Top Commercial Banks in India

Top 10 Indian Commercial Banks

Overview of Commercial Banks in India

Commercial banks in India are broadly classified into three categories:

  1. Public Sector Banks: The term “public sector banks” refers to a situation where the majority equity stake in the banks is held by the government. The Indian Government keeps default holdings of a minimum 51% shareholding, but management control is only with the Central Government, thereby classifying them as Public Sector Banks.

Public sector banks include the State Bank of India and its Associates, Nationalized Banks (including Industrial Development Bank of India Ltd (IDBI) since December 2004), and Regional Rural Banks.

  1. Private Sector Banks: They are the banks in which individuals and corporations are the majority shareholders. In India, banks were nationalized in two phases, in 1969 and 1980. In 1993, the Reserve Bank of India (RBI), the regulating body for all the country’s banking organizations, allowed many new commercial banks in India to start operations. Some of the major commercial banks in India that were given licenses are ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, and Kotak Mahindra Bank.

Private sector banks are recognized as the banks for the new generation, providing innovative products, better IT support systems, and competitive pricing for their products. As of the end of March 2017, there are 21 private sector banks in India. Besides these, four local areas banks are also categorized as private banks.

  1. Foreign Banks: They are the final category of banks that serve as an important segment of the commercial banking sector. They are headquartered outside India and they operate from their wholly-owned subsidiaries or branches in the country. The foreign banks include Royal Bank of Scotland, Bank of America, Barclays Banks, Deutsche Bank, etc.


Commercial Banks in India


Top 10 Commercial Banks in India are:


State Bank of India (SBI)

SBI is India’s largest public sector bank and is ranked 232nd on the Fortune Global 500 list of the world’s biggest corporations. The bank is also the country’s biggest lender. It recently joined the list of top 50 banks globally in terms of asset distribution, following its merger with other associate banks:  

  • State Bank of Travancore (SBT)
  • State Bank of Patiala (SEP)
  • State Bank of Mysore (SBM)
  • State Bank of Hyderabad (SBH)
  • State Bank of Bikaner and Jaipur (SBBJ)

As of March 2017, the total combined network of the abovementioned associate banks is 17,170 branches in India, in addition to 198 offices in 37 countries and 301 correspondents in 72 countries, and a workforce of 209,567 employees. The combined net profit of these banks was Rs. 10,484 crores as of March 2017.

 Rs. in crores
Deposits2,044,751 (US$319 billion)
Loans1,571,078 (US$245 billion)
Investments765,989 (US$120 billion)
Total Assets2,705,966 (US$420 billion)
Return on Assets0.41%
No. of Branches17,170


ICICI Bank (Industrial Credit and Investment Corporation of India)

ICICI Bank is India’s largest private sector bank. The bank, which was a wholly-owned subsidiary of ICICI Limited, is a multinational banking and financial company based in Mumbai, Maharashtra, India with its registered office in Vadodara, Gujarat.

ICICI Bank was the first Indian bank to list on the NYSE in 2000, along with its 5 million American Depository Shares, which was oversubscribed 13 times the offer size. It operates a network of 4,850 branches and 14,404 ATMs in India and is present in 19 countries worldwide.



Founded in 1994, HDFC Bank is headquartered in Mumbai, Maharashtra. HDFC is India’s largest private sector bank in terms of assets and market capitalization. It employs around 84,325 staff as of March 2017 and operates a distribution network of 4,727 branches and 12,220 ATMs across 2,666 cities.

The bank is also present in Bahrain, Hong Kong, and Dubai. The company’s financials as of March 2016 are below:

Total Revenues: 74,373 crores (US$12 billion)

Total Assets: 86,384,021 lakhs (US$130 billion)

Profits: 12,817 crores (US$2 billion)


Axis Bank

Axis Bank is the third-largest private sector bank in India after ICICI and HDFC. It manages 3,304 branches and 14,200 ATMs across the country as of March 2017. The bank’s financial data as of March 2016 is as follows:

Revenue: US$6.5 billion

Net Income: US$1.3 billion

Total Assets: US$82 billion

Total Equity: US$74 million

No. of Employees: 56,086


Kotak Mahindra Bank

Kotak Mahindra Bank is considered one of the upcoming commercial banks in India and is the fourth biggest private-sector bank in the country according to market capitalization. The bank was founded by Uday Kotak in 1985. It operates a network of 1,369 branches across 689 locations and 2,163 ATMs in the country. It employs 46,500 staff following its Rs 15,000 crore (US$2.3 billion) merger with ING Vyasa Bank in 2015. The bank’s financial results as of March 2016 numbers are as follows:

Revenues: INR 27,974 crores (US$4.4 billion)

Net Income: INR 3,431 crores (US$540 million)

Total Assets: US$15.8 billion


IndusInd Bank

The bank was founded in 1994 by Hinduja Group. Known for its strong remittance business, IndusInd Bank’s market capitalization is Rs 50,100 crores (US$7.8 billion). The bank employs around 15,500 staff through a network of 1,000+ branches and around 2,000 ATMs across the world. As of March 2016, total revenue was US$1.3 billion and total assets were US$15.7 billion.


Bank of Baroda

Bank of Baroda, better known as India’s International Bank, is headquartered in Vadodara (formerly known as Baroda), Gujarat, India. According to the latest data, the bank is ranked 1,145th on Forbes Global 2000 list. Its total assets are valued at Rs 3.58 trillion. It operates through a network of 5,538 branches in India and abroad and manages around 10,441 ATMs as of July 2017.


Punjab National Bank (PNB)

One of the first banks to start operations in India, Punjab National Bank was founded in 1894. Headquartered in Delhi, the bank’s market capitalization is INR 30,312 crores (US$4.7 billion). It employs 70,801 staff as of March 2016. The Government of India owns PNB, which is also known as First “Swadeshi Bank” of India.


YES Bank

Founded in 2004 by Mr. Rana Kapoor and Mr. Ashok Kapoor, YES Bank is known as a “Full-Service Commercial Bank.” The bank is known for its excellent Non-Performing Assets (NPA) ratio, which is the lowest in the industry. YES Bank lists total assets of INR 215,060 crores (US$14 billion) as of March 2017. It also posted total revenues of INR 9,954 crores and a net profit of INR 3,300 crores in the same period.


IDBI Bank (Industrial Development Bank of India)

Headquartered in Mumbai, IDBI Bank was established in 1964 by an act of Parliament to provide credit and was owned by the Central Government. The bank’s aggregate balance sheet is INR 3.74 trillion as of March 2016. IDBI is the currently the tenth largest development bank in the world, operating 3,700 ATMs and 1,995 branches, and employing around 17,570 individuals as of March 2016.


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Beyond commercial banks in India…

This has been CFI’s guide to the top commercial banks in India.  For anyone looking for a career in banking, this list is a great place to start your networking.  Please also see these additional resources:

  • Top 10 banks in Hong Kong
  • Top 10 banks in Singapore
  • Investment banking interview questions
  • Walk me through a DCF
  • Financial modeling guide

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