The banking sector has played a significant role in India’s development, with the top 10 Best banks in India commanding a market share of over 70%. These banks have not only dominated the industry but have also contributed to the country’s rising per capita income and purchasing power. Furthermore, they have created numerous job opportunities across the nation, making them a crucial aspect of the country’s economic growth.
In this article, we have compiled a list of the largest banks in India, along with key details about each institution. The list is based on market capitalization as of March 1, 2023, and it includes 12 public sector banks, 21 private sector banks, and 45 foreign banks in the private sector, all of which support the Indian banking system. Explore this list to discover the leading banks in India and their impact on the economy.
Here is the list of the Top 10 Best Banks in India in terms of market capitalization
- HDFC Bank
- State Bank of India
- ICICI Bank
- Kotak Mahindra Bank
- Axis Bank
- IndusInd Bank
- Yes Bank
- Punjab National Bank
- Bank of Baroda
- Bank of India
Also See, All Top 10 List
What Is Market Capitalization?
• Market capitalization refers to the total market value of a company’s outstanding shares. The investment community uses this figure to determine a company’s size rather than sales or total assets figures. In an acquisition, the market cap is used to determine whether a takeover candidate represents good value to the acquirer.
• Once a company has completed its initial public offering (IPO) and its shares are listed for trading on the exchange, the price of the shares is determined by the interplay of supply and demand in the market.
• If there is strong demand for the shares due to positive factors, such as strong financial performance or favorable industry trends, the share price will rise.
• Conversely, if the market perceives that the company’s future growth potential is poor, sellers of the stock may drive down the price. As a result, the market capitalization of the company serves as a real-time estimate of its overall value.
• According to the data “companiesmarketcap”, as of March 2023, HDFC Bank has a market capitalization of $117.89 billion, positioning it as the 102nd most valuable company in the world. Market cap, the total market value of a company’s outstanding shares, is a widely used metric to estimate a company’s worth.
Key Points about Market capitalization you need to know • Market capitalization is a metric used to determine the value of a company based on the stock market. • It is calculated by multiplying the current market value of one share by the total number of outstanding shares. • Companies are usually classified by market capitalization into large-cap (over $10 billion), mid-cap ($2 billion to $10 billion), and small-cap ($300 million to $2 billion) categories. • Market cap is frequently employed to assess a company's size and compare its financial performance to that of other companies of various sizes. • In investing, companies with higher market capitalization are often regarded as safer investments, as they are typically well-established businesses with a longer track record.
Top 10 Best Banks in India: Headquarters and Taglines
| Sl. No. | Name of the Bank | Headquarter | Tagline |
|---|---|---|---|
| 1 | HDFC Bank | Mumbai | We Understand Your World |
| 2 | State Bank of India | Mumbai | Suraksha aur Bharosa Dono |
| 3 | ICICI Bank | Mumbai | Khayal Apka |
| 4 | Axis Bank | Mumbai | Badhti Ka Naam Zindagi |
| 5 | Kotak Mahindra Bank | Mumbai, Maharashtra | Let’s Make Money Simple Ab Kona Kona Kotak |
| 6 | IndusInd Bank | Maharashtra | We Care Dil Se, We Make You Feel Richer |
| 7 | Yes Bank Ltd | Mumbai, Maharashtra | Experience Our Expertise |
| 8 | Punjab National Bank | New Delhi | …The Name You Can Bank Upon |
| 9 | Bank of Baroda | Vadodara | India’s International Bank |
| 10 | Bank of India | Mumbai | Relationship Beyond Banking |
Brief Description of the Top 10 Best Banks in India
Below is the list of the top 10 best banks in India in 2023. The list is based on the number of branches, ATMs, employees, assets, and revenues of the banks.
1️⃣ HDFC Bank
• As of January 2023, HDFC has a market capitalization of Rs. 9.34 trillion and is headquartered in Mumbai. It is currently the largest private sector bank in India and has been ranked as the number one bank in India in the Forbes World’s Best Bank survey.
• HDFC offers a wide range of products and services, including Retail and Wholesale Banking, Personal Banking, Home, Auto, and Business Loans, Lifestyle Loans, and Credit and Debit Cards.
