Top 10 Banks in India By Market Capitalization

Top 10 Banks in India

The Indian Bank sector is one of the most important financial backbone for the country, from contributing to credit to financing business ventures. The Indian banking sector is booming and diverse. In 2024, these prominent banks in India, continue to pave their way to contribute to the economy of the country. Here in the blog we will list and discuss the top 10 banks in India by their market capitalization as of 21 June, 2024.

Top 10 Banks in India

State Bank Of India (SBI)

State Bank of India (SBI) is considered one of the top 10 banks in India, in the public sector. Holding 23% share of total assets held by Indian banks, Headquartered in Mumbai. SBI is known for popular retail banking services in rural and urban populations of the nation, they also have treasury services.

SBI is known to be the tenth largest employer in the country, Famously SBI has been listed in the Fortune Global 500 list of the world’s biggest corporations of 2020, landing as the only Indian bank on the list. Moreover, In 2023, the Bank found itself in Forbes Global 2000 with 77 rank.

SBI in the Q3 result of 2023-2024 reported a net income of 39,815 Crore INR, SBI being the biggest public sector bank, with its current market cap standing at 6,179,693.95 Crore INR.


The HDFC Bank, which was established in 1994, is now a strong influence in the Indian banking sector. With more than 5,400 branches spread across 2,800 cities and towns. Being the largest private bank in the country, gaining status as a Domestic Systemically Important Bank from RBI, they are considered the premier bank in the credit sector landscape.

They have over 56 million customers, making them one of the most popular choices for Indian customers. They are known for their high-quality services in retail banking, with a strong history of very good performance. As of the latest stats, its market cap is standing at 3,617,623.06 Crore INR.


ICICI Bank, its central foundation is in Mumbai, Maharashtra and it has more than 6000 branches along with around 17 thousand ATMs all over India only. This bank works in 17 other countries globally too. It provides different financial services to clients like retail banking for individuals and corporate banking for businesses. Moreover, it is involved in investment banking, providing insurance products, venture capital funding, and asset management services. Being one of the top 10 banks in India, Currently, Its market cap stands at 1,871,514.58 Crore INR.

Bank of Baroda

Bank of Baroda (BOB) is the most prominent public sector Indian bank, with its headquarters in Vadodara, the city of Gujarat. Founded in 1908 by Sayajirao Gaekwad III, Maharaja of Baroda, the legendary leader, it is currently the second biggest public bank in the country.

BOB is an international entity having thousands of network outlets in India and other countries. The network consists of over 9,600 branches and 10,000 ATMs spread not only in India but in more than 25 countries around the world, making it one of the top 10 banks in India. The bank provides a comprehensive range of banking products and financial services to meet the demands of not only corporate customers but also retail clients.

Also per the latest information from the stock market exchange, Bank of Baroda holds 1,585,797.09 Crore INR in market cap.

Punjab National Bank

The Punjab National Bank (PNB) is a public-sector bank in India that was initially founded on 12th May 1894. This not only makes PNB one of the oldest banks in the country but also one of the market leaders as well as a testament to its long record of success. PNB has nearly 18 crores of customer base, 12248 banking channels, and around 13500 ATMs and is one of the two public sector banks of India. Punjab National Bank (PNB) operates in various countries, including the UK’s PNB International with seven branches and locations such as Hong Kong, Kowloon, Dubai, & more. With current market condition it’s market cap is valued at 1,561,835.01 Crore INR.

Canara bank 

Canara Bank has been an important part of India’s financial landscape since it was founded back in 1906 and today stands out among public sector banks due to its strategic mergers, such as integrating with Syndicate Bank. Their headquarters is located in Bengaluru city, but they have expanded tremendously over the years through thousands of branches spread across India which now number around 9500 plus about 13400 ATMs for customers’ convenience.

