HDFC Bank was the leading Indian private bank based on market capitalization of over 12 trillion Indian rupees as of December 2023. ICICI and Kotak Mahindra followed rounding off the top three during the measured time period. HDFC Bank had remained the leader in this sector, in part, due to its significant ramp up in digital service offerings.
Digital payments in India
Increased smartphone and internet penetration, and a mass adoption of the mobile-based, real-time payment platforms have paved way for India as one of the fastest growing digital payment economies in the world. In the recent years, the country has been moving towards a cashless economy. The government's role in making online payments for tax returns, GST payouts and even relief packages during the pandemic also boosts the market.
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Moneycontrol. (December 12, 2023). Leading private sector banks across India as of 2023, based on market capitalization (in billion Indian rupees) [Graph]. In Statista. Retrieved November 02, 2024, from https://www.statista.com/statistics/944662/india-leading-private-sector-banks-based-on-market-capitalization/
Moneycontrol. "Leading private sector banks across India as of 2023, based on market capitalization (in billion Indian rupees)." Chart. December 12, 2023. Statista. Accessed November 02, 2024. https://www.statista.com/statistics/944662/india-leading-private-sector-banks-based-on-market-capitalization/
Moneycontrol. (2023). Leading private sector banks across India as of 2023, based on market capitalization (in billion Indian rupees). Statista. Statista Inc.. Accessed: November 02, 2024. https://www.statista.com/statistics/944662/india-leading-private-sector-banks-based-on-market-capitalization/
Moneycontrol. "Leading Private Sector Banks across India as of 2023, Based on Market Capitalization (in Billion Indian Rupees)." Statista, Statista Inc., 12 Dec 2023, https://www.statista.com/statistics/944662/india-leading-private-sector-banks-based-on-market-capitalization/
Moneycontrol, Leading private sector banks across India as of 2023, based on market capitalization (in billion Indian rupees) Statista, https://www.statista.com/statistics/944662/india-leading-private-sector-banks-based-on-market-capitalization/ (last visited November 02, 2024)
Leading private sector banks across India as of 2023, based on market capitalization (in billion Indian rupees) [Graph], Moneycontrol, December 12, 2023. [Online]. Available: https://www.statista.com/statistics/944662/india-leading-private-sector-banks-based-on-market-capitalization/