It has been determined that the Indian banking sector is considered to be a dynamic sector. Banks are playing a crucial role towards the Indian economy and even development.
It is no doubt comprising the diverse players, but what all those are? This is where you need to determine the Top 10 banks in India by market cap in 2024.
But before that let us help you to give the top stats that make up the top 10 banks in India.
Top Stats of 10 Banks in India by Market Cap in 2024
- As per the report it has been found that the total market capitalization is nearly ₹38.02 lakh crore.
- The market share of the top 10 banks is approx. 60%.
- The average growth rate determined (2023) was 16%.
The Top 10 banks in India by market cap have a diverse range of players. This includes the following:
These are the kinds of banks that are owned by the government that mainly account for a significant share of the total assets.
These are determined to be the non-government banks growing rapidly in recent years. They mainly tend to focus on retail and corporate banking.
Such kinds of banks have their headquarters outside India (but do hold a presence within the country).
Small Finance Banks
Among all of the categories, they are the new category tends to focus on financial services.
With all of the financial services and facilities available, we will here determine you all of the Top 10 banks in India by market cap in 2024.
Top 10 Banks in India by Market Cap in 2024
We have gathered the different banks that all are under the top 10 list in India by market cap in 2024. Look down below to determine them all here.
Upon research, it has been found that HDFC bank is among the first list among the Top 10 banks in India by market cap in 2024.
It comes with a market cap of over ₹10.94 lakh crore which is around (US$130.48 billion) as of February 11, 2024. No doubt, it is one of the largest private banks in India.
In addition, it has been found that it does represent a significant increase from the market cap of ₹8.63 lakh crore right at the beginning of 2024.
But do you know what has made it to obtain this market cap? HDFC banks represent strong performance in the retail and corporate segment and this has contributed to its growth.
However, the banks continue to deliver different services- current/savings accounts, wealth management, loans, credit cards and more.
Further, you can find HDFC banks across cities as it has a strong presence in more than 2,600 cities and with over 5,500 branches and 18,000 ATMs.
2. ICICI Bank
Talking about the Top 10 banks in India by market cap in 2024, the second position is owned by ICICI Bank.
ICICI banks hold a value of ₹7.07 Lakh Crore (as of February 11, 2024). However, the bank was able to maintain the first position but went down a bit decrease in the start of 2024.
There is no doubt that ICICI Bank does hold a strong presence in retail, corporate, and investment and serves customers through over 5,200 branches and 16,000 ATMs across India.
Their different services are savings accounts, loans, wealth management, and digital banking solutions. ICICI Bank has been able to maintain a strong reputation and even a loyal customer base.
It continues to adapt to new technologies and in turn, serves clients with utmost ease.
3. Axis Bank
Axis Bank is yet another among the Top 10 banks in India by market cap in 2024. It holds a value of ₹3.03 Lakh Crore. Alongside there have been many fluctuations within the bank’s market cap.
But upon many fluctuations, it does not reflect the negative impact towards its growth.
Majorly axis Bank is known for its focus towards retail banking and offering different services: savings accounts, loan products, and digital banking solutions.
It has a presence in over 4,600 branches and 18,000 ATMs across India. in addition, the bank is also looking to shape up its digital capabilities and this can fuel the growth of the bank.
Overall, we can say that Axis Bank can maintain a strong reputation in the Indian banking sector.
4. State Bank of India
State Bank of India is one of the top among the government-owned public sector banks. It was founded in 1806 and is known to be one of the oldest and largest commercial banks in India.
Talking about its market cap then it is one of the largest banks in India by asset as well.
This means SBI has a market cap of over ₹6 lakh crore (US$80 billion) as of February 11, 2024.
In addition, SBI is also a member of the Fortune Global 500 list (the world’s largest corporation). This is because it has a strong presence in the international market as well with 20 branches in the country.
This makes up for SBI to be listed among the Top 10 banks in India by market cap in 2024.
5. Kotak Mahindra Bank
Dealing with a strong presence in investment and wealth management banking, Kotak Mahindra Bank is one of the top banks with its market cap.
It comprises a value of the value of ₹3.52 Lakh Crore and this has grown when compared to last year (2023).
Kotak Bank no doubt possesses a strong presence like all other top 10 banks we are talking about here. It remains at the front when it comes to adopting new trends and technologies.
It has over 1,500 branches and 10,000 ATMs across India. The main aim of Kotak Bank is to focus on diversifying its offering, adopting new technologies and even expanding its reach.
6. IDFC First Bank
When you are looking to find the Top 10 banks in India by market cap in 2024 then IDFC First Bank is also one of those.
It has a cap value of ₹2.20 Lakh Crore and has been seen as a positive increment in 2024.
There is no doubt that IDFC’s first bank has increased rapid growth as compared to 2023. This upwards has made IDFC go beyond its strength.
Dealing over 280 branches and 5,000 ATMs across India, and further expanding its hands as well.
All of this is achieved, because IDFC focus on innovation and even digitization. In addition, the bank does focus on sustainability and social responsibility.
7. Bank of Baroda
BOB also holds the top position among the top banks in India by market cap which comes with a value of ₹2.08 Lakh Crore.
There is no doubt that the market cap can go up and down, as there are fluctuations that hit banks. But even after experiencing this, some banks can maintain their position on top.
To this, BOB is one of the top public sector banks and serves a large customer base.
It has more than 8,800 branches and 13,400 ATMs across India.
Right from savings accounts to current, loan accounts, it does offer wealth management services, credit cards and even digital banking solutions.
However, in addition, it does play a vital role in supporting agriculture, and micro, small and international trade as well.
8. Punjab National Bank (PNB)
PNB has a market value of ₹1.52 Lakh Crore and achieved a significant increase as compared to 2023.
It has crossed ₹1 lakh crore market cap and even witnessed a positive trend in 2024. This positive trend has shaped the bank’s financial performance and even investor confidence as well.
However, PNB has over 9,000 branches and 13,300 ATMs across India. The bank holds a diverse customer base in retail, agriculture, and MSME segments.
Alongside, PNB is also implementing different strategies to improve asset quality as well to serve customers even more well.
9. Induslnd Bank
IndusInd Bank is a private sector bank with a market cap value of ₹1.08 Lakh Crore.
No doubt, IndusInd Bank has seen some fluctuations too but was able to maintain its position among the top 10.
With its significant growth, it does reflect the broader market trend. Mainly IndusInd Bank focus on retail and corporate banking (offering different services).
This mainly includes savings accounts, wealth management services, and digital banking solutions.
You can work along with 1,800 branches and 5,800 ATMs spread across India. The bank focuses on diversification and has a strong brand reputation.
10. AU Small Finance Bank
Standing in the tenth position among the Top 10 banks in India by market cap in 2024 is AU Small Finance Bank.
It comes with a market cap of ₹1.04 Lakh Crore.
The bank leverages the latest trends and technologies while operating over 692 branches and 514 ATMs across 18 states and 2 Union Territories.
AU Small Finance Bank enjoys a good reputation as it focuses on customer service and even social responsibilities.
However, we can say that with the uplift towards its market cap, the bank has a strong reputation and future.
It has been found that the Indian banking sector continues to grow in the coming years. This is mainly driven by different factors like the country’s growing population, disposable incomes, and cumulative financial inclusion.
Hence all of the above Top 10 banks in India by market cap in 2024 can address the different needs and this has made them reach heights.