Top 10 Banks in India | Largest Banks in India by Market Capitalization 2023

In India, the banking sector plays a crucial role in the country’s economy. With a vast population and a growing economy, the banking industry in India has witnessed significant growth over the years. India’s banking sector comprises various public and private sector banks that cater to the financial needs of individuals and businesses across the nation. The market capitalization of a bank reflects its overall value in the stock market and is an essential indicator of its size and influence.

Types of Banks in India

Public Sector Banks – The banks are owned and controlled by the government. They play a significant role in extending banking services to remote areas and supporting financial inclusion initiatives.

Private Sector Banks – The banks are owned and managed by private individuals or corporations. These banks are known for their technological advancements, personalized services, and innovative product offerings.

Foreign Banks – Foreign banks operate in India through branches or subsidiaries. They bring in global expertise, financial resources, and diverse banking practices.

List of Top 10 Banks in India by Market Cap. in 2023 –

The top 10 largest banks in India by market cap. demonstrate their significant influence and financial strength. These banks have established themselves as key players in the industry, catering to the diverse financial needs of individuals and businesses.

1. HDFC Bank

HDFC Bank Ltd. is a privately owned Indian bank and the largest bank in India by assets and by market cap. (9.19 LCr.) in June 2023. The bank is 25.7% owned by Housing Development Finance Corporation (Indian Financial Services), founded in 1994, and its headquarters in Mumbai, Maharashtra, the bank has a network of 6000 branches across the country.

2. ICICI Bank

ICICI Bank Ltd. Indian private sector bank second-largest bank by market cap (6.57 LCr.) in 2023. The bank has over 5000+ branches in India and existence in 17 countries, founded in January 1994 and is registered in Vadodara, Gujrat, and has a corporate office in Bandra, Mumbai.

3. State Bank of India (SBI)

State Bank of India (SBI) Indian international, Public Sector Undertaking (PSU) bank, the largest bank in India with a market share of assets of 23% and 3rd largest by market cap. (5.15 LCr.) in June 2023. Its earlier name was Imperial Bank of India (founded in 1921 by merging Bank of Bengal, Bombay, and Madras) and in 1995 it becomes the State Bank of India. SBI headquarters is in Mumbai, Maharashtra, the bank has over 24,000 branches in India and 191 offices in over 36 countries including Canada, Australia, the UK, China, Bahrain, South Korea, and others.

4. Kotak Mahindra Bank

Kotak Mahindra Bank Ltd. a privately owned Indian bank 3rd largest private and 4th largest bank in India by market capitalization (3.71 LCr.) in June 2023. Founded by Uday Kotak (Indian billionaire banker) in Feb 2003, headquarters is in Mumbai, Maharashtra, with 1600 plus branches in India.

5. Axis Bank

Axis Bank Ltd. is an Indian private sector bank 5th largest bank in India by market cap. (3.01 LCr) in 2023. Axis was founded in 1993 as UTI Bank registered in Ahmedabad and headquarters in Mumbai, Maharashtra, with a network of approx. 5000 branches within the country and 9 international offices.

6. IndusInd Bank

Induslnd Bank Ltd. a privately owned Indian bank by Hinduja Group, is one of India’s largest banks by market cap. of 1.03 LCr. in June 2023. Founded in April 1994 by S. P. Hinduja (an Indian billionaire business magnate), the headquarters is in Pune, Maharashtra. The bank has a network of approx. 2000 branches in India.

7. Bank of Baroda (BOB)

Bank of Baroda (BOB) is an Indian public sector undertaking bank, 63.97% owned by the Government of India, one of the oldest banks in India founded in July 1908, with headquarters in Vadodara, Gujarat. BOB is the third-largest PSU and the 9th largest bank in India by market cap. of 96.89 TCr. in June 2023. BOB serves over 13 crore customers with a network of over 8,200+ branches within the country and 107 offices in 24 countries including the USA, UK, Singapore, Thailand, UAE, Malaysia, and others.

8. IDBI Bank

IDBI Bank was founded in 1964 by the Government of India and is headquartered in Mumbai. The bank has a network of 3500+ ATMs, and 1800+ branches, including one overseas branch in Dubai. it is the 7th largest bank in India with a market cap. of 58.03 TCr. in June 2023. As of 2022, LIC holds 49.24% and the Government of India holds 45.48% of the shareholding in the bank.

9. Punjab National Bank (PNB)

Punjab National Bank (PNB) is an Indian Public Sector Undertaking (PSU) bank, 85.59% owned by the Government of India, founded in April 1894, with headquarters in New Delhi. PNB is one of the biggest banks in India and the 8th largest bank by market cap. of 56.89 TCr. as of June 2023. PNB serves over 18 crore customers with a network of 12,000+ branches within the country and other branches in countries like the UK, UAE, Hong Kong, Norway, Australia, and many others.

10. Canara Bank

Canara Bank is an Indian public sector bank founded in 1906 at Mangalore, the bank was nationalized in 1969. Canara Bank is the 10th largest bank in India with a market cap. 55.23 TCr. in June 2023. The government of India owned 62.93% of the bank, with a network of 9,720 branches the bank has an employee base of 86,000+ as of 2022.

In conclusion, the largest banks in India by market capitalization demonstrate the strength and stability of the Indian banking sector. These banks, such as the State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank, have established their dominance through their customer-centric approach, technological advancements, and financial performance. As the Indian economy continues to grow, these banks are well-positioned to further strengthen their market presence and contribute to the nation’s development.