Top Banks In India – Everything You Need To Know In 2024

Banks in India 1

In this article, we want to talk about the top private banks in India, the largest private bank in India, and anything related to the Indian banking sector. We’ll go through some very interesting statistics and some fascinating facts.

India is the world’s second most populous country in the world with a population of 1.366 billion inhabitants (China is first with 1.398 billion). 

Given these high numbers and the projections that place India as the world’s biggest country by population in the next 20 years, we can understand why the banking sector plays such an important role throughout the nation.

But how much of India’s banking sector is private, and how much of it is nationally owned? We’re going to go through some very intriguing numbers in the rows to follow so you’d better buckle up and get ready for one spectacular post.

Top 10 Private Banks In India 2020

No article about the leading private banks in India would be complete without a ranking of private banks in India, right? Since we’re dealing with the banking sector, what better way to communicate than by using numbers in order to form complete standings.

So, which enterprise do you think is India’s largest private bank? Hold your guess, write it down, and then scroll down for the top 10 private banks in India in 2020. 

1. HDFC Bank

HDFC Bank is the largest private bank in India and, by the way, things are looking, it will continue to keep its number one position for at least the next couple of years. HDFC Bank leads the private Indian banking sector when it comes to the number of total sales during a year.

The bank was founded in August 1994 under the name “HDFC Bank Limited” and its headquarters are located in Mumbai, India.

Also, HDFC is the first Indian private bank to be given “in principle” approval from the Reserve Bank of India (RBI) to set up a private bank. 

This approval was given as part of RBI’s strategy to liberalize the Indian Banking Industry in 1994. HDFC is also the top Constituent in Bank Nifty, according to all the latest data for 2021.

HDFC is India’s largest private bank based on generated revenue and total market cap.

If you were searching Google for “India top private bank”, we think we pretty much gave you a very complete and complex answer. Was your initial guess correct? Did you guess the biggest private bank in India?

  • Annual Revenue: INR 105,161 Cr 
  • Total Number of Employees: 98,061 
  • NIM: 4.3% 
  • CASA: 48% 
  • Total Number of ATMs: 13,160 
  • Total Number of Branches: 5,103 
  • Gross NPA: 1.36% 
  • Customer Base: Over 49 Million

2. ICICI Bank

ICICI Bank is the second largest private bank in India. The bank was founded in 1994, which is the same year when most of the top private Indian banks we see in existence today were also founded.

The second largest private bank in India was created in 1994 and originally went by the name of ICICI Limited, an Indian financial institution.

ICICI Bank’s total annual revenue falls short of INR 20,000 Cr to HDFC Bank, which is India’s private market leader. 

  • Annual Revenue: INR 84,353 Cr 
  • Total Number of Employees: Undisclosed
  • NIM: 3.61% 
  • CASA: 45.2% 
  • Total Number of ATMs: 14,987 
  • Total Number of Branches: 4,874 
  • Gross NPA: 6.7% 
  • Customer Base: Undisclosed

ICICI Bank is highly appraised nationwide, and it gives a vast array of banking and financial services that cater to both the corporate sector, as well as to personal ones.

3. Axis Bank Ltd

Axis Bank is the third-largest private bank in India and it is widely regarded as one of the best, based on the services it offers to its clients.

1994 is the year when Axis Bank began operating as a private bank in India, and it is also the first new-generation private sector bank, considered a pioneer enterprise in its field.

Axis Bank covers plenty of sectors, such as large and mid-corporates, MSME, Retail Businesses, Agriculture and plenty of other domains. The bank is constantly looking at expanding its portfolio by offering more diverse financial services in India and worldwide.

  • Annual Revenue: INR 56,044 Cr 
  • Total Number of Employees: Undisclosed
  • NIM: 3.56% 
  • CASA: 43.2% 
  • Total Number of ATMs: 11,801 
  • Total Number of Branches: 4,094 
  • Gross NPA: 5.25% 
  • Customer Base: Undisclosed

Axis Bank also has 9 other international offices located in Shanghai, Hong Kong, Singapore, Dubai (called DIFC there), Colombo and has exclusive representative offices in Abu Dhabi, Dhaka and Dubai.

In addition to all the Axis Bank domestic branches, the third-largest private bank in India also has 4,917 cash recyclers located all over the nation.

