The 10 Leading Banks in India 2024
The Indian banking system is an integral part of the country’s financial infrastructure, making significant contribution to economic expansion, international trade and entrepreneurship. It is a major player in the industry till date in 2024 with a wide range of leading banks. This article explores India’s top 10 banks by market capitalization as of June 24th 2024, giving a detailed analysis of their operations, financial performance and general impact.
Here are the Top 10 Banks in India in terms of Market Capitalisation:
- HDFC Bank
Overview
HDFC Bank which was set up on August 30th, 1994 has become a dominant power in India’s banking industry. It is the largest private sector bank and one among ten biggest banks globally by market capitalization. The bank’s market cap stands at INR1,292,505.86 crore according to the latest statistics.
Operations and Services
More than 56 million customers are served through over 5,400 branches across more than 2,800 cities and towns by HDFC Bank. Its high-quality retail banking services have earned it a good reputation coupled with its involvement in corporate and institutional banking; these are just few reasons that make this company stand out from others operating within the same sector. The financial solutions and strategies adopted by HDFC Bank are highly praised both locally and internationally.
Recent Developments
In July last year HDFC Bank merged with sister housing finance company called HDFC Ltd so that they can offer superior financial solutions as well as broader ones too. Sashidhar Jagdishan who serves as the CEO of HDFC Bank is currently ranked as India’s highest paid bank CEO due to this institution’s excellent performance under his leadership.
2. ICICI Bank
Overview
ICICI Bank has been a key player in the Indian financial sector since its inception on January 5th, 1994. The second largest private sector bank according to its market cap of INR82738809 crore yet one of India’s largest banks is ICICI Bank. The bank’s headquarters are located in Mumbai, Maharashtra.
Operations and Services
Its presence can be found in some 17 other countries including India where it operates more than 6000 branches and slightly over 17000 ATMs. ICICI Bank offers a wide range of financial services like retail banking, corporate banking, investment banking, insurance products, venture capital funding as well as asset management.
Recent Developments
About 21.4% of the total lending portfolio of ICICI Bank was directed towards sustainable activities as revealed by its most recent ESG Report. This represented approximately $119 billion indicating the bank’s commitment to environmental sustainability.
3. State Bank of India (SBI)
Overview
The State Bank of India (SBI) was born on July 1st, 1955 and it remains the largest public sector bank by market cap at INR74779323 crore in India today. SBI based in Mumbai owns about 23% Indian Banks’ total assets.
Operations and Services
There are over233 foreign branches located across more than twenty two thousand four hundred five cities which are also spread around thirty six countries- these figures tell us about the magnitude of SBI’s operations. Its clientele comprises both urban and rural populations through an extensive network that provides retail banking services such as loans or deposits for companies among others; treasury operations (which include money markets) mainly deal with risk management; while financial inclusion initiatives involve reaching out those living below poverty line thus enabling them gain access into mainstream economic activities.
Recent Developments
In Q3 2023-2024, SBI recorded a net profit amounting to INR39815 Crore and became the most profitable company in India during the quarter April-June FY24.The bank has strengthened its position as one of the leading financial institutions in the world thanks to its strong financial performance.
4. Kotak Mahindra Bank
Summary
Kotak Mahindra Bank is a famous Indian private sector bank, which was established on 21st November, 1985 with market cap of INR 352,950.81 crore. Its headquarters is in Mumbai and it has become popular due to its financial products of high innovation and customer centricity.
Operations and Services
On the premises of India alone, Kotak Mahindra Bank owns about 1600 branches and 2500 ATMs. In addition to that, the bank provides various services like retail banking, corporate banking as well as SME banking among others. It practices individualized financial solutions to suit its different customers.
Recent Developments
By the year 2024 Uday Kotak had served as MD & CEO of Kotak Bank for long time. The bank has been seeking a new CEO after Uday stepped down from his position in 2024; RBI recommends an external candidate to assume leadership role.
5. Axis Bank
Summary
Axis Bank is one of the major private sector banks in India with market capitalization value amounting to INR 385328.56 Crore formed on December 3rd,1993.The bank has its head office located at Mumbai where they provide innovative online financial solutions and services that are driven by the customer’s need.
Operations and Services
In order to cater for their large clientele base, Axis Bank operates a chain of over four thousand branches situated across India including twelve thousands ATMs country wide.It further offers retail banking ,corporate banking ,SMEs loan service as well as investment banking. As such Axis positions itself digitally while providing convenience to its customers through user friendly channels.
