Top 10 Biggest Banks in India by Total Assets in 2024

There are literally dozens of banks currently operational in India right now, but only a few are the biggest and most popular ones in the country, you know? Well, if we consider the assets that these banks have control over, then without a doubt, SBI is the biggest bank in the country, but what about the others in this game? Well, that’s what we are precisely onto today because here we will be going over the list of the top 10 biggest banks in India by total assets as of 2024. So yeah, if you want to clear up some doubts about these biggest banks in India, then keep on reading to find out more, here we go.

Largest Banks in India

1. State Bank of India (SBI)

SBI

See, it is kinda true that when you think of the banking scene right here in India, SBI is the first name that pops into, like, everyone’s mind, right? Well, that’s mainly because the State Bank Of India is actually one of the most trusted names in the country, and it has been like that forever, yeah, ever since the foundation for this bank was laid way back in 1955. But we are having a look at the biggest banks in India by total assets, right? Yeah, in that department as well, SBI is by far the biggest bank in the country, and literally no other bank is any near surpassing SBI. We are so sure about that because, at the moment, SBI has total assets of a mind-boggling ₹5,954,418.30 crore (US$750 billion) as of 2024. That’s like more than double what the 2nd spot bank manages or has on this list. So yeah, no wonder, in any list about the top or biggest banks in India, you’re bound to find SBI’s name at the very top of the list, always.

2. HDFC Bank

Now, when you search about the biggest banks in India by total assets in 2024, you’ll find some blog posts ranking HDFC bank as the #1 bank on their list, which is somewhat true because yeah, HDFC is actually the biggest private bank in India by total assets in 2024. Got it? Well, that’s because HDFC bank is standing with total assets of more than ₹2,530,432 crores (US$320 billion) right now, so now wonder why it is on the second spot on this list, right? But how did a private bank get to this level? You see, HDFC did that by being the one and only private sector bank having a top-notch customer-centric approach. The formula to get to this level was simple, but no other bank did it like HDFC, so no wonder why they are the number one private bank in the country, you know?

3. ICICI Bank

See, at the top of this list, or maybe all of the banks we are sharing today on this list, are the ones that are kinda too-big-to-fail. Well, at least that’s what many financial gurus and experts in this industry say. And of course, one such bank is ICICI Bank. Talking about the current assets that ICICI Bank has, well, that amount is a staggering ₹1,958,490.50 crore (US$250 billion). But the thing that makes it a unique bank is that ICICI actually started out in 1994, and within just three decades, it became one of the biggest banks, and yeah, a too-big-to-fail bank in the country. How did they even do that? Well, just like the HDFC bank, ICICI bank also focused on becoming more and more customer-centric, which ultimately led to where this bank stands today, you know?

4. Punjab National Bank (PNB)

Believe it or not, Punjab National Bank is actually the oldest bank on this list today. Can you even imagine that this bank was started way back in 1894? Yeah, it is that old! So no wonder why PNB’s name is on this list of the biggest banks in India by total assets. Well, talking about the assets of Punjab National Bank, they stand at a HUGE value of ₹1,493,648.94 crore (US$190 billion). This bank is particularly famous in the Northern part of the country and that’s because the PNB is actually famous for providing many financial services to help the agriculture sector, and that’s why many people prefer this bank over the other. And apart from that, the service and customer-centric approach factors are just like any other top bank in the country, which is top-notch, you know?

5. Bank of Baroda

See, if this post was about the biggest public sector banks then you’d find Bank Of Baroda’s name on the third spot of the list. But because it is a topic about the total assets of the banks, well, as per that criteria, Bank Of Baroda stands at the number fifth spot with total assets amounting to ₹1,525,878.97 crore (US$190 billion). And on this list, after SBI and Canara Bank, Bank of Baroda is the one with the least government shareholding, which is kinda a good thing if you think about it. If you are wondering how much the government shareholding is, well, it is currently at 63.97% as of 2024. With almost 10 thousand branches across the country, the Bank of Baroda is again the third largest public sector bank to have that many branches in the country, which is one of the reasons why it is so popular in the country.

6. Canara Bank

When the conversation is about public sector banks then without a doubt, Canara Bank is the second largest revenue-generating bank in the country. But if we talk about the total assets of the bank, then it actually comes down to the sixth spot because as you know, there are actually some bigger banks than this one. But still, Canara Bank has total assets valued at around ₹1,381,029.56 crore (US$170 billion) in 2024. And some people think Canara Bank is one of the newest banks, but nah, it is actually the second oldest bank on this list because it was started way back in 1906, can you even imagine that?

7. Axis Bank

With total assets valued at ₹1,344,418 crore or US$170 billion, is the Axis Bank, the bank that started just a year before ICICI Bank. And just like ICICI Bank, Axis Bank also worked on the customer-centric approach pathway, and look at it now, it is one of the top players in the financial scene right here in the country. The trust factor with Axis Bank is so high that it is one of the largest private sector banks in the country when we talk about the revenue of the banks. But yeah, it looks like, in the next or in just a few years, Axis Bank will easily surpass Canara Bank in this race of the largest banks in the country by total assets since both are kinda shoulder to shoulder in that department.

8. Union Bank of India

Again, we’d like to remind you that if this post was about the revenue that these banks make in a year, in that case, Union Bank Of India could have secured the fifth spot on this list. But, since the conversation is about the total assets, that’s why it is on the eighth spot on this list today. Sure, the $160 Billion or ₹1,288,357.10 crore is not something very far behind some of the previous banks on this list, but it is what it is, you know? But how did the Union Bank Of India get to this level? Well, that’s primarily because after the start in 1919, the people behind this bank had just one goal, and that was to simply provide banking services to literally every individual, small business, and even large corporation.

9. Bank of India

Ninth on today’s list is another public-sector bank by the name of Bank Of India, sound familiar? It is actually one of the fifth largest public sector banks to have the highest amount of assets in the country as a bank. Talking about the assets this bank has control over, well, that amount is as large as ₹815,555.61 crores or roughly $100 billion.

10. Kotak Mahindra Bank

Despite being the newest bank to receive a banking license from the Reserve Bank of India, Kotak Mahindra Bank has been able to secure a spot on this list today. Well, that’s because the total assets this bank has is kinda insane if you think about it. This bank has more than ₹620,429.73 crore or $78 billion worth of assets, isn’t that a HUGE amount? And did you even know that Kotak Mahindra Bank was actually one of the very first NBFC companies that eventually became a bank?

Conclusion

That’s all for today also don’t forget to check leading investment banks of India. So yeah, the list of the top 10 biggest banks in India by total asset value is laid out right in front of you. We are pretty much done with this list, and for whatever reason you were searching this list, we hope today’s post served you well.

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