All these developments have helped them reach millions of people throughout this vast country and beyond. Canara Bank has global influence with offices strategically placed in major financial centers like London, Dubai, and New York offering a wide range of services from retail to corporate banking as well as wealth management.

They are playing an important role in driving India’s economic growth. Their innovative thinking is evident by digital initiatives such apps that help manage money easily making them forward-thinking leaders within Indian banks. The current market capitalization of Canara Bank stands at around 1,491,540.72 Crore INR reflecting their strong presence in the financial sector.

Axis Bank

Axis Bank, est. in 1993, is one of the premier private sector banks of India, famous for its customer-centric attitude and innovative solutions. Axis Bank with its network of 4,000 branches and 12,000 ATMs throughout the country provides multiple banking service options for the population nationwide. Through a wide variety of products and services, the bank provides financial solutions for individuals with different financial requirements and preferences.

This bank is one of the largest banks in India based on market cap, whose current value is 1,477,208.60 Crore INR.

Union Bank of India

Union Bank of India is a public sector bank, headquartered in Mumbai, and was founded in 1919 by Seth Sitaram Poddar, is a big bank that belongs to the government. Its main office was opened by Mahatma Gandhi. In the year 2020, it became one of the largest public sector banks after merging with Corporation Bank and Andhra Bank which has more than 8,700 branches along with an overseas subsidiary in the UK (Reuters Staff). Services

The bank has many services such as net banking, corporate banking, NRI services, and digital banking via the Vyom app. With an emphasis on security, it serves more than 153 million clients globally.

During the q4 2023-2024, Union Bank and Punjab National Bank (PNB) were among the top five stocks that witnessed the highest increase in holdings by Foreign Portfolio Investors (FPIs). FPI ownership in Union Bank surged by an impressive 266%, while PNB saw a 245% rise. This significant uptick in foreign investor interest in these two banks suggests growing confidence and optimism about their prospects during that period. Also, its current market cap value is 1,391,957.62 Crore INR.

Bank of India

Bank of India, established back in Mumbai way before the year 1906, is now a crucial part of our nation’s robust banking industry. As one of the top public sector banks operating through multiple branches all over this diverse country, it provides various financial services to accommodate different individual needs effectively by catering to clients ranging from individuals seeking retail banking services to large corporations who require corporate financing assistance as well as international operations.

With impressive revenue figures reaching $8.1 billion, assets worth more than $100 billion, and profits approximating $792.9 million as of the year 2024, this iconic institution has surely demonstrated significant influence on India’s economic growth while maintaining its position in ever-changing Indian financial landscape through dedication to innovation and customer satisfaction. The bank’s strong market presence is further evidenced by its substantial market capitalization of 912,597.92 Crore INR, underlining its importance in India’s financial sector.

Indian Bank

Indian Bank has made its mark since being founded on August 15th, 1907 in Chennai, becoming one of the leading public sector banks. With noteworthy financial figures of $7.8 billion in revenue and assets valued at an astounding $95.4 billion, as of June 2024, this bank boasts impressive profits reaching up to $ 1 billion.

Their comprehensive service portfolio includes Treasury operations along with Corporate/Wholesale Banking solutions for large corporations alongside Retail banking and Other Banking Operations catered towards individual clients too through NRI-Foreign Exchange transactions, and wealth management services among other offerings. Its market strength is further evidenced by a substantial market capitalization of 792,619.12 Crore INR.

Financial inclusion plans are extended across various segments via their diversified range of programs that make Indian banks a crucial player in India’s competitive financial industry serving customers ranging from individuals to large corporations.


The banking sector is one of the most important machinery in the structure of the Indian economy, it plays a very significant role in day-to-day commerce, trade, and finance. All the top 10 banks in India discussed above have shaped the banking landscape in our country.  

The banking sector is set to play a major role in shaping the country’s future. The sector is changing, with private banks gaining more market share alongside public banks. Technology will be important for Indian banking going forward. Data science may help predict customer needs and improve services.

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