India’s banking sector is one of the most diverse and extensive in the world, with numerous banks operating across the country. However, when it comes to the biggest banks in India by total assets, a few names stand out from the rest. As of 2024, these banks not only dominate the financial landscape but also play a crucial role in the country’s economy. In this article, we will explore the top 10 biggest banks in India based on their total assets, shedding light on their significance and standing in the financial sector.
Top 10 Biggest Banks in India
1. State Bank of India (SBI)
When discussing the biggest banks in India, the State Bank of India (SBI) is invariably the first name that comes to mind. Founded in 1955, SBI is the oldest and largest bank in India in terms of total assets. As of 2024, SBI boasts an astonishing ₹5,954,418.30 crore (approximately US$750 billion) in total assets. This figure is more than double that of the second-largest bank on our list, underscoring SBI’s unparalleled dominance in the Indian banking sector. The bank’s extensive network and long-standing reputation make it a cornerstone of India’s financial system.
2. HDFC Bank
Following SBI in terms of total assets is HDFC Bank, which is the largest private sector bank in India. As of 2024, HDFC Bank’s total assets stand at ₹2,530,432 crore (around US$320 billion). The bank’s ascent to the second position can be attributed to its exceptional customer-centric approach and robust financial management. HDFC Bank has set itself apart with innovative banking solutions and a strong focus on customer satisfaction, which has propelled it to the forefront of India’s banking industry.
3. ICICI Bank
ICICI Bank is another major player among the biggest banks in India. Established in 1994, the bank has quickly risen to become one of the largest financial institutions in the country. As of 2024, ICICI Bank has total assets amounting to ₹1,958,490.50 crore (approximately US$250 billion). The bank’s success can be largely credited to its customer-focused strategies and technological advancements. ICICI Bank’s rapid growth and significant asset base highlight its crucial role in India’s banking landscape.
4. Punjab National Bank (PNB)
Punjab National Bank (PNB) holds the position of the oldest bank on this list, with its origins dating back to 1894. As of 2024, PNB’s total assets are valued at ₹1,493,648.94 crore (about US$190 billion). Known for its strong presence in northern India, PNB is renowned for its support to the agriculture sector and its comprehensive range of financial services. The bank’s long history and significant asset base reinforce its importance in India’s banking sector.
5. Bank of Baroda
Bank of Baroda is a prominent name among the biggest banks in India, particularly within the public sector. With total assets amounting to ₹1,525,878.97 crore (approximately US$190 billion) as of 2024, it holds the fifth position on our list. Although Bank of Baroda has substantial government shareholding (63.97% as of 2024), it has managed to maintain a strong position in the market with its extensive branch network and wide range of banking services.
6. Canara Bank
Canara Bank, established in 1906, is one of the oldest banks in India and ranks sixth in terms of total assets. As of 2024, Canara Bank’s assets are valued at ₹1,381,029.56 crore (about US$170 billion). Despite being one of the elder banks in India, Canara Bank has continually adapted to changing market conditions and customer needs, ensuring its place among the largest financial institutions in the country.
7. Axis Bank
Axis Bank, founded just a year before ICICI Bank, is another major player in the Indian banking sector. With total assets valued at ₹1,344,418 crore (around US$170 billion) as of 2024, Axis Bank holds the seventh position on our list. The bank’s customer-centric approach and innovative banking solutions have contributed to its growth and solidified its position as one of the leading private sector banks in India.
8. Union Bank of India
Union Bank of India, established in 1919, is a significant public sector bank in India. As of 2024, it ranks eighth in terms of total assets, with a total of ₹1,288,357.10 crore (approximately US$160 billion). Union Bank of India’s commitment to providing banking services to a wide range of customers, including small businesses and large corporations, has helped it achieve a prominent position in the Indian banking sector.
9. Bank of India
Bank of India, another key player in the public sector, ranks ninth on our list. Founded in 1906, it has accumulated total assets worth ₹815,555.61 crore (around US$100 billion) as of 2024. The bank’s strong asset base and extensive network of branches across India make it a significant contributor to the country’s financial system.
10. Kotak Mahindra Bank
Kotak Mahindra Bank, despite being one of the newest banks in India, has rapidly climbed the ranks to secure a spot among the biggest banks in the country. As of 2024, the bank’s total assets amount to ₹620,429.73 crore (approximately US$78 billion). Originally a non-banking financial company (NBFC), Kotak Mahindra Bank’s transition to a full-fledged bank and its impressive growth trajectory highlight its success in the Indian financial market.
Conclusion
In conclusion, the biggest banks in India play a pivotal role in shaping the country’s financial landscape. With State Bank of India leading the pack by a substantial margin, followed by prominent institutions like HDFC Bank and ICICI Bank, these financial giants are crucial to India’s economic stability and growth. Whether through their vast asset bases, extensive branch networks, or innovative banking solutions, these banks continue to influence the financial sector significantly. Understanding the dynamics of these largest banks provides valuable insights into the health and progression of India’s banking industry.
