Top 10 Banks in India as per Market Cap

 


The banking sector plays a crucial role in the growth and development of any economy. In India, the banking sector has significantly evolved over the past decade, with a tech-savvy population and a booming economy. As of 2024, the top banks in India, based on market capitalization, are also among the top banks globally. HDFC Bank holds the position of the largest bank in India in terms of market capitalization. Let’s have a look at the Top 10 Banks in India as per Mcap.

Top 10 Banks in India as per Market Cap (as on 12.04.2024)

RankRankMarket Cap (Rs Lakh Crore)
1HDFC Bank1,153,894.76
2ICICI Bank775,447.63
3SBI684,294.62
4Kotak Mahindra359,803.74
5Axis Bank330,873.03
6Punjab National Bank148,373.43
7Bank of Baroda138,514.94
8Indian Overseas Bank121,069.95
9IndusInd Bank120,639.59
10Union Bank113,855.23

Public Sector Banks Market Cap (as on 12.04.2024)

Bank NameMarket Cap (Rs. cr)
SBI684,294.62
PNB148,373.43
Bank of Baroda138,514.94
IOB121,069.95
Union Bank113,855.23
Canara Bank109,900.01
Indian Bank70,917.65
UCO Bank65,913.20
Bank of India65,262.49
Central Bank55,471.20
Bank of Mah45,051.70
Punjab & Sind41,080.16

Private Banks Market Cap (as on 12.04.2024)

Bank NameMarket Cap (Rs. cr)
HDFC Bank1,153,894.76
ICICI Bank775,447.63
Kotak Mahindra359,803.74
Axis Bank330,873.03
IndusInd Bank120,639.59
IDBI Bank93,384.61
Yes Bank69,757.78
IDFC First Bank59,634.81
AU Small Finance Bank47,372.34
Federal Bank37,985.11
Bandhan Bank29,472.69
RBL Bank15,647.74
Karur Vysya Bank15,431.97
J&K Bank15,157.78
City Union Bank11,513.74
Equitas SFB11,365.90
Ujjivan SFB10,551.87
Karnataka Bank8,774.83
Tamilnad Mercantile Bank7,784.56
South Indian Bank7,429.23
CSB Bank6,671.40
Utkarsh SFB5,827.12
Jana SFB4,660.54
DCB Bank3,860.45
ESAF SFB3,142.73
Suryoday SFB2,009.85
Capital SFB1,614.55
Dhanlaxmi Bank1,172.71
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Top 10 Richest Persons in India in 2024




India’s economy has been experiencing exponential growth, and many people are curious about the wealthiest individuals in the country. According to Forbes’ Real-Time Billionaires rankings, here is a list of the top 10 richest people in India as of March 8, 2024:

RankNameGlobal RankNet worth (US$)Company
1Mukesh Ambani9$116 BReliance Industries
2Gautam Adani17$84 BAdani Group
3Shiv Nadar39$36.9 BHCL Technologies  
4Savitri Jindal & family46$32.4 BJSW Group
5Dilip Shanghvi69$26.9 BSun Pharmaceutical Industries Ltd
6Cyrus Poonawalla90$21.3 BSerum Institute of India
7Kushal Pal Singh92$20.9 BDLF Limited
8Kumar Birla98$19.7 BAditya Birla Group
9Radhakishan Damani107$17.6 BDMart, Avenue Supermarts
10Lakshmi Mittal113$16.4 BArcelorMittal


Read More - Top 10 Richest People in the World in 2024

Read More - Top 10 Banks in India as per Market Cap


Mukesh Ambani

  • Age: 66 Years
  • Source of Wealth: Reliance Industries Ltd
  • Net Worth: $116 billion
  • Mukesh Ambani is the Chairman and Managing Director of Reliance Industries, which has a revenue of over Rs 9.03 lakh crore ($109.4 billion). Reliance Industries is involved in diverse sectors such as petrochemicals, oil and gas, retail, and telecom. Ambani’s three children, Akash, Anant, and Isha, are actively involved in managing different divisions of the conglomerate.


Gautam Adani

  • Age: 61 Years
  • Source of Wealth: Adani Group
  • Gautam Adani is the founder and chairman of the Adani Group, a multinational conglomerate involved in port operations and development within India. The Adani Group has business interests in various sectors, including ports, airports, power generation and transmission, and green energy. Adani is recognized as India’s largest airport operator and also controls Gujarat’s Mundra Port, the country’s largest.


