+44 7393 450837
Follow on

Best Banks in India

This article presents a list of the best banks in India.

If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).


Banks in India are today relatively strong in terms of supply, product range, and reach—despite the fact that access in rural India remains a struggle for private sector and international banks.

The banking industry is essential for the growth of any economy, and India’s top banks have aided the country’s development in several ways. Because of this, the banking industry is regarded as the “backbone” of the Indian economy. 

The top ten banks in India have dominated the banking sector for a long time, with a combined market share of more than 70%. 

Furthermore, investment in Indian banks has grown significantly more appealing, and the industry is now one of the most dominating in the Asia-Pacific region.

This article will help you identify the 10 best banks in India in terms of size and market capitalization.

Market capitalisation is a handy tool for investors to determine the total value of the firm. It is crucial to understand a company’s scale as well as the hazards linked with it. The current market price of one stock and the total number of outstanding stocks are used to calculate this value.

The majority of the jobs in the nation have been produced by these banks. Additionally, they have helped to raise the nation’s per capita income and capacity to purchase goods. The top 10 banks in the nation are shown in full below, along with important information about each bank.

10 Best Banks in India

1. HDFC Bank Ltd.

Housing Development Finance Corporation Ltd. is based in Mumbai. HDFC has a market value of Rs. 6,25,666.08 crores as of April 2019. This private bank has a market value of Rs. 617,499 crores in 2022, making it one of the best banks in India this year.

According to the bank rating in India, HDFC is both the largest private sector bank and the top bank in India.

In addition to retail and wholesale banking, personal banking, home, auto, and business loans, lifestyle loans, credit cards, and debit cards are just a few of the many services and products the bank provides.

The bank also takes pride in launching popular digital products like Payzapp and SmartBUY.

In India alone, there are 5,103 branches and 13,160 ATMs operated by HDFC Bank Limited, which has its headquarters in Mumbai. There are 98,061 permanent employees working for this banking and financial services organization. 1.36 percent of HDFC’s total NPA is non-current.

In terms of assets, this bank is the biggest lender to the private sector in India. The Best Digital Bank of India, according to AsiaMoney, is HDFC Bank.

Best Banks in India

2. State Bank of India

The State Bank of India (SBI) is an Indian government bank with a market value of Rs. 2,93,218.11 crores in 2019. As of 2022, its market capitalisation is Rs. 2,60,331 crores, making it one of the best banks in India in 2022.

SBI, India’s largest public sector bank and the second best bank in the country, as well as a financial services statutory authority, is based in Mumbai, the nation’s financial hub. SBI is also India’s second largest bank in terms of market capitalization. 

The State Bank of India was ranked 221st on the Fortune Global 500 list of the world’s largest businesses in 2021. & earned Best Transaction Bank in India by “The Asian Banker” for the second time in a row; it is also known as India’s largest bank.

SBI has a 23 percent market share in India and a remarkable presence in the international arena, with over 195 foreign offices in 36 countries.

3. ICICI Bank Ltd.

As of 14 December 2021, the Industrial Credit and Investment Corporation of India, or ICICI Bank, has a market value of Rs. 3,59,977.03 crore. In 2019, its market capitalization was Rs. 2,66,974 crore. It is the third largest among India’s leading banks, making it one of the best banks in India in 2022.

The bank’s consolidated assets stood at Rs. 12.50 trillion as of June 30, 2019. The ICICI bank’s gross NPA is 6.7 percent.

The company’s registered office is in Vadodara, Gujarat, while its headquarters are in Mumbai (Maharashtra). Across India, ICICI Bank has 4847 branches and 14,987 ATMs. It has offices in 16 countries outside of India.

ICICI Bank has a notable international presence, including operations in Canada and the United Kingdom. The bank also has branches in China, Hong Kong, the United States, South Africa, Sri Lanka, the Dubai International Finance Centre, Qatar, Singapore, Bahrain, and Oman, as well as representative offices in the United Arab Emirates, Malaysia, Indonesia, and Bangladesh.

Best Banks in India

4. Kotak Mahindra Bank Ltd.

In terms of market value, Kotak Mahindra Bank is India’s third-largest private bank.

On December 14, 2021, Kotak Mahindra Bank has a market value of Rs. 3,80,117.77 crores.  Its market capitalization as of 2022 is Rs. 2,83,464 crores.

The bank, which was founded in 2003, is presently the third largest private sector bank in the country. In 2019, the bank earned Rs. 28,547.24 crores in income, making it one of the best banks in India in 2022.

This top private bank has 1,500 branches and 2,352 ATMs spread over India. Kotak Mahindra Bank was launched in February 2003 and was ranked 245th in the Brand Finance Banking 500 by February 2014. It generates Rs. 31,346 crores in sales and employs over 50,000 people across India. Kotak Mahindra Bank has a gross NPA of 1.9 percent.

5. Axis Bank Ltd.

As of 2022, Axis Bank ranks fourth among India’s major private sector banks and ranks fifth among India’s largest banks, with a market value of Rs. 1,90,562.56 crores. 

The bank, known for its financial services largely oriented at big and mid-size corporates, as well as SMEs and retail enterprises, earned Rs. 68,116 crores in revenue in 2019.

The market capitalization of Axis Bank is Rs. 1,76,669 crores. Its headquarters are in Mumbai, and it has 4094 branches, 11,801 ATMs, and 3,548 cash recyclers throughout India. Axis Bank Limited has a revenue of 56,044 crores and a workforce of about 78,000 employees. Axis Bank’s gross NPA is 5.25 percent.

Best Banks in India
Axis Bank

6. IndusInd Bank Ltd.

IndusInd Bank is India’s foremost new generation private bank, with a market value of Rs. 70,631.88 crores.

The bank was founded in 1994 with an Rs. 1 billion operational capital and is headquartered in Mumbai, with the majority of its branches focused in the Indian metro cities of Mumbai, Delhi, and Chennai.

IndusInd Bank Limited has 1,938 branches and 2,605 ATMs in India. The majority of its branches are located in Mumbai (headquarters), New Delhi, and Chennai (Tamil Nadu).

It also has an international presence, thanks to representative branches in Dubai, Abu Dhabi, and London.

In 2019, the bank earned Rs. 18,577 crores in income. Today, the market capitalization of this private bank is Rs. 96,912 crores.

7. Yes Bank Ltd.

Yes Bank, with a current market value of Rs. 46,226.29 crores, is one of India’s fastest-growing private sector banks. Its market value in 2019 was Rs. 34,575 crores.

Rana Kapoor and Ashok Kapur launched it in 2004. This bank has subsidiary duties in retail banking and asset management for which it is known.

It has a revenue of Rs. 20,039 crores and a workforce of more than 23,800 people. Yes Bank Limited has over 3,419 branches and over 1800 ATMs in India.

Best Banks in India
Yes Bank

8. Punjab National Bank

Punjab National Bank (PNB) is a state-owned bank with over 180 million customers, 12,248 branches, and 13,000 ATMs across India. PNB employs around 103,000 people.

It is a nationalized bank with a market valuation of Rs. 37,411.52 crores, making it one of the largest and best banks in India in 2022. This prominent bank is a public sector organization with a revenue of Rs. 58,687 crores. This institution’s impressive client base of over 8 crores is what makes it a major bank in the country.

PNB has a respectable international presence, including branches in Dubai and Hong Kong, as well as an Offshore Banking Unit in Mumbai. PNB, on the other hand, has seven subsidiaries in the United Kingdom and seven in Bhutan. In addition, the bank has 8 Associate Branches in Kazakhstan and 86 Joint Venture Branches in Nepal.

9. Bank of Baroda

Bank of Baroda (BoB) is a public sector multinational corporation bank. Its market capitalization as of 2022 is Rs. 58,384 crores making it one of the best banks in India in 2022. BoB is India’s first 3-way merger.

On April 1, 2019, it amalgamated with Dena Bank and Vijaya Bank. Bank of Baroda is one of the biggest banks in terms of non-performing assets, with 666 billion Indian rupees in non-performing assets. This combined bank today serves 13 crore clients, has 8,214 branches, 10,033 ATMs, and employs 87,000 people across India.

The bank, headquartered in Vadodra (Gujarat), earned remarkable popularity in April 2019 after completing the first-ever three-way merger with Dena Bank and Vijaya Bank.

The bank is well-known for having the lowest Non-Performing Assets (111.5 percent), and it has a massive client base of over 12 crores.

Best Banks in India
Bank of Baroda

10. Bank of India

Bank of India (BoI) is another public sector bank ranked tenth in terms of market capitalization, making it one of the best banks in India in 2022.

On April 2, 2019, Bank of India, popularly known as BoI, had a market value of Rs. 28,464.06 crores. BoI, headquartered in Mumbai, is a founding member of SWIFT, the Society for Worldwide Interbank Financial Telecommunication.

SWIFT was founded by the Bank of India. This Mumbai-based bank employs approximately 51,459 people and has a revenue of 48,040.47 crores. While BoI has over 5,100 branches in India, 45 offices are situated outside of the country.

After the hardships and irreversible damage caused by the epidemic over the last two years, India’s market capitalization has experienced significant adjustments. There have also been some big and revolutionary modifications.

The bank has 56 abroad branches in Botswana, France, Hong Kong, Japan, Kenya, New Zealand, Singapore, the United States, Tanzania, the United Kingdom, Uganda, South Africa, and Vietnam.

Pained by financial indecision? Want to invest with Adam?

smile beige jacket 4 1024x604 2

Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.

This website is not designed for American resident readers, or for people from any country where buying investments or distributing such information is illegal. This website is not a solicitation to invest, nor tax, legal, financial or investment advice. We only deal with investors who are expats or high-net-worth/self-certified  individuals, on a non-solicitation basis. Not for the retail market.



Gain free access to Adam’s two expat books.

Gain free access to Adam’s two expat books.

Get more strategies every week on how to be more productive with your finances.