Bank Stocks in India

Here are all 40 bank stocks in India worth ₹500 crore or more, with price, market cap, P/B and 52-week high and low. The biggest are HDFC Bank, ICICI Bank and State Bank of India. The last two columns show how each did against the Nifty 500 over 3 months and 1 year.

Download the full list (CSV) · "vs Nifty 500" = the stock's return minus the Nifty 500's, in percentage points.

Prices as of 16 October 2026. Market value and returns from the weekly scan to 9 October 2026. Updated every weekend

The Nifty Bank index has 14 banks in NSE's member list read on 17 October 2026. The biggest are HDFC Bank (₹10,90,480 cr), ICICI Bank (₹9,72,758 cr) and State Bank of India (₹8,85,323 cr). 8 of the 14 were ahead of the Nifty 500 over 3 months at the 9 October 2026 scan.

Nifty Bank is NSE's index of the biggest and most traded listed banks. NSE weights it by the value of shares free to trade. Those weights are in NSE's own factsheet and are not shown here.

What are the top 5 bank stocks?

By market value at the 9 October 2026 scan, the 5 biggest listed banks in India are 1. HDFC Bank (₹10,90,480 cr), 2. ICICI Bank (₹9,72,758 cr), 3. State Bank of India (₹8,85,323 cr), 4. Kotak Mahindra Bank (₹4,38,702 cr), 5. Axis Bank (₹3,92,055 cr). Size is not a ranking of quality or returns.

NSE's own member file, read on 17 October 2026. Market values from the weekly scan to 9 October 2026. Index weights are not shown here. Checked every week

Bank stocks are shares of companies whose main business is taking deposits and giving loans: private banks, PSU banks and small finance banks. 40 of them listed in India are worth ₹500 crore or more, split into 3 types.

Types follow NSE industry groups · data as of 9 October 2026

Bank stocks are down mainly because part of the profit growth comes from lower loan losses and one-time income. Banks compete hard for deposits, which pushes up what they pay savers. 16 of 40 beat the Nifty 500 at the 9 October 2026 scan, against 28 at the high in June.

What is not happening yet

• Margin recovery is uneven. Federal is improving while IndusInd still expects pressure
• Kotak's Deutsche Bank deal only closes in September 2027, so no numbers yet
• New products at Kotak and Karur Vysya have no separately disclosed revenue yet
• New branches at Yes Bank and Karur Vysya show no clear earnings return
• Companies plan new project spending, but those are intentions, not money spent

The weakest bank stocks, and why

• Jammu and Kashmir Bank -22.0 points against the Nifty 500 in 3 months. A better margin and better returns are promised only from July–September 2026.
• Bandhan Bank -18.9 points against the Nifty 500 in 3 months. Deposit costs rise 0.20-0.25 percentage points and loan losses are expected at 1.6-1.8%.
• Suryoday Small Finance Bank -13.4 points against the Nifty 500 in 3 months. Collections improved, but stress remains in Maharashtra and commercial vehicle loans.
• Equitas Small Finance Bank -13.4 points against the Nifty 500 in 3 months. Profit is recovering from a low, with funding costs and fresh loan stress the risks.

Reasons from company results and calls, 10 October 2026

The latest bank news from company results: State Bank of India: Management reported strong profit, broad loan demand and stable margins in April–June 2026. Canara Bank: Management says efficiency is the priority and growth comes second. Bank of Baroda: It settled a long-running cross-border dispute without admitting any liability.

• State Bank of India results call, 7 August 2026
  • Management reported strong profit, broad loan demand and stable margins in April–June 2026
  • Bad loans are improving, and management says the business outlook has strengthened

  In their own words (August 2026 call)

  "I am not going to give you quarterly outlook. This is a full year outlook of 3%, which I mentioned right in the beginning of my speech. We are sticking to that."C.S. Setty

• Canara Bank results call, 27 July 2026
  • Management says efficiency is the priority and growth comes second
  • Management sounded positive on its 27 July 2026 earnings call

  In their own words (July 2026 call)

  "my first focus and preference will be on efficiency parameters only. Growth is also important but at the same time I would like to be giving more emphasis on efficiency parameters."Brijesh Kumar Singh, MD and CEO

• Bank of Baroda results call, 24 July 2026
  • It settled a long-running cross-border dispute without admitting any liability
  • Management sounded cautiously hopeful on its 24 July 2026 earnings call