Shiv Nadar

  • Age: 78 Years
  • Source of Wealth: HCL Enterprise
  • Shiv Nadar is the proprietor of the HCL group, which serves renowned clients such as Cisco, Microsoft, and Boeing. He is a highly respected philanthropist and was awarded the Padma Bhushan, India’s esteemed third-highest civilian distinction, in 2008. In late 2023, Nadar donated Rs 2,042 crore for philanthropic causes.


Savitri Jindal & family

  • Age: 74 Years
  • Source of Wealth: O.P. Jindal Group
  • Savitri Jindal is an Indian politician and entrepreneur who holds the esteemed position of emeritus chair at the O.P. Jindal Group. The various divisions of the business are run by her four sons: Prithviraj, Sajjan, Ratan, and Naveen Jindal. The Jindal Group has business interests in India, the USA, South America, Europe, and Africa. Savitri Jindal is the richest woman in India.


Dilip Shanghvi

  • Age: 68 Years
  • Source of Wealth: Sun Pharmaceuticals
  • Dilip Shanghvi is a prominent Indian business tycoon and the visionary behind Sun Pharmaceutical Industries, the first Indian pharma company with a $5 billion valuation. Sun Pharma grew through a series of acquisitions, including the 2014 purchase of scandal-tainted rival Ranbaxy Laboratories for $4 billion.


Cyrus Poonawalla

  • Age: 82 Years
  • Source of Wealth: Serum Institute of India
  • Cyrus Poonawalla is the primary beneficiary of the privately held Serum Institute of India, the world’s largest vaccine manufacturer. The institute, headquartered in Pune, has played a crucial role in the development and distribution of Covid-19 vaccines. Poonawalla’s wealth has increased due to the widespread utilization of the vaccines developed by the Serum Institute.


Kushal Pal Singh

  • Age: 92 Years
  • Source of Wealth: DLF Limited
  • Kushal Pal Singh is the chairman emeritus of DLF Limited, India’s biggest listed real estate firm by market cap. Singh joined DLF, a company started by his father-in-law, in 1961 and served as chairman for more than five decades.


Kumar Birla

  • Age: 56 Years
  • Source of Wealth: Hindalco Industries
  • Kumar Birla is the leader of the Aditya Birla Group, which is involved in various sectors, including aluminum, cement, and financial services. Birla was also the non-executive chairman of Vodafone Idea, a telecommunications company, until 2021. As of 2024, he serves as a non-executive director of the company.

Radhakishan Shivkishan Damani

  • Age: 69 Years
  • Source of Wealth: Avenue Supermarts Limited
  • Radhakishan Shivkishan Damani is the founder of Avenue Supermarts Limited, which operates more than 300 DMart stores in India. He also controls his investment ventures through his company, Bright Star Investments Limited.


Lakshmi Mittal

  • Age: 73 Years
  • Source of Wealth: ArcelorMittal
  • Lakshmi Mittal is the Chairman and CEO of ArcelorMittal, the largest global steel manufacturer. Mittal passed on the CEO role to his son, Aditya Mittal, in 2021 but continues to serve as the executive chairman of the company. ArcelorMittal recently faced production stoppage at its Kryvyi Rih facility in Ukraine due to Russia’s invasion of Ukraine.
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Top 10 Richest People in the World in 2024



RankNameNet Worth (in $ Billions)Source of WealthCountry
1Bernard Arnault & family$233LVMHFrance
2Elon Musk$194Tesla, SpaceXUnited States
3Jeff Bezos$195AmazonUnited States
4Mark Zuckerberg$177FacebookUnited States
5Larry Ellison$141OracleUnited States
6Warren Buffett$133Berkshire HathawayUnited States
7Bill Gates$128MicrosoftUnited States
8Steve Ballmer$121MicrosoftUnited States
9Mukesh Ambani$116Reliance IndustriesIndia
10Larry Page$114GoogleUnited States


Read More - Top 10 Banks in India as per Market Cap


Here are the top 10 richest people in the world:

Bernard Arnault & Family

  • Age: 74
  • Residence: Paris, France
  • Citizenship: France
  • Bernard Arnault is the CEO and chairman of Moët Hennessy Louis Vuitton (LVMH), the world’s largest luxury goods company. LVMH encompasses approximately 70 renowned fashion and cosmetics brands, including Louis Vuitton, Christian Dior, Moet & Chandon, and Sephora. Arnault bought a controlling stake in LVMH in 1989 and has been the chairman and CEO ever since.
  • Arnault’s five children also contribute to various sectors within the LVMH empire. In January 2023, he appointed his daughter Delphine to lead Dior, the group’s second-largest brand.