Recent Developments
The second highest paid chief executive officer amongst all Indian banks today is Amitabh Chaudhry who leads Axis bank.In fact this year Axis entered into partnership with Digital Banking Enterprise OPEN to strengthen its digital banking services by providing a native digital current account journey.
6. Punjab National Bank (PNB)
Summary
Punjab National Bank is one of the oldest and largest public sector banks in India with market capitalization valued at INR 136,966.02 Crore that was established on May 12th ,1894. The bank’s headquarters are located in New Delhi while having a great influence on the Indian banking system.
Operations and Services
With more than 180 million customers, PNB has close to 12248 points of sales outlets and over 13,500 nos of ATMs. Among the numerous products offered by this bank include; retail banking, corporate banking, international banking as well as financial inclusion program. It also has branches in UK, Hong Kong, Dubai etc.
Recent Developments
The bank has been focusing on expanding its foreign operations and improving its digital banking services. Thus it still remains one of the most important players in public sector banking industry because of impressive performance record and extensive network coverage in India.
7. Bank of Baroda (BOB)
Overview
Founded on July 20, 1908, Bank of Baroda (BOB) is a reputable state bank in India with a market cap of INR 145703.13 Crore. BOB has its headquarters in Vadodara, Gujarat and has been globally acknowledged for its excellence in financial service.
Operations and Services
BOB has more than nine thousand six hundred branches and ten thousand ATMs spread across India and around twenty-five countries worldwide making it one of the largest branch networks among Indian banks. It offers various services that cater for different needs both to individuals and corporate clients.
Recent Developments
Across the three months period ending this June, BOB recorded ₹4070.1 crore as net profit marking an increase by nearly eighty-nine per cent from last year’s earnings over the same period under review. These are some of the factors that have helped establish its reputation as one of the leading public sector banks with strong international expansion initiatives coupled with impressive financial performance.
8. Indian Overseas Bank (IOB)
Overview
Incorporated on February 10, 1937; Indian Overseas Bank (IOB); is one of the major state banks in India valued at INR123262.63 Crore market capitalization rate. Headquartered in Chennai; IOB is known for its significant presence in home market and abroad.
Operations and Services
The bank has extensive branch network and ATM facility throughout India while it serves many other countries such as Singapore, Sri Lanka South Korea Thailand Hong Kong etc. It provides personal banking services including loans, mortgages & credit cards along with corporate banking solutions like trade finance services among others.
Recent Developments
For fiscal year ended March31st,2024; IOB posted ₹2665.66crore net profit being a growth rate of twenty four percent when compared against previous similar period results. With its robust financial performance and operational efficiency; it remains one of the key players in the Indian banking system.
9. IndusInd Bank
Overview
On April 17, 1994, IndusInd Bank became a prominent private sector bank in India with a market capitalization of INR115982.48 Crore (3). The bank, which is based in Mumbai, operates about thirty-eight million customers across its branch and ATM network.
Operations and Services
With over two thousand seven hindred twenty eight branches and almost three thousand ATMs scattered across India, IndusInd Bank provides various services to individuals corporate bodies as well as institutional ones. It has earned a reputation for being highly customer-oriented due to innovative offerings of personalized banking products combined with very high quality customer service.
Recent Developments
In 2023 IndusInd Bank became global sponsor for men’s cricket events held by ICC (1). The fiscal year 2024 was characterized by impressive growth demonstrated by net profit at ₹5000 crore besides total income rising twenty percent to ₹18,500 crore.
10. Union Bank of India (UBI)
Overview
Union Bank of India is a dominant public sector bank with the value of INR 107,755.98 Crore as market capitalization as at now from its establishment on November 11, 1919. The bank is based in Mumbai and has a vast heritage in the banking industry in India.
Operations and Services
Globally, UBI operates over 8,700 branches and serves more than 153 million customers. Net banking, corporate banking, NRI services, digital banking through Vyom app among others are provided by the bank.
Recent Developments
With increased holdings by Foreign Portfolio Investors (FPIs), Union Bank of India experienced an increase in its profit for Q1 FY23-24. The earning performance that was strong and good reach gave it a leading position among other public sector banks.
Conclusion
The top ten banks in India for the year 2024 comprised a mix of private and public sector banks which have played significant role towards the country’s economic development and financial stability. They are known for their innovation leadership capabilities while maintaining excellent customer service as well as being great performers financially thus ensuring their leading positions in Indian banking industry cannot be overtaken by anyone else easily.