• The bank has also introduced several digital products such as Payzapp and SmartBUY, and is known for being one of the largest banks in the country in terms of assets and market capitalization.
| HDFC Bank Information Table | |
|---|---|
| Type | Private Company |
| Industry | Financial Services |
| Founded | August, 1994 |
| Key Person | Atanu Chakraborty (Chairman), Sashidhar Jagdishan (CEO) |
| Headquarters | Mumbai (Maharashtra) |
| Area served | India |
| Products | Banking |
| Asset | ₹2,122,934 crore (US$270 billion – 2022) |
| Number of Branches | 6,378 (Jun. 30, 2022) |
| Number of ATMs | 16,087 (Across India) |
| Number of Employees | 1,52,511 (2022) |
| Official Website | hdfcbank.com |
HDFC received the following recognitions in the year 2022-23
• Euromoney Private Banking and Wealth Management Survey 2022: HDFC Bank ranks No. 1 in the Super Affluent category (USD 100k – 5 mn)
• Fortune India – Grant Thornton Bharat’s study of India’s Best Banks 2022: Best Large Bank – HDFC Bank.
• Asia’s Best Companies in Asia Poll 2022: Most Committed to High Governance Best Standards – HDFC Bank.
• National Rural Livelihood Mission (NRLM), Ministry of Rural Development, Govt of India: HDFC Bank adjudged Best Performing Bank in SHG Linkage.
• Euromoney Awards for Excellence in 2022: Best Bank in India.
• Asiamoney Best Bank Awards 2022: Best Corporate Bank, Best Bank for SMEs, and Best Bank for Diversity & Inclusion.
2️⃣State Bank of India (SBI)
• The largest public sector bank of India, the State Bank of India (SBI), is headquartered in Mumbai and has a market capitalization of Rs. 5.34 trillion. SBI is also a financial services statutory body.
• In 2021, it ranked 221st on the Fortune Global 500 list of the world’s biggest corporations and was named the Best Transaction Bank in India for the second time in a row by “The Asian Banker”.
• SBI is also known as the biggest bank in India and holds a market share of 23% in the country. The bank has a strong presence overseas with over 233 foreign offices in 36 countries.
• The SBI is the largest public sector bank in the country with a 23 percent market share by assets. Check details about SBI below:
| State Bank of India Information Table | |
|---|---|
| Type | Public Company (Government of India), Top Government Banks in 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 | Dinesh Kumar Khara (Chairperson) |
| Headquarters | Mumbai (Maharashtra) |
| 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 |
| Asset | ₹4,987,597 crore (US$624 billion) (2022) |
| Number of Branches | Over 22219 branches in India & 229 offices in 31 countries across the world |
| Number of ATMs | 62,617 |
| Number of Employees | 245,642 (2022) |
| Official Website | sbi.co.in |
3️⃣ ICICI Bank
• ICICI Bank, the third largest bank in India, has a market capitalization of Rs. 6.08 trillion as of 23 Jan 2023. Headquartered in Mumbai, with its registered office in Vadodara, the bank boasts of consolidated assets worth Rs. 12.50 trillion as of last year.
• ICICI Bank has a strong presence overseas with subsidiaries in Canada and the United Kingdom, and branches in several other countries, including China, Hong Kong, the United States of America, South Africa, Sri Lanka, Dubai International Finance Centre, Qatar, Singapore, Bahrain, and Oman. The bank also has representative offices in UAE, Malaysia, Indonesia, and Bangladesh.
• The ICICI bank is one of the leading private sector banks in the country. Check details about ICICI below:
| ICICI Bank Information Table | |
|---|---|
| Type | Private Sector |
| Industry | Banking & Financial Sector |
| Founded | 1994 |
| Key Person | Girish Chandra Chaturvedi (Chairperson), Sandeep Bakhshi (MD & CEO) |
| Headquarters | Mumbai (Maharshtra) |
| Area served | Worldwide |
| Products | Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management, personal loans, payment solutions |
| Asset | ₹17.53 lakh crore (US$219 billion) (2022) |
| Number of Branches | 5,275 (2022) |
| Number of ATMs | 13,463 |
| Number of Employees | 130,170 (2021) |
| Official Website | icicibank.com |
4️⃣ Kotak Mahindra Bank
• As of January 2023, Kotak Mahindra Bank has a market capitalization of Rs. 3.55 trillion, making it the 4th largest private sector bank in India. In 2022, the bank generated a revenue of Rs. 58,882 Crores.