Elon Musk

  • Age: 52
  • Residence: Austin, Texas, US
  • Citizenship: US
  • Elon Musk is the CEO of several prominent companies, including electric car manufacturer Tesla and space exploration company SpaceX. He currently possesses a 23 percent stake in Tesla. Musk made headlines in October 2022 when he purchased Twitter for $44 billion.
  • Musk led Tesla to its initial public offering in 2010, and the company experienced significant growth in market capitalization, propelling Musk to the position of one of the world’s top 10 richest people.

Jeff Bezos

  • Age: 60
  • Residence: Medina, Washington, US
  • Citizenship: US
  • Jeff Bezos, the founder of Amazon, decided to step down as CEO of the ecommerce powerhouse in July 2021 but continues to serve as chairman. Bezos also established Blue Origin, a private space exploration company. In 2021, he embarked on a space voyage aboard a rocket developed by Blue Origin.

Mark Zuckerberg

  • Age: 39
  • Residence: Palo Alto, California, US
  • Citizenship: US
  • Mark Zuckerberg is the co-founder and CEO of Meta Platforms, formerly known as Facebook. He started Facebook in 2004 when he was a student at Harvard University. Zuckerberg owns about 13 percent of the company’s stock.

Larry Ellison

  • Age: 79
  • Residence: Lanai, Hawaii, US
  • Citizenship: US
  • Larry Ellison co-founded the software firm Oracle in 1977 and served as its CEO until 2014. He currently holds the positions of chairman and Chief Technology Officer at Oracle. Ellison also ventured into investments, including a substantial stake in Tesla, where he served on the board of directors from 2018 until 2022.

Warren Buffett

  • Age: 93
  • Residence: Omaha, Nebraska, US
  • Citizenship: US
  • Warren Buffett is the head of Berkshire Hathaway, an investment conglomerate with a diverse portfolio encompassing numerous companies. Buffett is widely recognized as one of history’s most accomplished investors. He has expressed his intention to donate 99 percent of his fortune.

Bill Gates

  • Age: 68
  • Residence: Medina, Washington, US
  • Citizenship: US
  • Bill Gates co-founded Microsoft and was recognized as a billionaire by Forbes in 1987. From 1995 to 2017, he maintained the title of the world’s richest person. Gates and Melinda French Gates finalized their divorce in 2021, with Melinda receiving at least $6 billion in stocks as part of the settlement.

Steve Ballmer

  • Age: 67
  • Residence: Hunts Point, Washington, US
  • Citizenship: US
  • Steve Ballmer was the CEO of Microsoft from 2000 to 2014. He joined Microsoft in 1980 as the company’s 30th employee. After retiring from Microsoft, Ballmer made headlines by acquiring the Los Angeles Clippers basketball team for $2 billion.

Mukesh Ambani

  • Age: 66
  • Residence: Mumbai, India
  • Citizenship: India
  • Mukesh Ambani is the chairman of Reliance Industries, a conglomerate that operates in various sectors, including petrochemicals, telecom, oil and gas, and retail. Reliance Industries operates the biggest petrochemical refinery in the world, and its telecom endeavor, Jio, is the largest telecom company in India.

Larry Page

  • Age: 50
  • Residence: Palo Alto, California, US
  • Citizenship: US
  • Larry Page co-founded Google in 1998 with Sergey Brin. He served as CEO of Google from 2001 to 2011 and later became a member of the board of Alphabet, the parent company of Google. Page retains significant control over the company as a major shareholder.
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Which is the Best Banks in India 2023

In the current age, having a bank account is essential. Moreover, all financial subsidies given by the government are also routed through bank accounts. Also, the financial inclusion initiatives taken by the government have ensured almost all citizens have a bank account. There are 34 banks in India, out of which 12 are public sector banks, and the rest are private sector banks. This article covers the best public and private sector banks in India.

1. State Bank of India

State Bank of India (SBI) is among the Fortune 500 companies. It is an Indian multinational and Public Sector Banking and Financial services firm. The company has its headquarters in Mumbai, India.  SBI has over 200 years of rich heritage and legacy and is the most trusted bank by Indians for generations.

The bank’s core values revolve around Service, Transparency, Ethics, Politeness, and Sustainability. Also, the bank constantly strives to focus on innovation and customer-centricity.

SBI is the largest Indian bank with a 1/4th market share. Moreover, the bank serves over 44 crore customers through its wide network. It has more than 20,000 branch offices, 58,500 ATM centres, and 66,000 BC outlets. Also, the bank has presences across the globe in 22 countries with around 233 offices.

Furthermore, in addition to banking services, the bank has also diversified into other businesses. SBI has 11 subsidiaries, to name a few, SBI Mutual Fund, SBI Life Insurance, SBI General Insurance, SBI Card, etc.

2. Punjab National Bank

Punjab National Bank (PNB) is a government-owned bank under the ownership of the Ministry of Finance. Founded in 1894 in Lahore, it is the second-largest government bank in the country, with a global business of INR 18,09,587 crore. During its long history, nine banks have been merged with Punjab National Bank. The most recent merger being with Oriental Bank of Commerce and United Bank of India.

It has a PAN India presence with a network of 10,925 branches, 13,914 ATMs, 12,346 business correspondents as of December 2020. Also, its low-cost Current Account and Savings Account Deposits (CASA) has a share of 44.66% in these deposits.

PNB has two international branches, one in Hong Kong and one in Dubai. Moreover, it has two overseas subsidiaries in London and Bhutan under the names PNB International Limited and Druk PNB Bank Limited, respectively. It also has a joint venture in Nepal under the name Everest Bank Ltd.

Punjab National Bank focuses on progressing towards digitalisation, and as a result, PNB mobile banking users crossed 96 lakhs, and internet banking users have crossed 250 lakhs.

In 2020, it won many awards, and the most notable ones are Most Innovative Public Sector Bank of the Year by ET-BFSI Excellence Awards 2020 and Winner of the Most Innovative Project Using Technology – PNBOne by IBA Banking Technology Award 2020.

3. Union Bank of India

Union Bank of India is one of the listed leading public sector banks in India. The government of India holds an 89.07% share in the bank’s capital. Established in 1919, the bank has its headquarters in Mumbai, Maharashtra. Union Bank of India is a network of 9500+ domestic branches and 13,300+ ATMs. Moreover, it has 11,700 business correspondent points, and over 75,000 employees serving over 120 million customers.

The bank has three overseas branches Sydney, Dubai, and Hong Kong. Moreover, it has a representative office in Abu Dhabi, one subsidiary in London, and a joint venture in Malaysia. It also has three para banking subsidiaries and three joint ventures, which includes two in the life insurance business.

After amalgamating Andhra Bank and Corporation Bank, the bank’s business as of 1st April 2020 stood at INR 15,34,749 crore. In 2020, the bank received multiple awards in technology, innovation, and also financial inclusion.

4. HDFC Bank

Founded in August 1994, The Housing Development Finance Corporation Ltd or HDFC is the first private financial institution to receive ‘in-principle approval from the Reserve Bank of India (RBI). The bank has its registered office in Mumbai. It has its presence in more than 2,902 cities/towns with more than 5,608 branches and 16,087 ATMs across India.

The business’s core values revolve around excellence, customer focus, product leadership, people, and also sustainability. HDFC has the following three businesses: retail banking, wholesale banking and treasury.

The retail banking wing focuses on a diverse range of financial products and banking services. Customers can also enjoy banking services through the growing network of branches and ATMs. Moreover, digital channels such as Net banking, Phone banking and Mobile banking have made it easy for customers to perform transactions.

On the other hand, wholesale banking offers commercial and transactional banking services to organisations and businesses. It includes working capital finance, trade services, cash management and also transactional services.

Under the Treasury business, HDFC helps businesses generate better returns from their funds. Also, the three main product areas on which HDFC focuses are equities, money market and debt securities, foreign exchange and derivatives.

5. ICICI Bank

ICICI Bank is one of the leading private banks in India. The World Bank, the Government of India, and representatives from Indian industry came together to form ICICI in 1955. The main goal was to establish a development financial institution that would provide medium-term and also long-term project financing to Indian companies.

ICICI largely based its activities on infrastructure financing until the late 1980s, supplying long-term funds to a number of industrial ventures. With the liberalisation of India’s financial sector in 1991, ICICI transformed its business from a development financial institution to a diversified financial services provider. As part of the ICICI group, ICICI Bank was established in 1994. Moreover, ICICI became the first Indian corporation and the first non-Japanese Asian bank or financial institution to be listed on the New York Stock Exchange in 1999.

The bank currently offers a wide range of banking and financial services. It serves both corporate and retail customers through a wide range of delivery channels and companies. ICICI Bank in India has a strong network of 5,288 branches and 15,158 ATMs.

