Top 10 Largest Banks in India 2024
Given below is detailed information about the titans of the banking sector from the above mentioned list, highlighting their market share, asset share, employment scale etc. These banks control the majority of shares in the banking market and are in many ways responsible for the per capita income of the country and purchasing power capability of India:
1. HDFC Bank
HDFC Bank is one of the largest private sector banks in the country in terms of assets and market capitalization. More details are given in the table below:
Type |
Private Company |
---|---|
Industry |
Financial Services |
Founded |
1994 |
Key person in charge |
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 ATM’s |
19,727 |
Number of Employees |
1,77,000 |
2. ICICI Bank
ICICI Bank is one of the largest private sector of India. ICICI has a worldwide presence and serves millions of customers here and abroad. ICICI famous for customer-friendly approach, interest rates, and advanced banking solutions.
Type |
Private Sector |
---|---|
Industry |
Banking & Financial Sector |
Founded |
1994 |
Key Person in charge |
Girish Chandra Chaturvedi |
Headquarters |
Mumbai, India |
Area served |
Worldwide |
Products |
Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, personal loans, wealth management, payment solutions. |
Asset |
₹1,958,490.50 crore (US$250 billion) (2023) |
Number of Branches |
5,900 |
Number of ATMs |
16,650 |
Number of Employees |
130,542 (2022) |
3. State Bank of India (SBI)
SBI is the largest public sector bank in India and offers a comprehensive range of banking services to a large customer base, all over the country, It is known for its varied customer services.
Type |
Public Company (Government of India) |
---|---|
Industry |
Banking, Financial Services |
Founded |
|
Key Person in charge |
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 |
|
Number of ATMs |
62,617 |
Number of Employees |
2,36,116 (September 2023) |
4. Kotak Mahindra Bank
Kotak Mahindra Bank is the third largest private sector bank by Market Cap in India. It offers banking and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management.
Type |
Private Sector |
---|---|
Industry |
Banking & Financial Sector |
Founded |
February 2003 |
Key Person in charge |
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 |
Number of Employees |
1,00,000+ (March 2023) |
5. Axis National Bank
Axis Bank is a private sector bank that caters to the diverse needs of retail, corporate, and institutional customers. Axis Bank mainly focuses on digital banking, offering a smooth and user-friendly banking experience.
Type |
Private Sector |
---|---|
Industry |
Banking & Financial Sector |
Founded |
3 December 1993 |
Key Person in charge |
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 |
Number of Employees |
91,898 (As of March 2023) |
6. IndusInd Bank
IndusInd Bank is a private-sector bank has an extensive branch and ATM network serve retail, corporate, and institutional customers. IndusInd Bank focuses on providing personalized banking solutions and superior customer service.
Type |
Private Sector |
---|---|
Industry |
Banking & Financial Sector |
Founded |
1994 |
Key Person in charge |
Arun Tiwari |
Headquarters |
Mumbai, India |
Products |
Credit cards, Car loan, Gold loan, Home loan, Loan against property. |
Asset |
₹7,443 crore (US $930 million)(2023) |
Number of Branches |
2,015 |
Number of ATMs |
2,606 |
Number of Employees |
32,445 |
7. Bank of Baroda
Bank of Baroda is a leading public sector bank known for its extensive branch network and global presence. This bank is recognized for its customer-centric approach and innovative digital initiatives.
Type |
Public Sector |
---|---|
Industry |
Banking & Financial Sector |
Founded |
20 July 1908 |
Key Person in charge |
Hasmukh Adhia |
Headquarters |
Vadodara, India |
Area served |
India |
Products |
Credit cards, consumer banking, corporate banking, finance and insurance, investment banking. mortgage loans, private banking, private equity, wealth management. |
Asset |
₹1,525,878.97 crore (US$ 190 billion) (2023) |
Number of Branches |
9,693 |
Number of ATMs |
10,033+ |
Number of Employees |
79,806 (2022) |
8. Punjab National Bank
Punjab National Bank is an important public sector top bank in India, that offers retail banking, corporate banking, and international banking services. PNB mainly promotes financial inclusion and has a strong presence in rural and semi-urban areas of the country.
Type |
Public Sector |
---|---|
Industry |
Banking & Financial Sector |
Founded |
April 12, 1895 |
Key Person in charge |
Atul Kumar Goel |
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 |
₹1,493,648.94 crore (US$190 billion) (2023) |
Number of Branches |
12,248 |
Number of ATMs |
12,898 |
Number of Employees |
1,03,144 (2022) |
9. IDBI Bank
IDBI (Industrial Development Bank of India) was founded by the government of India in 1964 as a development financial institution to provide financial services and aid to the industrial sector. It was merged with the commercial division to form the current IDBI bank in 2005. SIDBI, EXIM, National Stock Exchange of India, SEBI, and National Securities Depository Limited all have their origins from IDBI in one way or the other.
The government of India holds a 45.48 percent stake in the bank, and the majority share of 49.24 percent is held by Life Insurance Corporation (LIC) after IDBI was asked to infuse capital and manage the bank to meet the regulatory norms in 2019. IDBI is not your usual go to personal bank. It was created for a specific purpose aka to financially support India’s industrial sector, and it evolved overtime to become one of India’s top 10 banks in terms of its services and market share.
Type |
Private sector |
---|---|
Founded |
July 1, 1964 |
Key person in charge |
Rakesh Sharma (CEO) |
10. Union Bank of India (UBI)
UBI’s office was established in 1919 and was inaugurated personally by Mahatma Gandhi, giving it a unique nationalistic character in pre independence era. UBI was nationalized in 1969 along with 14 other banks so that the government could utilize their funds and resources for the development of the country. UBI had four branches when India became independent. In 2020 UBI merged with Corporation Bank and Andhra Bank.
Type |
Public sector |
---|---|
Founded |
November 11, 1919 |
Key person in charge |
A. Manimekhalai (CEO) |
Number of Branches |
8,700 |
Top 10 Banks In India: List of Banks
The Banking Industry is one of the major pillars of a country’s economy. Banks are crucial for economic growth and a healthy banking sector can make or break a country’s financial situation.
This article discusses the Top 10 Banks in the world’s largest democracy, India, and how these primary players in the banking sector have contributed to increasing the purchasing power capability and per capita income of the country.
These top 10 banks have a combined market share of more than 70 percent and with reforms in the banking sector, have made investing in Indian Banks profitable for the investors, making it one of the dominant sectors in the Asia-Pacific region.
Given below in this article is a list of the largest banks in India, that have greatly contributed to generating huge amount of job opportunities for different sectors in the country, and helped boost the country’s economy.
Let’s start.