Axis Bank has an overseas subsidiary bank located in London, The United Kingdom of Great Britain and Northern Ireland. 

The main focus of these overseas branches is on trade finance, corporate lending, syndication, investment banking, and liability businesses.

4. Kotak Mahindra Bank Ltd

The fourth largest private bank in India has a pretty unique story about how it came into existence. 

Kotak Mahindra Finance Ltd. (KMFL) is the first non-banking finance company in India to convert into a private bank – Kotak Mahindra Bank Ltd.

Kotak Mahindra Finance Ltd. (KMFL) was the Indian Group’s flagship company that managed to receive a banking license from the Reserve Bank of India (RBI) in February 2003. 

  • Annual Revenue: INR 31,346 Cr 
  • Total Number of Employees: Undisclosed
  • NIM: 4.3% 
  • CASA: 52.5% 
  • Total Number of ATMs: 2,352 
  • Total Number of Branches: 1,500 
  • Gross NPA: 1.9% 
  • Customer Base: Over 17 million

On April 1, 2015, ING Vysya Bank Ltd. merged with Kotak Mahindra Bank Ltd., which turned Kotak Mahindra Bank Ltd. into the fourth most important private bank in the country.

Kotak Mahindra Bank Ltd, operates through 4 strategic business units, as follows: Consumer Banking, Corporate Banking, Commercial Banking, and Treasury, and their services are available in both rural and urban India.

5. IndusInd Bank Ltd

IndusInd Bank Ltd is one of the most popular private Indian banks and it is also ranked as the 19th most valuable Indian brand, in the Top 50 Most Valuable Indian Brands 2014.

In addition to this prestigious ranking, IndusInd Bank Ltd has been ranked on the 39th position in The Economic Times and Interbrand Best Indian Brands Study 2014.  

  • Annual Revenue: INR 24,154 Cr 
  • Total Number of Employees: Undisclosed
  • NIM: 4.05% 
  • CASA: 43.1% 
  • Total Number of ATMs: 2,605 
  • Total Number of Branches: 1,938 
  • Gross NPA: 2.15% 
  • Customer Base: Over 9 million 

IndusInd Bank Ltd is trying to be a real innovator in the private banking sector, by combining responsiveness with various banking products which relate to the average Indian consumer.

Some of their most popular and innovative products and features are: Cash-on-Mobile, My Account My Number, 365 Days Banking, Check-on-Cheque, Direct Connect, Quick Redeem Service and Choice Money ATMs. 

6. Yes Bank Ltd

Yes Bank Ltd. is yet another popular and profitable private bank in India. 

It was founded back in 2004, and since then, it has managed to become a “Full-Service Commercial Bank” that offers a complete set of banking and financial services to its clients.

  • Annual Revenue: INR 20,269 Cr 
  • Total Number of Employees: Undisclosed
  • NIM: 2.8% 
  • CASA: 30.2% 
  • Total Number of ATMs: 1,450+ 
  • Total Number of Branches: 1,120 
  • Gross NPA: 5.01% 
  • Customer Base: Undisclosed

Yes Bank Ltd. operates through its subsidiaries when it comes to its Investment banking, merchant banking & brokerage businesses. These services are operated by Yes Securities, while the bank’s mutual fund business is run by Yes Asset Management (India) Limited.

Yes Bank Ltd. has its headquarters in Mumbai, but it has a strong physical presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City. Also, the bank runs a Representative Office in Abu Dhabi, United Arab Emirates.

7. Federal Bank Ltd

Federal Bank Limited is headquartered in Aluva, Kerala, and it is among the first private Indian banks to have computerized all of its branches. 

In 1945, K.P. Hormis turned this bank into a financial institution with a strong presence all over the country.

That’s how they made a huge statement throughout the entire private banking sector in India.

  • Annual Revenue: INR 11,635 Cr 
  • Total Number of Employees: Undisclosed
  • NIM: 3.15 % 
  • CASA: 31.44% 
  • Gross NPA: 2.99% 
  • Total Number of ATMs: 1,606 
  • Total Number of Branches: 1,251 
  • Customer Base: 9.7 Million 
  • Market Share: 1.13 % 

Federal Bank Ltd. customers have a large variety of services they benefit from, including Cash Management Services, online fee collection, merchant banking services, Mobile banking, online bill payment, Internet banking, depository services, insurance, and mutual fund products.