6. Kotak Mahindra Bank

Kotak Mahindra Finance Ltd. was launched in 1985. And has currently emerged as India’s most trusted financial institution.

Kotak Mahindra Bank has more than 1,600 branches and 2,519 ATMs. The bank currently has more than 23 million active customer base. It also has an international presence in the USA, Middle East, London, and Singapore.

The bank constantly strives to seize new opportunities by differentiating across products, services and technologies. The bank has multiple businesses such as – banking (consumer, commercial, and corporate), equity broking, credit and financing, insurance (general and life), wealth and asset management, and investment banking – of individuals and corporations.

7. Bank of Baroda

Bank of Baroda, a bank that started a century ago in a small building, now has a global presence across 19 countries. Established in 1908, the bank currently has 8581 branches, out of which 96 are overseas branches, and serves more than 131 million customers. The bank has a strong presence in rural and semi-urban areas. Recently Dena Bank and Vijaya Bank have been merged with Bank of Baroda.

The bank has six subsidiaries in the domestic market, capital markets, and financial solutions. It also has joint-ventures in insurance. Moreover, the bank has subsidiaries in 7 countries, including Botswana, Kenya, Uganda, Guyana, New Zealand, Tanzania, and the UK. It also has joint-ventures in Malaysia and Zambia. Also, in 2020, Baroda Gurkul has won Baroda Radio & Best Learning Platform implementation of the year.

8. Bank of India

Bank of India was a private bank established in 1906 in Mumbai. It was one of the banks out of the 13 banks that were nationalised in 1969. Over the years, the bank has expanded its operations in and out of India as well.

Bank of India has more than 5200 branches in the country, controlled by 69 zonal offices and 13 NGB offices. The bank’s international presence in 18 countries across five continents includes 52 offices, four subsidiaries, one representative office, and one joint venture. The bank first issued shares to the public in 1997.

Bank of India was one of the first nationalised banks to introduce a fully computerised branch and ATM facility in 1989. It was always at the forefront to introduce various innovative services and systems.

9. Axis Bank

Axis Bank is the third-largest private bank in India and was established as a new generation private bank in 1994. The bank offers an entire spectrum of financial services covering all customer segments, including large and midcap corporates, retail businesses, agriculture, and MSME sectors.

The bank’s network is very large, with 4,594 branches (of which 4,050 are domestic), 11,333 ATMs, and 5,710 cash recyclers spread across the country. All international operations of the bank are done through eight international offices in 6 countries. The international offices mainly focus on investment banking, liability businesses, corporate lending, trade finance, and syndication.

As of 31st March 2021, the bank’s balance sheet size is INR 9,96,118 crores. Moreover, it has achieved a 5-year CAGR of 13%, 13% and 15% in assets, advances and deposits, respectively.

The bank has 11 subsidiaries in India, and some of these businesses are capital markets, securities, private equity, trustee services, and asset management services.

10. Canara Bank

Canara Bank was established in 1906 as Canara Hindu Permanent Fund Ltd and in 1910 was renamed Canara Bank. It was one of the 14 banks that was nationalised in 1969. Canara Bank is widely known for its customer centricity and has emerged as a ‘Financial Conglomerate’ with almost ten subsidiaries and joint ventures in India and abroad.

As of December 2020, the bank has a network of 10,491 branches, 12,973 ATMs and a customer base of 10.90 crore customers. In over a century, the bank has achieved several firsts. It is the first bank to launch an inter-city ATM, issue credit cards to farmers, and even obtain an ISO certificate for a branch.

Canara Bank has branches in 6 countries, namely, UK, Hong Kong, the USA, UAE, Russia, and Tanzania. The company’s subsidiaries include asset management companies, financial services, securities, venture capital, and bank securities. In 2020, the bank received awards across technology, innovation and financial services.


Difference Between Private and Public Sector Banks

The following characteristics would clarify the distinction between banks in the private and public sectors:

  1. The government owns major shares in public sector banks, whereas private stockholders own the shares in private sector banks.


  2. Public sector banks own a total chunk of 72.9% of the market share, while private sector banks hold a share of 19.7%. Therefore, public sector banks control most of the Indian banking industry.

  3. Public sector banks have a substantially larger customer base than commercial banks.

  4. Compared to private banks, public sector banks have much greater transparency regarding their interest rate policy.

  5. Deposit interest rates offered by the public sector banks are greater than those in private sector banks.

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.
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