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 | 12.51 |
| #2 ICICI Bank | Private | 8.63 |
| #3 SBI | Public | 7.10 |
| #4 Axis Bank | Private | 3.62 |
| #5 Kotak Mahindra | Private | 3.52 |
| #6 Punjab National Bank | Public | 1.22 |
| #7 Bank of Baroda | Public | 1.23 |
| #8 Indian Overseas Bank | Public | 1.10 |
| #9 IndusInd Bank | Private | 1.10 |
| #10 Canara Bank | Public | 0.95 |
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…
Read More: Which Is The Largest Bank In India | Top 10 Banks In India By Market