• The Kotak Mahindra Bank is one of the leading players in the banking sector of India. Check the details below:
| Kotak Mahindra Bank Information Table | |
|---|---|
| Type | Private Sector |
| Industry | Banking & Financial Sector |
| Founded | February 2003 |
| Key Person | Uday Kotak (Chairman, MD & CEO) |
| Headquarters | Mumbai (Maharashtra) |
| Area served | India |
| Products | Banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management, asset management |
| Asset | ₹5.46 Lakh Crore (US$68 billion – 2022) |
| Number of Branches | 1700 (March 2022) |
| Number of ATMs | 2705 |
| Number of Employees | 71,000 (2021) |
| Official Website | kotak.com |
5️⃣ Axis National Bank
• Axis Bank is the 4th largest private sector bank in India, with a market capitalization of Rs. 1,90,562.56 crores. The bank provides financial services to large and mid-size corporates, SMEs, and retail businesses. In the year 2019, Axis Bank recorded a revenue of Rs. 68,116 crores.
• The Axis National Bank is the third largest private sector bank in India both in market capitalization and assets. Check the details below:
| Axic Bank Information Table | |
|---|---|
| Type | Private Sector |
| Industry | Banking & Financial Sector |
| Founded | 3 December 1993 |
| Key People | Amitabh Chaudhry (MD & CEO) Shri Rakesh Makhija (Chairperson) |
| Headquarters | Mumbai – India |
| Area served | Worldwide |
| Products | Banking, commodities, credit cards, equities trading, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management, asset management |
| Asset | ₹11,95,528 crore (US$150 billion – 2022) |
| Number of Branches | 4,096 branches and extension counters |
| Number of ATMs | 10,990 |
| Number of Employees | 78,300 (2021) |
| Official Website | axisbank.com |
6️⃣ IndusInd Bank
• IndusInd Bank is a prominent private bank in India, renowned as the leader among the new generation of banks. With a market capitalization of Rs. 936.47 billion.
• The bank was established in 1994 and has its headquarters in Mumbai, along with a major presence in other metro cities such as Delhi and Chennai.
• Additionally, it has representative branches in Dubai, Abu Dhabi, and London. In 2022, the bank generated a revenue of Rs. 38,230 Crores.
• Check details regarding Induslnd Bank below:
| Indusland Bank Information Table | |
|---|---|
| Type | Private Sector |
| Industry | Banking & Financial Sector |
| Founded | 1994 |
| Key Person | Sumant Kathpalia (MD & CEO) |
| Headquarters | Mumbai – India |
| Area served | India |
| Products | Credit cards, Consumer banking, Corporate banking, Finance and Insurance, Mortgage loans, Private banking, Wealth management, Investment banking |
| Asset | ₹307,057 crore (US$40 billion) (2020) |
| Number of Branches | 2,015 Branches (Sept. 30, 2021) |
| Number of ATMs | 2,835 (2022) |
| Number of Employees | 36,582 (2022) |
| Official Website | indusind.com |
7️⃣ Yes Bank
• Yes Bank is recognized as the fastest-growing private sector bank in India, with a market capitalization of Rs. 523.31 billion, a testament to its reputation.
• The bank, founded in 2004 by Rana Kapoor and Ashok Kapur, is well-known for its asset management and retail banking services.
• In 2022, the bank recorded a revenue of Rs. 25,423 Crores. It is the sixth largest bank in India and ranks fourth globally in the “Highest leap by rank” category. See below for more details on Yes Bank:
| Yes Bank Information Table | |
|---|---|
| Type | Private Sector |
| Industry | Banking & Financial Sector |
| Founded | 2004 |
| Key Person | Sunil Mehta (Chairman) Prashant Kumar (MD & CEO) |
| Headquarters | Mumbai (Mmaharashtra) |
| Area served | India |
| Products | Credit cards, Consumer banking, Corporate banking, Finance and insurance, Mortgage loans, Private banking, Wealth management, Investment banking |
| Asset | ₹273,543 crore (US$34 billion) (2021) |
| Number of Branches | 1000 |
| Number of ATMs | 1800 |
| Number of Employees | 23800 (2021) |
| Official Website | yesbank.in |
8️⃣ Punjab National Bank
• PNB or Punjab National Bank, a well-known public sector undertaking, commands a market capitalization of Rs. 626.53 billion and boasts a revenue of Rs. 88,339 Crores.
