How necessary is the banking sector for a rustic? Undoubtedly, it’s the spine of an economic system, because it aids within the economic system’s development, commerce, and investments, ensures monetary entry for all, and offers loans to people and companies. With a tech-savvy inhabitants and a booming economic system, India’s banking sector has considerably developed over the previous decade. In 2024, the highest banks in India, by way of market capitalisation, are additionally among the many prime in the identical phrases globally. For instance, HDFC Financial institution is among the many prime 10 banks on this planet in 2024 by market cap.On this article, we’ll delve into the highest 10 banks of India, comprehensively analysing their operations, monetary efficiency, and general affect.
Prime Indian banks in 2024 based mostly on market cap
Here is a desk showcasing the highest 10 banks in India, ranked by their market caps (as of February 13, 2024).
| Rank & Financial institution Title | Kind | Market Cap (Rs Lakh Crore) |
|---|---|---|
| #1 HDFC Financial institution | Non-public | 10.57 |
| #2 ICICI Financial institution | Non-public | 7.14 |
| #3 SBI | Public | 6.63 |
| #4 Kotak Mahindra | Non-public | 3.44 |
| #5 Axis Financial institution | Non-public | 3.30 |
| #6 Punjab Nationwide Financial institution | Public | 1.34 |
| #7 Financial institution of Baroda | Public | 1.33 |
| #8 Indian Abroad Financial institution | Public | 1.22 |
| #9 IndusInd Financial institution | Non-public | 1.13 |
| #10 Union Financial institution | Public | 1.00 |
Right here’s a deep dive into the highest banks in India, analyzing their basis:Additionally Learn: Prime 10 index funds in India by AUM
HDFC Financial institution
- Based on: August 30, 1994
- CEO: Sashidhar Jagdishan
HDFC Financial institution is the most important financial institution in India by way of market cap and the fourth-largest financial institution on this planet on the identical phrases. As one of many main personal banks in India, it holds a distinguished place within the monetary business. Famend for its strong efficiency and revolutionary options, HDFC Financial institution is a key participant in retail, company, and institutional banking. On July 1, 2023, HDFC Financial institution merged with HDFC Ltd., its sister housing finance firm. The merger came about to offer higher and extra complete monetary providers to the customers. Sashidhar Jagdishan, the managing director and chief government at HDFC Financial institution, has just lately been named the highest-paid financial institution CEO in India. Additionally Learn: Prime 10 FMCG firms in India by market cap
ICICI Financial institution
- Based on: January 5, 1994
- CEO: Sandeep Bakhshi
ICICI Financial institution presents a variety of monetary providers. It serves tens of millions of consumers in India and overseas, identified for its customer-friendly method, aggressive charges, and superior expertise. In its current ESG Report, ICICI Financial institution has notably declared its inexperienced financing portfolio constituted 21.4 % of the entire quantity they lent out in 2023, amounting to about $119 billion. Additionally Learn: Business banks in India: Sorts and features
State Financial institution of India (SBI)
- Based on: July 1, 1955
- Chairman: Dinesh Kumar Khara
With its headquarters in Mumbai, SBI is India’s largest public sector financial institution. It has 22,405 branches in India, holds a 23 % market share, and has a robust presence overseas, with greater than 233 international branches in 36 nations.Within the April-June quarter of the fiscal yr 2023-24, SBI overtook Reliance Industries as India’s most worthwhile firm.
Kotak Mahindra Financial institution
- Based on: November 21, 1985
- CEO: Dipak Gupta (interim)
Kotak Mahindra Financial institution offers a wide range of providers to varied clients, together with corporates, retailers, and SMEs. Uday Kotak, who had been the MD and CEO of Kotak Mahindra Financial institution Ltd. for 21 years, has stepped down. His successor is but to be decided, and the RBI has reportedly rallied for an outsider to succeed him.
