Top 10 most valuable banks in India in 2026: SBI overtakes ICICI Bank in market cap to become #2, check who is #1

Foreign portfolio investors (FPIs) also shifted stance, turning net sellers in March amid weakening global sentiment. Following a short-lived recovery in February, overseas investors offloaded Indian equities worth $10.8 billion up to March 18, as highlighted in the monthly bulletin released by the Reserve Bank of India.

Global banking indices were similarly under strain during this period, reflecting the impact of geopolitical uncertainties. Among individual banks, IDBI Bank registered the sharpest fall, with its market capitalisation plunging 40.3 per cent to Rs 661.27 billion. IDFC First Bank followed, recording a 31.2 per cent decline, which effectively erased the strong 43.8 per cent growth it had posted in the previous quarter.

Despite experiencing a 26.1 per cent drop in market capitalisation, HDFC Bank continued to hold its position as India’s most valuable lender, ending the quarter with a market cap of approximately Rs 11,261 billion.

In terms of global recognition, 19 Indian banks feature in the Banking 500 2026 rankings, with their combined brand value estimated at $47.8 billion. HDFC Bank, despite a 7 per cent decline in brand value to $12.4 billion, secured the 19th spot among the world’s most valuable banking brands.

The rest of the top rankings include major lenders such as Axis Bank, Kotak Mahindra Bank, and Union Bank of India, which occupy the fourth, fifth, and sixth positions, respectively.

Here’s a look at the top 10 most valuable banks in India in 2026: