How significant is the banking industry to a nation? It is without a doubt the foundation of an economy since it promotes commerce, investments, and economic progress while guaranteeing financial access for all and extending loans to both individuals and companies.
India’s banking industry has changed dramatically in the last ten years due to the country’s growing economy and tech-savvy populace. In terms of market capitalization, the leading banks in India in 2024 are among the top banks worldwide.
1. HDFC Bank [ Leading Banks in India ]
- Founded on: August 30, 1994
- CEO: Sashidhar Jagdishan
Based on market capitalization, HDFC Bank ranks fourth globally and is the biggest bank in India. It is a well-known entity in the financial sector and is one of the top private banks in India. HDFC Bank is a major participant in retail, corporate, and institutional banking and is renowned for its strong performance and creative solutions.
HDFC Bank and HDFC Ltd., a sibling home finance corporation, amalgamated on July 1, 2023. The purpose of the merger was to offer consumers better, more complete financial services.The managing director and CEO of HDFC Bank, Sashidhar Jagdishan, was recently recognized as the highest-paid bank CEO in India.
2. ICICI Bank
- Founded on: January 5, 1994
- CEO: Sandeep Bakhshi
Financial services provided by ICICI Bank are extensive. It is well-known for its customer-friendly approach, affordable prices, and cutting-edge technology, and it serves millions of clients in India and overseas.
Notably, ICICI Bank stated in its most recent ESG Report that its green finance portfolio accounted for 21.4% of the total amount they gave out in 2023, or over $119 billion.
3. State Bank of India (SBI)
- Founded on: July 1, 1955
- Chairman: Dinesh Kumar Khara
SBI is the biggest public sector bank in India, with its main office located in Mumbai. With over 233 foreign branches spread across 36 countries, it has a significant international presence in addition to its 22,405 branches in India, where it enjoys a 23 percent market share.SBI became the most profitable firm in India in the April–June quarter of the fiscal year 2023–24, surpassing Reliance Industries.
4. Kotak Mahindra Bank
- Founded on: November 21, 1985
- CEO: Dipak Gupta (interim)
Corporates, merchants, and SMEs are just a few of the clients that Kotak Mahindra Bank serves with its diverse range of services.After 21 years as the managing director and chief executive officer of Kotak Mahindra Bank Ltd., Uday Kotak has resigned. It is unknown who would succeed him, although the RBI is said to have mobilized in favor of an outsider.
5.Axis Bank
- Founded on: December 3, 1993
- CEO: Amitabh Chaudhry
One of the biggest banks in the private sector in India is Axis Bank. It specializes in financial services for retail, small and medium-sized enterprises, and corporations. Prioritizing digital banking, Axis Bank meets a wide range of retail, corporate, and institutional demands while guaranteeing a smooth and user-friendly experience.
The CEO of Axis Bank, Amitabh Chaudhry, earns the second-highest salary among Indian bank CEOs. This year, the bank collaborated with the online banking company OPEN to offer its user base a native digital current account journey.
6. Punjab National Bank of India (PNB)
- Founded on: May 19, 1893
- CEO: Atul Kumar Goel
A comprehensive variety of banking services, including corporate, international, and retail banking, are offered by Punjab National Bank. The bank’s robust presence in semi-urban and rural areas is indicative of its dedication to financial inclusion. It has more than 180 million customers worldwide.The early management of the bank was intimately tied with the freedom fighter Lala Lajpat Rai, who was one of the bank’s founding members.
7. Bank of Baroda (BoB)
- Founded on: July 20, 1908
- CEO: Debadatta Chand
Bank of Baroda, which has its headquarters in Vadodara, Gujarat, merged with Dena Bank and Vijaya Bank in the first-ever three-way merger. Having been nationalised, Bank of Baroda is well-known for its wide branch network, wide range of banking services, including corporate and retail banking as well as treasury activities.
As to the latest documents, the Bank of Baroda’s net profit for the April to June quarter of FY 2023–24 was ₹4,070.1 crore, which represents an 88.7% increase over its performance during the corresponding period in the previous fiscal year.
8. Indian Overseas Bank
- Founded on: 10 February 1937,
- CEO:Ajay Kumar Srivastava
When the Indian Overseas Bank was first established in 1937, its primary activity was foreign exchange. These days, it provides financial services like investments, loans, and savings accounts. Indian Overseas Bank is well-represented in the nations and maintains branches in Singapore, Hong Kong, Thailand, South Korea, and Sri Lanka.
9. IndusInd Bank
- Founded on: April 17, 1994
- CEO: Sumant Kathpalia
One well-known private bank in India is called IndusInd Bank. The bank provides a wide range of financial services from its representative branches in Dubai, Abu Dhabi, and London to its branches located in major Indian metropolises. It gives top priority to providing retail, corporate, and institutional clients with individualized solutions and exceptional customer service.
Formerly the Group Chief Technology and Operations Officer and Executive Vice President of the NSE, Shiv Kumar Bhasin just become the Chief Transformation Officer of IndusInd Bank.
10. Union Bank of India (UBI)
- Founded on: November 11, 1919
- CEO: A. Manimekhalai
Mahatma Gandhi opened the Union Bank of India office when it was founded in 1919. Together with 14 other banks, the bank was nationalized in 1969 so that the resources and revenues could be used for the nation’s growth. When India gained its independence, UBI had four branches. Its merger with Corporation Bank and Andhra Bank in April 2020 allowed it to grow to a network of over 8700 branches throughout India.