Axis Financial institution
- Based on: December 3, 1993
- CEO: Amitabh Chaudhry
Axis Financial institution is amongst India’s largest private-sector banks. It specialises in monetary providers for big and mid-sized corporates, SMEs, and retail companies. Axis Financial institution prioritises digital banking, making certain a seamless and user-friendly expertise and caters to various retail, company, and institutional wants.Amitabh Chaudhry, the CEO of Axis Financial institution, is the second highest-paid Indian financial institution CEO. The financial institution partnered with the digital banking enterprise OPEN this yr to deliver a couple of native digital present account journey for its consumer base.
Punjab Nationwide Financial institution of India (PNB)
- Based on: Might 19, 1893
- CEO: Atul Kumar Goel
Punjab Nationwide Financial institution offers a variety of banking providers, similar to retail, company, and worldwide banking. The financial institution’s dedication to monetary inclusion is obvious via its sturdy presence in rural and semi-urban areas. It has an enormous buyer base exceeding 180 million.Freedom fighter Lala Lajpat Rai was one of many founding members of the financial institution and was carefully related to the administration of the financial institution in its early years.
Financial institution of Baroda (BoB)
- Based on: July 20, 1908
- CEO: Debadatta Chand
Headquartered in Vadodara, Gujarat, Financial institution of Baroda witnessed the first-ever three-way merger with Dena Financial institution and Vijaya Financial institution. As a nationalised financial institution, Financial institution of Baroda is famend for its in depth department community and various banking providers, protecting retail and company banking and treasury operations.In response to current filings, the Financial institution of Baroda recorded a internet revenue of ₹4,070.1 crore for the April to June quarter in FY 2023-24, 88.7 % increased than its efficiency in the identical quarter within the final FY.
Indian Abroad Financial institution
- Based on: 10 February 1937,
- CEO:Ajay Kumar Srivastava
Began in 1937, the Indian Abroad Financial institution was initially centered on international change enterprise. At this time, it presents monetary providers similar to deposit accounts, loans, and investments. Aside from its vital presence within the nations, Indian Abroad Financial institution has branches in Singapore, Hong Kong, Thailand, South Korea, and Sri Lanka.
IndusInd Financial institution
- Based on: April 17, 1994
- CEO: Sumant Kathpalia
IndusInd Financial institution is a distinguished personal financial institution in India. With branches concentrated in main Indian metro cities and consultant branches in Dubai, Abu Dhabi, and London, the financial institution presents various monetary providers. It prioritises personalised options and superior customer support for retail, company, and institutional purchasers.Shiv Kumar Bhasin, previously EVP and Group Chief Know-how and Operations Officer on the NSE, has joined IndusInd Financial institution because the Chief Transformation Officer just lately.
Union Financial institution of India (UBI)
- Based on: November 11, 1919
- CEO: A. Manimekhalai
Mahatma Gandhi inaugurated the Union Financial institution of India’s workplace when it was established in 1919. The financial institution was nationalised in 1969 with 14 different banks to utilise their funds and sources for the event of the nation. UBI had 4 branches when India turned unbiased. At this time, it has a community of greater than 8700 branches throughout India, due to the merger with Company Financial institution and Andhra Financial institution in April 2020.
IDBI Financial institution
- Based on: July 1, 1964
- CEO: Rakesh Sharma
IDBI (Industrial Growth Financial institution of India) began as a growth monetary establishment to offer monetary providers to the economic sector when it was established by the federal government of India in 1964. In 2005, the establishment was merged with the industrial division to make the present-day IDBI Financial institution. SIDBI, EXIM, Nationwide Inventory Alternate of India, SEBI, and Nationwide Securities Depository Restricted have their roots in IDBI. The federal government of India now holds a forty five.48 % stake within the financial institution, and the controlling share of 49.24 % is held by Life Insurance coverage Company (LIC) after the institute was requested to infuse capital and handle the financial institution to satisfy the regulatory norms in 2019.
FAQs  Â
1. Which financial institution has the best market cap on this planet?US’s JP Morgan Chase has the best market cap amongst all banks on this planet at $432.31 billion. 2. Which is India’s first personal financial institution?IndusInd Financial institution, established in April 1994 in Mumbai, holds the title of India’s first personal financial institution.