The bank’s initial name officially changed to The Federal Bank Limited on December 2, 1949.

8. IDFC First Bank Ltd

IDFC Limited was founded in 1997 in order to finance infrastructure projects. The main focus of the bank, at the time, was on project finance and mobilization of capital for private sector infrastructure development.

90% of the bank’s business comes from infrastructure and corporate loans, which is the legacy coming from IDFC Limited until 2017.

Based on the efforts of Dr. Rajiv Lall, who joined the company in 2005, IDFC managed to expand its business services to Asset Management, Institutional Broking and Infrastructure Debt Fund. 

Erstwhile IDFC Bank Limited was listed on the stock exchange markets in November 2015.

Dr. Rajiv Lall successfully applied for a commercial banking license from the RBI in 2013, and, in 2014, the Reserve Bank of India (RBI) granted in-principle approval to IDFC Limited to create a new private bank in India. The newly formed bank was initially called Erstwhile IDFC Bank.

  • Annual Revenue: INR 9,098 Cr 
  • Total Number of Employees: Undisclosed
  • NIM: 3.15% 
  • CASA: 15.08% 
  • Total Number of ATMs: 199 
  • Total Number of Branches: 279 
  • Gross NPA: 2.66% 
  • Customer Base: Over 4 million live customers 

As of late, the bank is planning to increase its loan book operations in order to attract even more revenue.

9. South Indian Bank Ltd

The South Indian Bank is one of the oldest banks located in Southern India. It came into existence during the Swadeshi movement and has reached the top 10 featuring the most powerful private banks in India in 2020. 

  • Annual Revenue: INR 7,117 Cr 
  • Total Number of Employees: Undisclosed
  • NIM: 2.53% 
  • CASA: 24.1 % 
  • Total Number of ATMs: 1,400 
  • Total Number of Branches: 870 
  • Gross NPA: 4.96% 
  • Customer Base: Undisclosed

The bank was founded based on the dream of a couple of visionary pre-entrepreneurs, in the town of Thrissur, currently known as the Cultural Capital of Kerala. 

The South Indian Bank was conceived in order to offer the people of the State of Cochin a safe way of saving and loaning money. Helped keep a lot of people safe from money lenders that charged excruciating interests for the loans they offered.

10. Bandhan Bank Ltd

We’ve reached the last bank in the top 10 largest private banks in India. The number 10 spot goes to Bandhan Bank which is a subsidiary of Bandhan Financial Holdings Limited (BFHL). 

The main goal of Bandhan Financial Holdings Limited (BFHL) is to serve the unbanked and the underbanked population of India, given that there are still hundreds of millions of people without access to private banking services. 

  • Annual Revenue: INR 7,208 Cr 
  • Total Number of Employees: Undisclosed
  • NIM: 10.45% 
  • CASA: 36.06% 
  • Total Number of ATMs: 481 
  • Total Number of Branches: 999 
  • Gross NPA: 2.04% 
  • Customer Base: Approximately 17.27 millions

Bandhan Financial Holdings Limited (BFHL)has a large offering of world-class banking solutions and financial services, which focus primarily on asset and liability products and services. 

Most of the customers of Bandhan Financial Holdings Limited (BFHL) are located in rural India.

So, we’ve gone through some of the largest private banks in India, but we think it’s about time to check out the largest private bank from abroad, and some of the most popular banks in India. These rankings help us better understand which banks are top leaders in their sector, and who owns them. Without further adieu, here are the top 5 international banks operating in India.

Top 5 International Banks In India

The top 5 international banks operating in India have a lot to gain, given the country’s huge population. This is what attracts more and more international investments in India, year after years.

1. Citibank

The first Citibank branch opened in Kolkata 1902, which makes it one of the oldest international banks in India.

The American bank currently operates 44 branches in India.


HSBC Bank India, a subsidiary of HSBC Holdings plc. And it is currently one of the world’s most powerful banking and finance enterprises.

The first ATM set up by the bank in India dates back to 1987, and it currently operates 25 branches nationwide.

3. Standard Chartered Bank

Standard Chartered Bank is the third most powerful international bank in India.

With 100 branches i 43 cities, Standard Chartered Bank continues to solidify its presence in India.

4. Royal Bank of Scotland

The Royal Bank of Scotland (RBS) has been in operations throughout India since 2003, as a microfinance institution at first. 

The Royal Bank of Scotland is one of the fastest growing international financial entities in India today.

5. Barclays Bank

Barclays Bank is one of the most powerful banks in the world, and it comes as no surprise that it has a strong presence in India as well.

With 7 branches throughout the country, Barclays has been operating in India since 1990.

Top 10 Government Banks In India

We’ve analyzed the best private banks in India, we’ve taken a look at the top Indian private banks, but what about the government banks of the nation? What’s the difference between the top private banks of India and the top government banks of the country?

First and foremost, private banks are owned by private individuals, or private groups, while government banks are state-owned and operated by local and national authorities with public money.

We’ll get a little more into the details in the following rows, because as you’ll also notice, there are quite some differences. 

1. State Bank of India

The State Bank of India is the country’s largest government bank. There are only 12 government banks in India, and this is the most important one of them all.

Dating back to over 200 years, the State Bank of India (SBI) can trace its history to the Bank of Calcutta which was founded in 1806.

It’s the oldest commercial bank in the Indian subcontinent and it’s also the largest bank in India in terms of Deposits, Advances, Customers and Banking Outlets.

  • Total Sales: INR 263,645 Cr 
  • Profit: INR 12,280 Cr 
  • Market Cap:  300,983 Cr. 
  • ROE: 1.00% 
  • Sales Growth (3Yrs): 4.71% 
  • Promoter holding: 57.13% 
  • Debt to equity: 14.30 
  • Price to book value: 1.28

The SBI is headquartered in Mumbai, and offers a variety of products and services to individuals, commercial enterprises, large corporates, public bodies, and institutional customers.

This is just one of the many reasons why SBI is the biggest and most profitable government bank in India.

2. Bank of Baroda

The Bank of Baroda dates back to 20 July, 1908, when it was founded by the Maharaja of Baroda, Maharaja Sayajirao Gaekwad III. 

The Bank of Baroda is an Indian state-owned International banking and financial services enterprise with its headquarters located in  Vadodara (formerly known as Baroda) in Gujarat, India. 

  • Total Sales: INR 67,699 Cr 
  • Profit: INR 1,528 Cr 
  • Market Cap:  48,169 Cr. 
  • ROE: 2.25% 
  • Sales Growth (3Yrs): 4.93% 
  • Promoter holding: 71.60% 
  • Debt to equity: 14.70 
  • Price to book value: 0.96 

The Bank of Baroda was nationalized on 19 July 1969, by the Government of India, together with 13 other major commercial banks of India at that time. 

3. Punjab National Bank

The Punjab National Bank began operating on April 12, 1895, in Lahore. 

Throughout the company’s history, 7 other Indian banks have merged with the Punjab National Bank. The Punjab National Bank currently has 2 overseas branches in Hong Kong, Dubai, and an Offshore Banking Unit in Mumbai and a Representative Office in Dubai (UAE). 

  • Total Sales: INR 52,249 Cr 
  • Profit: INR -2,977 Cr 
  • Market Cap:  44,030 Cr. 
  • ROE: -23.28% 
  • Sales Growth (3Yrs): 2.66% 
  • Promoter holding: 83.19% 
  • Debt to equity: 15.97 
  • Price to book value: 0.98 

Given the fact that it’s such a powerful bank, the Punjab National Bank has two overseas subsidiaries called PNB International Ltd. (100% owned subsidiary in the United Kingdom with 7 branches) and Druk PNB Bank Ltd. – Bhutan (51% shareholding with 7 branches), One associate company named JSC Tengri Bank, Kazakhstan (41.64% shareholding with 8 branches and 4 Extension Counter) and it is part of a joint venture bank in Nepal called the Everest Bank Ltd. Nepal (with 20.03% shareholding and 92 branches).

4. Canara Bank

Canara Bank is the fourth largest government bank in India. It was founded back in 1906, as the ‘Canara Bank Hindu Permanent Fund’, by the late Shri Ammembal Subba Rao Pai, a local philanthropist.

