Top Indian Banks in 2025 Based on Market Capitalisation

Outlook Money

Private lenders dominate

According to Forbes, India's banking sector showcases a strong mix of private innovation and public sector resilience. Measured by market capitalisation, here are the top 10 banks in 2025 that reflect financial performance in a growing economy.

Public vs Private

HDFC Bank

HDFC Bank leads with the market cap at Rs. 14.80 lakh crore with its expansive digital presence.

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ICICI Bank

With a strong market cap of Rs. 10.35 lakh crore, ICICI Bank secures the second spot in the ranking.

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State Bank of India (SBI)

India's biggest public sector lender combines legacy scale with modern digital adoption to hold third position at 7.07 lakh crore market cap.

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Kotak Mahindra Bank

Kotak's prudent risk approach ranks third based on its market cap of Rs. 4.19 lakh crore.

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Axis Bank

Axis Bank's aggressive growth is observed in its market cap of Rs. 3.74 lakh crore through retail lending.

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Bank of Baroda

Bob continues to gain market cap through improved efficiency and credit growth, with the current standing of Rs. 1.22 lakh crore.

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Punjab National Bank (PNB)

PNB remains a key public lender with Rs. 1.13 lakh crore market cap.

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Union Bank of India

Union Bank's post-merger performance is reflected in its market cap growth amounting to Rs. 1.01 lakh crore.

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Canara Bank

Steady financials and a balanced portfolio help Canara Bank remain competitive among public sector peers at Rs. 0.97 lakh crore market cap.

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IDBI Bank

Backed by LIC and government reforms, IDBI Bank observes a market cap of Rs. 0.92 lakh crore.

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