Union Territories. CEO and MD K Satyanarayana Raju recently announced that the bank is in the process of opening another 250 branches in FY25.

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 $591.39 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.