Biggest Banks in India: In India, banking is more than just a service—it’s a trusted part of daily life for millions. While there are many banks in the country, only a handful stand out as the largest by total assets. Today, let’s explore India’s top 10 biggest banks by total assets in 2024. These are the banks that shape the financial landscape of India, supporting industries, creating jobs, and helping drive the economy forward.
India’s Largest Banks by Total Assets
State Bank of India (SBI)
When it comes to the Indian banking industry, the State Bank of India (SBI) is undoubtedly the most recognized and largest bank by assets. Established in 1955, SBI’s reputation for reliability and nationwide presence has made it a household name. With a massive total asset base of ₹5,954,418.30 crore (around $750 billion) as of 2024, SBI’s assets are more than double those of any other bank in India. It’s no wonder that SBI consistently leads any list of top Indian banks. Biggest Banks in India
HDFC Bank
HDFC Bank ranks as the largest private sector bank in India by assets, currently holding over ₹2,530,432 crores (around $320 billion). Founded with a focus on customer satisfaction, HDFC has grown rapidly, offering a range of services with a highly customer-centric approach. This focus has set HDFC apart, making it the number one private bank in the country.
ICICI Bank
Founded in 1994, ICICI Bank is another major player in India’s banking landscape. With assets totaling ₹1,958,490.50 crore (approximately $250 billion), ICICI is one of India’s “too-big-to-fail” banks. Like HDFC, ICICI has invested heavily in customer service and innovative digital banking services, helping it grow rapidly within just three decades. Biggest Banks in India
Punjab National Bank (PNB)
As one of India’s oldest banks, established in 1894, Punjab National Bank (PNB) holds a unique position. With total assets of ₹1,493,648.94 crore (around $190 billion), PNB is particularly popular in Northern India and serves as a reliable choice for rural and agricultural communities. PNB’s long-standing commitment to serving rural sectors has earned it a strong and loyal customer base.
Bank of Baroda
Bank of Baroda ranks fifth by assets, holding ₹1,525,878.97 crore (approximately $190 billion). With a government shareholding of around 63.97%, it is the third-largest public sector bank in terms of reach, boasting nearly 10,000 branches across India. This extensive presence contributes to its popularity among public sector banks. Biggest Banks in India
Canara Bank
Canara Bank, established in 1906, ranks as India’s second-largest revenue-generating public sector bank. By total assets, it ranks sixth with ₹1,381,029.56 crore (around $170 billion). Known for its strong customer focus, Canara Bank has played a key role in the Indian financial sector for over a century.
Axis Bank
With assets totaling ₹1,344,418 crore (approximately $170 billion), Axis Bank is a leader among private sector banks. Founded in 1993, Axis Bank has grown rapidly by offering excellent customer service, a wide range of products, and robust digital banking options. Its strong reputation places it among the most trusted private banks in India.
Union Bank of India
Founded in 1919, Union Bank of India has a total asset value of ₹1,288,357.10 crore ($160 billion), placing it eighth on this list. The bank’s focus on reaching individuals, small businesses, and large corporations alike has helped it grow into a leading bank in India. Biggest Banks in India
Bank of India
With total assets of ₹815,555.61 crores ($100 billion), Bank of India is one of the largest public sector banks by assets. Known for its extensive network and government backing, it is widely trusted and serves millions of customers across India.
Kotak Mahindra Bank
Kotak Mahindra Bank, one of the youngest on this list, was the first NBFC to transition into a fully licensed bank. With total assets of ₹620,429.73 crore (approximately $78 billion), Kotak has quickly risen through the ranks to become one of India’s largest banks, thanks to its strong focus on customer service and innovative products. Biggest Banks in India
Conclusion
These top 10 Biggest Banks in India by assets are a testament to India’s evolving and diverse banking landscape. Each has achieved its position by adopting unique growth strategies, offering innovative services, and responding to customer needs in a rapidly changing market. From public sector giants like SBI to innovative private sector banks like HDFC and Kotak Mahindra, these banks are pillars of India’s economy.
FAQs about Biggest Banks in India
What is the largest bank in India by total assets?
The State Bank of India (SBI) is the largest bank in India by total assets, with assets totaling ₹5,954,418.30 crore ($750 billion) in 2024.
Why is HDFC Bank considered the top private bank in India?
HDFC Bank is ranked as the top private bank in India due to its large asset base (₹2,530,432 crore or $320 billion) and its customer-centric approach, which has built a loyal and extensive customer base.
How old is Punjab National Bank, and what sets it apart?
Punjab National Bank was founded in 1894, making it the oldest bank on this list. Its commitment to supporting the agricultural sector has earned it a strong presence, especially in Northern India.
What makes Kotak Mahindra Bank unique among Indian banks?
Kotak Mahindra Bank is unique as it was the first NBFC in India to become a fully licensed bank. Despite being newer than most, it quickly grew to become one of India’s largest banks by assets.
How does ICICI Bank compare to SBI in terms of assets?
While SBI is significantly larger with over ₹5,954,418.30 crore in assets, ICICI Bank holds a strong position among private banks with ₹1,958,490.50 crore ($250 billion) in assets, making it one of India’s top private sector banks.