Canara Bank currently has 8801 ATMs operating alor India.

In 1910, the fund became Canara Bank Ltd and then switched to Canara Bank in 1969, after it was nationalized. 

  • Total Sales: INR 55,720 Cr 
  • Profit: INR 719 Cr 
  • Market Cap:  23,098 Cr. 
  • ROE: 1.62% 
  • Sales Growth (3Yrs): 2.12% 
  • Promoter holding: 78.52% 
  • Debt to equity: 16.99 
  • Price to book value: 0.61 

The Bank has vastly increased its domestic presence, with 6305 branches spread across all geographical segments. 

5. Union Bank of India

The Union Bank of India ranks as number 5 in the top 10 of the most powerful government banks in India.   

  • Total Sales: INR 55,520 Cr
  • Profit: Undisclosed 
  • Market Cap: Undisclosed  
  • ROE: Undisclosed  
  • Sales Growth (3Yrs): Undisclosed 
  • Promoter holding: Undisclosed 
  • Debt to equity: Undisclosed  
  • Price to book value: Undisclosed  

Although not much data is available by the Union Bank of India, this government bank is one of  most profitable and successful state-owned institutions.

It’s presence can be spotted all over India and it is constantly expanding its domestic presence, in both rural and urban areas of the country.

6. Bank of India

The Bank of India dates back to September 7, 1906. It was founded by a group of businessmen from Mumbai. 

The Bank of India currently operates over 5000 branches in India.

Until the bank’s nationalization in 1969, the company was privately-owned. The nationalization process of 1969 made the Bank of India, along with 13 other banks, a state-owned company. 

  • Total Sales: INR 42,208 Cr 
  • Profit: INR -4,020 Cr 
  • Market Cap:  23,528 Cr. 
  • ROE: -14.68% 
  • Sales Growth (3Yrs): -0.87% 
  • Promoter holding: 89.10% 
  • Debt to equity: 13.18 
  • Price to book value: 0.55

The Bank of India also has a strong overseas presence. It operates in 18 foreign countries spread over 5 continents – with 52 offices including 4 Subsidiaries, 1 Representative Office and 1 Joint Venture, in key banking and financial centers such as Tokyo, Singapore, Hong Kong, London, Paris and New York.

7. Indian Bank

The Indian Bank is one of India’s largest government-owned banks, however not enough data is publicly provided online. 

It was founded on August 15, 1907 and its total assets amount to INR 6.26 trillion, as of 2021.

They operate just like any other national institution, as they are a state-owned company active in the Indian banking sector.

8. Indian Overseas Bank

The Indian Overseas Bank is the largest overseas bank owned by the Indian Government and it was founded in February, 1937. 

This government bank has its headquarters in Chennai, and operates about 3,400 domestic branches, about 6 foreign branches and a representative office.

It operates almost exclusively overseas, assuring investments for the Indian Government through various financial instruments.

9. UCO Bank

UCO Bank ranks as number 9 in the top 10 of India’s most powerful public/government-owned banks. And there’s a reason for that.

UCO Bank, formerly United Commercial Bank, was established in 1943, in Kolkata.

Through its innovative company culture, UCO Bank has managed to open hundreds of new ATMs all over India, thus increasing its reach in the nation’s rural and urban areas.

10. Bank of Maharashtra

The Bank of Maharashtra is a government bank under the ownership of India’s Ministry of Finance. 

It has over 15 million customers nationwide and over 1900 branches throughout the country.

It owns the most branches out of any other government bank in the State of Maharashtra.


Simply by looking at the top private banks in India, the largest private bank in India and the largest government banks in the country, we can understand just how huge this entire sector actually is. 

Millions and millions of Indians, migrants and expats choose banks to deposit their earnings, to receive their salaries, or to transfer money to other people. Banking is also highly used for paying bills and for investing.

Taking into consideration the vast array of activities which can only be conducted through banks, we can easily conclude that the banking industry will continue to grow in the next couple of decades to come.

Indians are earning more and more money, the country’s economic situation is slowly rising, and when you add up all the demographic data we have available today, we can state that banking will be one of the leading industries of the future in India and worldwide for that matter. 

What do you think? Where do you see the banking sector in the next 5 to 10 years? How will banking change in the next few years? 


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