Top Banks in India by Market Capitalization in 2025: Private & Public Sector Ranking
HDFC Bank and ICICI Bank are among the top banks in India by market capitalization as of March 2025, with market caps of $165 billion and $110 billion, respectively. HDFC Bank ranks as the 12th largest bank in the world by market capitalization.
State Bank of India (SBI) is the largest public sector bank (PSU) in India by market capitalization, valued at $78 billion, making it the third-largest bank in India overall. Among PSU banks, Punjab National Bank (PNB) holds the second position in terms of market cap.
Top 5 Banks India
- HDFC Bank
- ICICI Bank
- State Bank of India
- Kotak Mahindra Bank
- Axis Bank
What Is Market Cap?
Market capitalization or market cap is the total value of the company’s outstanding shares owned by stakeholders.
Market Cap = Current Stock Price × Total Number of Outstanding Shares
It is used to measure the size and worth of a publicly traded company
Read also: Top Indian companies by market capitalization in 2025
Top Private Banks in India By Market capitalization
| Rank | Bank | Market Cap (USD) | India Rank | World Rank |
|---|---|---|---|---|
| 1 | HDFC Bank | $164.56 B | 1 | 12 |
| 2 | ICICI Bank | $110.51 B | 2 | 18 |
| 3 | Kotak Mahindra Bank | $48.08 B | 4 | 61 |
| 4 | Axis Bank | $38.58 B | 5 | 78 |
| 5 | Yes Bank | $6.26 B | 13 | 228 |
| 6 | IndusInd Bank | $6.22 B | 14 | 231 |
| 7 | Federal Bank | $5.34 B | 16 | 249 |
| 8 | IDFC FIRST Bank | $4.79 B | 17 | 264 |
| 9 | AU Small Finance Bank | $4.70 B | 18 | 269 |
| 10 | Bandhan Bank | $2.71 B | 22 | 326 |
$1 Billion = Rs 8600 Crore as on 23rd march, 2025
Read also: Largest Stock markets in the world by market capitalization.
Top GOVT (PSU) Banks in India By Market Cap
| Rank | Bank | Market Cap (USD) | India Rank | World Rank |
|---|---|---|---|---|
| 1 | State Bank of India | $78.19 B | 3 | 30 |
| 2 | Bank of Baroda | $13.04 B | 6 | 147 |
| 3 | Punjab National Bank | $12.45 B | 7 | 152 |
| 4 | Union Bank of India | $10.87 B | 8 | 171 |
| 5 | IDBI Bank* | $10.17 B | 9 | 180 |
| 6 | Indian Overseas Bank | $9.57 B | 10 | 185 |
| 7 | Canara Bank | $9.23 B | 11 | 192 |
| 8 | Indian Bank | $8.58 B | 12 | 200 |
| 9 | Bank of India | $5.60 B | 15 | 241 |
| 10 | Central Bank of India | $4.55 B | 19 | 274 |
| 11 | Bank of Maharashtra | $4.29 B | 20 | 281 |
| 12 | Punjab & Sind Bank | $3.42 B | 21 | 300 |
- Note: IDBI Bank is currently a PSU Bank, but the government plans to divest its stake, potentially making it a private entity in the future.
Read also: India’s Forex Reserves, 2025: Overview, Trend, latest data
Top Banks in India by Market Cap
Source: Companies Market Cap