• With a remarkable customer base of over 180 million, this bank is a prominent player in the banking sector of India. Its impressive customer base is one of the factors contributing to its leading position in the industry.
• The Punjab National Bank is the second largest public sector bank in the country. Check the details below:
| Punjab National Bank Information Table | |
|---|---|
| Type | Public Sector |
| Industry | Banking & Financial Sector |
| Founded | 19 May, 1894 |
| Key People | K G Ananthakrishnan (Non-Exe Chairman) Atul Kumar Goel (MD & CEO) |
| 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 | ₹1,809,301 crore (US$230 billion – 2022) |
| Number of Branches | 10,530 (2021) |
| Number of ATMs | 13,506 (2021) |
| Number of Employees | 1,03,144 (2022) |
| Official Website | pnbindia.in |
9️⃣ Bank of Baroda
• BoB, short for Bank of Baroda, is a public sector bank that secures a spot in the Top 10 Banks in India in 2023, with an impressive market capitalization of Rs. 932.40 billion.
• Its headquarters are located in Vadodara, and it made headlines in April 2019 for being part of the first-ever three-way merger with Dena Bank and Vijaya Bank.
• With a revenue of Rs. 82,859.5 Crores in 2021 and an extensive customer base of over 132 million, BoB is a remarkable player in the banking sector of India.
• The Bank of Baroda is one of the leading players in the banking sector in the country. In April 2019, BoB clocked the highest market capitalization with Rs. 35,251.50 crores.
| Bank of Baroda Information Table | |
|---|---|
| Type | Public Sector |
| Industry | Banking & Financial Sector |
| Founded | 20 July 1908 |
| Key People | Hasmukh Adhia (Chairman) Sanjiv Chadha (MD & CEO) |
| Headquarters | Vadodara (Gujarat) |
| Area served | India |
| Products | Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management |
| Asset | ₹11.55 Lakh Crores (US$140 billion) (2021) |
| Number of Branches | 8,214 (2020) |
| Number of ATMs | 10,033 (2020) |
| Number of Employees | 79806 + (2022) |
| Official Website | bankofbaroda.in |
🔟 Bank of India
• BOI or Bank of India is a Mumbai-based public sector bank that has been in existence since 1906. After nationalization in 1969, the bank became government-owned.
• BOI was among the founding members of SWIFT, a global network that provides affordable financial processing and communication services.
• Bank of India, also known as BoI, recorded a market capitalization of Rs. 359.68 billion as of January 23, 2023. The bank generated revenue of Rs. 45,955 crores in the previous year.
• BoI operates a vast network of 5,108 branches and 5,551 ATMs worldwide, including 24 located outside India in countries such as Botswana, France, Hong Kong, Japan, Kenya, New Zealand, Singapore, United States, Tanzania, UK, Uganda, South Africa, and Vietnam.
• Bank of India is one of the largest public sector banks in India. Check the details below:
| Bank of India Information Table | |
|---|---|
| Industry | Financial Services |
| Founded | 7 September 1906 |
| Key Person | Atanu Kumar Das (MD & CEO) |
| Headquarters | Mumbai, Maharashtra |
| Area served | India |
| Products | Consumer banking, Corporate banking, Finance and insurance, Investment banking, Mortgage loans, private banking, Private equity, Savings, Securities, Asset management, Wealth management |
| Asset | ₹725,856.45 crore (US$91 billion – 2022) |
| Number of Branches | 5,430 (March 2021) |
| Number of ATMs | 5,551 (March 2021) |
| Number of Employees | 51,459 (2021) |
| Official Website | bankofindia.co.in |
FAQs on Best Banks in India
The frequently asked questions on the 10 Top Banks in India are given below:
Ans: HDFC is marked as India’s No. 1 Bank in Forbes World’s best bank report.
Ans: HDFC bank is the largest bank in India in terms of market capitalization. Some of the other largest banks in India are SBI, ICICI, Axis Bank, and Kotak Mahindra Bank.
Answer: Currently, the State Bank of India (SBI) holds the title of the largest international bank in India, with 52 branches located overseas.
We trust that the Top 10 Best Banks in India article has proven useful in providing you with a comprehensive understanding of the top Private and Government Banks in India. This information can aid you in selecting the most suitable bank for your career advancement.
