Top 10 Largest Banks in India 2024- Government bank & Private Banks

For a developing nation like India, the banking sector plays a vital role in helping the economy move forward. Banks offer loans to agricultural as well as commercial players. Do you know about Top 10 best banks in India or top banks in India as per the Reserve Bank of India (RBI). There are total 12 Public Sector Banks, 21 Private Sector Banks, and 46 Foreign Private Sector Banks in our country at present. 

Here we will take a quick look at the most reliable public sector bank of 2024 with respect to market capitalisation, while also exploring some related aspects.

Table of Contents: Top 10 Largest Banks in India 2024

• Top 10 Banks in India
• HDFC Bank Ltd.
• State Bank of India
• ICICI Bank Ltd.
• Kotak Mahindra Bank Ltd.
• Axis Bank Ltd.
• IndusInd Bank Ltd.
• Yes Bank Ltd.
• Punjab National Bank
• Bank Of Baroda
• Bank of India
• Largest Banks in India FAQs

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Top 10 Banks in India

Below is the list of top 10 largest banks in India in 2024.

The list is based on the number of branches, ATMs, employees, assets and revenues of the banks.

HDFC Bank Ltd.

As of January 2024, HDFC enjoys a market capitalization of Rs. 9.34 trillion. Headquartered in Mumbai, Housing Development Finance Corporation Ltd. HDFC is the largest private sector bank in India at present and also ranked as Number 1 Bank in India according to as per Forbes World's Best Bank survey. The bank offers a wide variety of products and services including but not limited to Retail and Wholesale Banking, Personal Banking, Home, Auto, and Business Loans, Lifestyle Loans, Credit and Debit Cards. The bank also boasts of rolling out leading digital products such as Payzapp and SmartBUY.

Some of the important facts about the bank are:

• Number of Branches – 6,342
• Number of ATMs – 18,130
• Number of Employees – 1.41 Lakh+
• Number of POS Terminals – 2,43,888
• Number of Debit Cards – 4 Crore
• Number of Credit Cards – 1.76 Crore

HDFC received the following recognitions in the year 2024

• Fortune India – Grant Thornton Bharat’s study of India’s Best Banks 2024: Best Large Bank – HDFC Bank.
• Euromoney Awards for Excellence in 2024: Best Bank in India.
• Euromoney Private Banking and Wealth Management Survey 2022: HDFC Bank ranks No. 1 in Super Affluent category (USD 100k – 5 mn)
• National Rural Livelihood Mission (NRLM), Ministry of Rural Development, Govt of India: HDFC Bank adjudged Best
• Performing Bank in SHG Linkage
• FinanceAsia’s Best Companies in Asia Poll 2024: Most Committed to High Governance Best Standards – HDFC Bank.
• Asiamoney Best Bank Awards 2024: Best Corporate Bank, Best Bank for SMEs, and Best Bank for Diversity & Inclusion.

State Bank of India (SBI)

The State Bank of India (SBI) is a government bank in India that boasts a market capitalization of Rs. 5.34 trillion. The largest public sector bank of India and second in the list of 10 best banks in India, as well as a financial services statutory body. SBI is headquartered in the financial capital of the nation, Mumbai.

In the year 2021, the State Bank of India ranked 221st in the Fortune Global 500 list of the world’s biggest corporations and also won Best Transaction Bank in India by “The Asian Banker” for the second time in a row. It is also called the biggest bank in India. SBI enjoys a market share of 23% in India and has a commendable presence in the overseas arena with over 233 foreign offices across 36 countries.

Some of the important facts about the bank are:

• Number of Branches – 22,219
• Number of ATMs – 62,617
• Number of Employees – 2,45,642
• Number of POS Terminals – 6.08 Lakh

ICICI Bank Ltd.

The Industrial Credit and Investment Corporation of India, popularly known as ICICI Bank has a market capitalization of Rs. 6.08 trillion, as on 23 Jan 2024. It is the third largest among the top banks in India.

Headquartered in Mumbai, the registered office of the bank is in Vadodara of Gujarat. As of last year’s update, the consolidated assets of the bank clocked at Rs. 12.50 trillion. ICICI Bank enjoys a commendable overseas presence with subsidiaries across Canada and the United Kingdom. The bank also boasts of branches in China, Hong Kong, United States of America, South Africa, Sri Lanka, Dubai International Finance Centre, Qatar, Singapore, Bahrain, and Oman, complete with representative offices in UAE, Malaysia, Indonesia, and Bangladesh.

Some of the important facts about the bank are:

• Number of Branches – 5,275
• Number of ATMs – 15,589
• Number of Employees – 97,354

Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank registered a market capitalization of Rs. 3.55 trillion, as of January 2024. Established in the year 2003, the bank now enjoys the title of being the 4th largest private sector bank in the nation. Last year, the bank generated a revenue of Rs. 58,882 Crores.

Some of the important facts about the bank are:

• Number of Branches - 4,758
• Number of ATMs - 10,990
• Number of Employees – 78,300
• Number of Cash Recyclers - 5,972

Axis Bank Ltd.

With a market capitalization of Rs. 1,90,562.56 crores, Axis Banks fares 4th on the list of the largest private sector banks in India. Known for its financial services primarily directed at large and mid-size corporates, along with SMEs and retail businesses, the bank clocked a revenue of Rs. 68,116 crores in the year 2019.

Some of the important facts about the bank are:

• Number of Branches – 4,050
• Number of ATMs – 11,800+
• Number of Employees – 55,000+
• Number of Cash Recyclers – 4,917

IndusInd Bank Ltd.

