Top Banks in India

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List of Top 10 Banking Companies in India

The Indian banking space is an exciting and dynamic one. Here is a list of the top 10 banking companies in the country,going by market capitalization


Going by market capitalization, HDFC Bank is the largest bank in India. Its market cap is pegged at about INR 261,226.94 crore.As of end 2014, the bank boasted of a strong network of 3,659 branches in 2,287 cities.To facilitate NRI banking, the bank also has overseas branches in Bahrain, Hong Kong, Abu Dhabi, Kenya and Dubai.HDFC Bank has over 11,633 ATMs and a customer base of over 28 million. It is also ranked 45th among the top 50 banks of the world. Employing over 69,065 employees, HDFC Bank is one of the strongest contenders in the private banking space.

State Bank of India

With a market capitalization of about INR 216,128.73 crore, SBI is the second most-valued bank in India It and is perhaps the most trusted one, being a state-owned bank. The bank has a strong network of over 13,000 branches spread across the nation and has about 190 foreign offices in 36 countries. Along with HDFC Bank, SBI also features among the top 50 global banks (going by market capitalization). It is also one of the largest employers in the country and provides employment to over 220,000 personnel. SBI manages assets worth about USD 390 billion in all. (to be converted into INR---- otherwise inconsistent)

ICICI Bank Limited

ICICI Bank is the third largest entity in the Indian banking space, with a market capitalization of INR 184,547.26 crore.ICICI Bank has a customer base of over 2.5 million and boasts of an extensive network of 4050 branches across the country. With 12,475 ATMs and assets worth USD 99 billion, the bank is currently celebrating 60 years of existence. ICICI was formed as a World Bank initiative in 1955.The bank is headquartered in Vadodara, Gujarat and has an international presence in 19 countries. The bank’s employee strength was estimated at over 72,000 last year when it overtook HDFC Bank in terms of people employed.

Axis Bank

With a market capitalization of about INR 134,685.68 crore, Axis Bank takes its place at the fourth position among Indian banks.Founded in 1994 as UTI Bank, Axis Bank now has a network of 2402 domestic branches and 12922 ATMs spread across the nation.The bank also has seven international offices including the ones in Hong Kong, Singapore, Colombo, Dubai, Abu Dhabi, and Shanghai.Axis Bank employs over 37,901 employees and is reported to have net assets worth about USD 53 billion.Apart from retail banking, Axis Bank also operates in NRI Services, Investment banking and treasury operations and corporate banking.

Kotak Mahindra Bank

Kotak Mahindra Bank, headed by Mr. Uday S Kotak, and with a market capitalisation of INR 109,631.60 crore comes next. Kotak Mahindra Bank is currently poised for a spectacular growth due to an all-stockmerger with ING Vysya Bank. Kotak Mahindra shall now become the fourth largest private bank in the country in terms of the business done.The combined banking company will now have a network of 1,214 branches across the country. The bank is likely to have an employee strength of about 30,000 after the merger. The combined market capitalisation is estimated to be about INR 1.25 lakh crore.

IndusInd Bank

Founded in 1994, Hinduja Group owned IndusInd Bank has a market capitalisation of about INR 50,100.41 crore. The bank employs over 15,500 employees and has a network of 638 branches and 1238 ATMs across the country. With international offices in London and Dubai, IndusInd Bank is known for its strong remittances business. The bank has an exceptionally strong business base in Mumbai, Delhi, and Chennai.

Bank of Baroda

Bank of Baroda is another large PSU banking company in India with a market capitalization of about INR 38601.08 crore.The bank is estimated to have over 5193 branches and 38,737 employees. With a significant presence in about 25 countries, the Bank of Baroda balances out NRI services with rural and agricultural finance. The bank is one of the major banking operators in India’s rural sectors.

Yes Bank

Yes Bank was incorporated in the year 2004 by Mr. Rana Kapoor and Mr. Ashok Kapoor, and currently has a market capitalisation of about INR 35,169.20 crore.With a strong network of about over 630 branches in 375 cities, and with over 1150 ATMs spread across the country, Yes Bank is among the fastest growing banks of India. The bank employs about 12000 employees and has high ambitions for the years to come.

Punjab National Bank

Founded in 1894, Punjab National bank is one of the oldest banks in India. Unlike most Indian banks that have their headquarters in Mumbai or Gujarat, the Punjab National Bank has its headquarters in Delhi and has a market capitalization of about INR 30312.73 crore. Like other PSU banks, the bank has a major focus on agricultural and rural financing but also has a widespread international presence.The bank has 8.9 crore customers, 6081 branches in India and abroad and a network of 6940 ATMs spread across the country.

Canara Bank

Canara Bank is another PSU that has made its mark in the Indian banking sector with a market capitalization of about INR 18630.10 crore. Nationalised in 1976, the bank has a network of about 3600 branches spread across the country. With 7599 ATMs, the bank is among the first PSUs in the country to emphasise on e-banking and online services. Apart from commercial banking, Canara Bank has also become a strong provider of corporate banking services in India.

*Market Capitalisation data – BSE as of 10, April 2015

The banking in India started with the establishment of the General Bank of India in 1786. Later the Bank of Hindustan was also established. However, both the banks are not in functional state currently. It's the State Bank of India, which is currently the oldest bank in India in existence, established in 1806.

Since the beginning, due to huge market potential, a number of banking companies have come up in India, which include both, public sector as well as private sector banks. However, the list of top 10 banking companies in India has mostly been dominated by the State Bank of India (SBI).

Since the initial days, the State Bank of India has dominated the Indian banking industry accounting for nearly 20% of the Indian banking system's deposit base. It also has got almost 20% of the credit portfolio.

Last Updated on: January 17th, 2019