Leading private banks in India 2024, by asset

As of March 2024, HDFC Bank was the leading Indian private bank with total assets over 24 trillion Indian rupees. Within the banking sector, HDFC bank comes second after the public State Bank of India which is worth nearly 45 trillion Indian rupees in terms of assets during the same time period. Other leading private banks in India were ICICI Bank and Axis Bank.

Banking in India

The oldest banks in India have their origin in the early 19th century under colonial rule. Among them was the Bank of Calcutta founded in 1806 which later became the State Bank of India. By 1969, most banks in India had been nationalized. Private banks were licensed again only after the market liberalization of the early 1990s. From then on, the banking sector diversified rapidly, having 136 banks excluding small cooperative banks as of October 2020. They offer a wide network of ATMs and branches.

HDFC – the private banks market leader

Customers were largely satisfied with private banks in India. Among more than 20 private banks, HDFC Bank led the sector in terms of assets and net profit. Founded in 1994 in Mumbai, Maharashtra, it is a subsidiary of Housing Development Finance Corporation Limited (HDFC). The HDFC group offers a wide range of financial services and owns the general insurance company HDFC ERGO as well.