Known to be the leading new generation private bank of India, the IndusInd Bank enjoys a market capitalization of Rs. 936.47 billion. Established back in the year 1994, the bank is headquartered in Mumbai, with most of its branches concentrated in the Indian Metro Cities of Mumbai, Delhi, and Chennai. It also boasts of overseas presence owing to its representative branches in Dubai, Abu Dhabi, and London.  The bank clocked a revenue of Rs. 38,230 Crores in the year 2022.

Some of the important facts about the bank are:

• Number of Branches – 2,015
• Number of ATMs – 2,886
• Number of Employees – 33,582+

Yes Bank Ltd.

Yes Bank has earned the reputation of being the fastest growing private sector bank in India, and its market capitalization of Rs. 523.31 billion stand testimony to this fact. Known for its asset management and retail banking functions, the bank was founded in the year 2004 by Rana Kapoor and Ashok Kapur. The bank clocked a revenue of Rs. 25,423 Crores in the year 2022.

Some of the important facts about the bank are:

• Number of Branches – 1,000+
• Number of ATMs – 1,800+
• Number of Employees – 23,800+

Additional Info: Also check IDBI Balance Check Number

Punjab National Bank

Punjab National Bank, popularly known as PNB, has a market capitalization of Rs. 626.53 billion. A public sector undertaking, this leading bank has revenue of Rs. 88,339 Crores. What makes this establishment a leading bank of the nation is its commendable base of over 180 million customers.

PNB enjoys a creditable overseas presence with branches in Dubai and Hong Kong, complete with Offshore Banking Unit in Mumbai. Then again, PNB has 7 Subsidiaries in the UK, and 9 in Bhutan. Besides, the bank has 122 Joint Venture Branches in Nepal.

Some of the important facts about the bank are:

• Number of Branches – 12,248
• Number of ATMs – 13,000+
• Number of Employees – 1,03,144

Additional Reading: Top Credit Rating Agencies in India

Bank Of Baroda

Bank of Baroda also known as BoB, is yet another public sector bank which enjoys a place amongst the Top 10 Banks in India 2024 with a high market capitalization of Rs. 932.40 billion. Headquartered in Vadodra, the bank gained unprecedented popularity in April 2019, for witnessing the first ever 3-way merger, with Dena Bank and Vijaya Bank. The bank had a revenue of Rs. 82,859.5 Crores in 2021 and boasts of a spectacular base of over 132 million customers.

Some of the important facts about the bank are-

• Number of Branches - 9,500+
• Number of ATMs - 13,000+
• Number of Employees - 79,806+

Additional Info: Check BOB mini statement through different methods.

Bank of India

Bank of India, also known as BoI, clocked a market capitalization of Rs. 359.68 billion, on Jan 23, 2023. Headquartered in Mumbai, BoI is a founding member of the Society for Worldwide Interbank Financial Telecommunication, also known as SWIFT. The bank clocked revenue of Rs. 45,955 crores last year.

The bank enjoys as many as 5,108 branches and 5,551 ATMs around the world (including 24 outside India like Botswana, France, Hong Kong, Japan, Kenya, New Zealand, Singapore, United States, Tanzania, UK, Uganda, South Africa, and Vietnam).

Some of the important facts about the bank are:

• Number of Branches (in India) - 5,108
• Number of Employees - 51,459

We hope that you now have a fair idea regarding the leading banks of India, on the basis of their recent market capitalization value.

Fixed Deposits By Banks

Apart from Personal Loan and Home Loan there is one product that has proven to be the most consistent investment tool by a humongous number of people - Fixed Deposits. Banks offer all kinds of returns based on intervals for which an investor decides to invest in Fixed Deposit.

Taking Personal Loan using Fixed Deposits

When in need of funds, you can use your Fixed Deposit (FD) as collateral to secure a Personal Loan. By pledging your FD, you can enjoy lower interest rates and faster loan approval. It's a win-win solution that keeps your savings intact while fulfilling your financial requirements.

Taking Home Loan using Fixed Deposits

If you plan to buy your dream home, consider using your Fixed Deposit (FD) to bolster your Home Loan application. Banks may offer you better loan terms, reduced interest rates, and higher loan amounts by using your FD as collateral. It's a smart move that maximizes your savings potential while getting you closer to your homeownership dreams.

You Can Apply Instant Loan Through Apps

Largest Banks in India FAQs

✅ Which is the No. 1 Bank in India?

As per Forbes World’s Best Bank survey, HDFC Bank is ranked No. 1 bank by customers in India.

✅ Which is the largest bank in India 2024?

The State Bank of India (SBI) is the largest bank in India and also one of the biggest corporations in the world. State Bank of India is one of the largest employers and the most trusted bank in India. At present, SBI has 159 computerised banks and 112743 listed branches.

✅ Which is the second largest bank in India?

HDFC Bank is India's second largest private-sector bank by assets and market capitalization. It has clocked the highest market capitalization worth 9.33 trillion at present. With 6,342 branches and 18,130 ATMs across India, the bank enjoys its fame by being the Best Bank in India.

✅ Which bank offers the safest banking in India?

Both public and private sector banks offer safe banking activities throughout India. However, the public sector banks, which are nationalized banks, are safest in terms of banking in India. There are 14 nationalized banks in India, including the State Bank of India, Punjab National Bank, Bank of Baroda, and Bank of India.

✅ Which is India’s largest private bank?

HDFC Bank is the largest private sector bank in India at present. The bank clocked the consolidated assets worth Rs.  9.33 trillion as on Jan 23, 2023.

✅ Which bank is bigger, ICICI or HDFC?

HDFC Bank is bigger than ICICI Bank as it enjoys the market capitalization of Rs. Rs.  9.33 trillion against the market capitalisation of ICICI worth Rs. 6.08 trillion as on Januray 2023. 

Moreover, HDFC Bank has 6,342 branches with 18,130 ATMs across India as compared to ICICI Bank that has 5,275 branches with 15,589 ATMs.