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
| Rank | Bank | Market Capitalization (USD) | Type of bank | World Rank |
|---|---|---|---|---|
| 1 | HDFC Bank | $164.56 B | Private Bank | 12 |
| 2 | ICICI Bank | $110.51 B | Private Bank | 18 |
| 3 | State Bank of India | $78.19 B | PSU Bank | 30 |
| 4 | Kotak Mahindra Bank | $48.08 B | Private Bank | 61 |
| 5 | Axis Bank | $38.58 B | Private Bank | 71 |
| 6 | Bank of Baroda | $13.04 B | PSU Bank | 147 |
| 7 | Punjab National Bank | $12.45 B | PSU Bank | 152 |
| 8 | Union Bank of India | $10.87 B | PSU Bank | 171 |
| 9 | IDBI Bank | $10.17 B | PSU Bank* | 180 |
| 10 | Indian Overseas Bank | $9.57 B | PSU Bank | 185 |
| 11 | Canara Bank | $9.23 B | PSU Bank | 192 |
| 12 | Indian Bank | $8.58 B | PSU Bank | 200 |
| 13 | Yes Bank | $6.26 B | Private Bank | 228 |
| 14 | IndusInd Bank | $6.22 B | Private Bank | 231 |
| 15 | Bank of India | $5.60 B | PSU Bank | 241 |
| 16 | Federal Bank | $5.34 B | Private Bank | 249 |
| 17 | IDFC FIRST Bank | $4.79 B | Private Bank | 264 |
| 18 | AU Small Finance Bank | $4.70 B | Private Bank | 269 |
| 19 | Central Bank of India | $4.55 B | PSU Bank | 274 |
| 20 | Bank of Maharashtra | $4.29 B | PSU Bank | 281 |
| 21 | Punjab & Sind Bank | $3.42 B | PSU Bank | 300 |
| 22 | Bandhan Bank | $2.71 B | Private Bank | 326 |
Source: Companies Market Cap
