Top 10 Biggest Banks in India 2024
Biggest Banks in India
Biggest Banks in India: India is home to numerous banks, but only a few of them truly stand out when it comes to size and popularity. If you’re curious about which banks dominate in terms of total assets, you’ve come to the right place. While the State Bank of India (SBI) holds the crown as the largest bank, there are several others that play a crucial role in the financial landscape. So, let’s dive into the top 10 biggest banks in India by total assets as of 2024. Ready? Let’s go!
1. State Bank of India (SBI)
SBI
When it comes to banking in India, SBI is often the first name that comes to mind—and for good reason. Established back in 1955, SBI has built a solid reputation as one of the most trusted and well-recognized banks in the country. But beyond trust, it’s also the largest bank in India by total assets, with a whopping ₹5,954,418.30 crore (US$750 billion) as of 2024. No other bank comes close to matching this scale. Whether it’s its vast branch network, range of services, or legacy, SBI remains a leader in India’s banking sector. Biggest Banks in India
2. HDFC Bank
HDFC Bank
Though some might rank HDFC Bank as the largest bank, it actually claims the title of the largest private-sector bank in India. With total assets of over ₹2,530,432 crores (US$320 billion), HDFC has established itself as a force to be reckoned with. What sets HDFC apart is its commitment to providing top-notch customer service. Over the years, HDFC has stayed ahead by adopting a customer-centric approach, which has significantly contributed to its rise in the banking hierarchy. Biggest Banks in India
3. ICICI Bank
ICICI Bank
ICICI Bank is another powerhouse in India’s banking landscape. With assets totaling ₹1,958,490.50 crore (US$250 billion), ICICI is a formidable competitor. Despite being a relatively young bank—it was founded in 1994—ICICI quickly rose to prominence. Much like HDFC, ICICI owes its success to a strong focus on customer satisfaction, offering a wide range of services that meet the needs of modern consumers.
4. Punjab National Bank (PNB)
PNB
Punjab National Bank is the oldest entry on this list, having been founded way back in 1894. With total assets of ₹1,493,648.94 crore (US$190 billion), PNB has stood the test of time. It’s particularly well-regarded in northern India, where it’s known for providing services that cater to the agriculture sector. PNB’s combination of experience, service quality, and customer-focused policies makes it one of the most significant players in Indian banking. Biggest Banks in India
5. Bank of Baroda
Bank of Baroda
While it ranks fifth in terms of total assets, with ₹1,525,878.97 crore (US$190 billion), Bank of Baroda is a giant in the public sector. It has an extensive branch network, with nearly 10,000 branches across the country. Interestingly, it has one of the lowest levels of government shareholding among public sector banks, currently at 63.97%. Its focus on innovation and customer service has ensured that Bank of Baroda remains a significant player in India’s financial ecosystem.
6. Canara Bank
Canara Bank
Although Canara Bank is the second-largest public sector bank in terms of revenue, it ranks sixth in total assets, with a valuation of ₹1,381,029.56 crore (US$170 billion). Established in 1906, it is also one of the oldest banks on this list. Canara Bank’s enduring focus on customer satisfaction and innovation has kept it competitive, despite the increasing challenges in India’s banking sector. Biggest Banks in India
7. Axis Bank
Axis Bank
Established just a year before ICICI Bank, Axis Bank has grown into a formidable financial institution with total assets of ₹1,344,418 crore (US$170 billion). Known for its strong focus on customer service and innovation, Axis Bank is a major player in India’s private banking sector. With its current growth trajectory, it might even surpass some of its public sector rivals in the coming years.
8. Union Bank of India
Union Bank of India
While Union Bank of India ranks fifth in terms of revenue, it lands in eighth place here with total assets of ₹1,288,357.10 crore (US$160 billion). Since its founding in 1919, Union Bank has remained focused on making banking accessible to individuals, small businesses, and large corporations alike. This focus has helped it grow into one of the largest banks in India. Biggest Banks in India
9. Bank of India
Bank of India
At number nine, we have Bank of India, a public-sector bank with assets totaling ₹815,555.61 crore (US$100 billion). Despite being smaller than some of the other entries on this list, Bank of India has made a significant impact on India’s banking landscape through its customer-focused services and extensive branch network.
10. Kotak Mahindra Bank
Kotak Mahindra Bank
Last but certainly not least is Kotak Mahindra Bank, which holds the distinction of being the newest bank on this list. Despite its relative youth, Kotak Mahindra has grown rapidly and now boasts total assets of ₹620,429.73 crore (US$78 billion). Starting as an NBFC before transitioning into a full-fledged bank, Kotak Mahindra has made waves with its innovative services and focus on providing high-quality banking solutions.
Conclusion
So, there you have it—the top 10 biggest banks in India by total assets as of 2024. From the juggernaut that is SBI to the ever-growing Kotak Mahindra, these banks are the pillars of India’s financial system. Each bank has its own unique strengths, but they all share a commitment to providing excellent service to millions of customers across the country. No matter what your banking needs may be, you can rest assured that these institutions are well-equipped to meet them. Biggest Banks in India