  In their own words (July 2026 call)

  "This brings closure to a very complex and long-standing cross-border dispute, which is inherently complex in nature, involving multiple jurisdictions, different legal systems and extended legal processes. ... It's a commercially prudent decision taken without any admission of liability or wrongdoings."Dr. Debdatta Chand

• HDFC Bank results call, 18 July 2026
  • Management sounded cautiously hopeful on its 18 July 2026 earnings call
  • It is raising foreign currency deposits and wants a large share of them
• ICICI Bank results call, 18 July 2026
  • Business banking loans grew 28.2% in April–June 2026 from a year earlier
  • Rural and gold loans grew 35.4% over the same year

  In their own words (July 2026 call)

  "Based on current conditions and assuming no policy rate movements, I would say it should be range bound."Anindya Banerjee

• Kotak Mahindra Bank results call, 18 July 2026
  • Costs against assets improved from 2.83% to 2.66% in April–June 2026
  • Fees from existing corporate customers rose 27% from a year earlier

  In their own words (July 2026 call)

  "I have always said we seek responsible and profitable growth and not just growth for growth's sake. In the current environment, we have prioritized stability, profitability, and efficiency without any compromise to our overarching strategy around the four focused customer segments."Ashok Vaswani, CEO

• Axis Bank results call, 18 July 2026
  • New retail loans given out grew 18% in April–June 2026
  • Income is growing faster than running costs, our industry read says

  In their own words (July 2026 call)

  "We don't provide run-rate outlooks, but we remain comfortable with our guidance of growing at 300 basis points above the industry."Management

• Punjab National Bank results call, 18 July 2026
  • A ₹7,000-8,000 crore book of lower-rate loans matured in April–June 2026
  • Another ₹16,000-17,000 crore of it runs off within 90 to 120 days

  In their own words (July 2026 call)

  "And this strategy is going to continue till we are coming out of all these low-yielding advances and you will see the improvement in the NII and the NIM in every quarter now onwards."Ashok Chandra, MD and CEO

• Indian Bank results call, 10 July 2026
  • Management wants deposits up 13% and loans up 15% this year
  • It says it will not give up lending margin to grow faster

  In their own words (July 2026 call)

  "We will pursue balanced growth. If deposits grow by 13%, I would not mind advances growing by 15%, provided we do not compromise NIM."Binod Kumar, MD and CEO

From earnings calls, latest 7 August 2026

13 of the 40 bank stocks trade below their book value, with a P/B under 1, led by Bank of Baroda (0.70) and Bank of India (0.70). Against their own history, 16 of 40 trade below their usual P/B and 1 sits exactly at it. The median bank P/B is 1.2, against a usual 1.1.

"Usual" = each company's own long-run median P/B · valuation as of 17 October 2026 · no price targets

The highest dividend-yield bank stocks are Central Bank of India (3.89%), Bank of Baroda (3.69%) and Canara Bank (3.55%). 29 of 40 paid a dividend in the last year.

Yield = last year's dividend ÷ today's price. It moves with the price · data as of 9 October 2026

What is working for bank stocks: private banks look like an early recovery, not a confirmed industry-wide change. What is still missing: margin recovery is uneven. Federal is improving while IndusInd still expects pressure. At the 9 October 2026 scan, 16 of 40 beat the Nifty 500.

What is working

• Costs grow slower than income at ICICI, Kotak, Axis, IDFC First, IndusInd and Yes Bank
• Bad loans (NPA) and loan losses are falling at Federal, Kotak, Yes Bank and IndusInd
• Federal is moving to better-paying loans and Yes Bank is improving its funding mix
• Quarterly profit rose from ₹48,100 crore in June 2025 to ₹58,119 crore in June 2026
• Small finance banks, and the government-owned banks beyond the six researched above, are not researched on this page yet

What is not happening yet

• Kotak's Deutsche Bank deal only closes in September 2027, so no numbers yet
• New products at Kotak and Karur Vysya have no separately disclosed revenue yet
• New branches at Yes Bank and Karur Vysya show no clear earnings return
• Companies plan new project spending, but those are intentions, not money spent

Risks

• Part of the profit growth comes from lower loan losses and one-time income
• Banks compete hard for deposits, which pushes up what they pay savers
• New rules on setting aside money for future loan losses start April 1, 2027
• Kotak expects higher loan losses from those rules while Federal expects no real impact
• Profit gains sit in a few banks, and some recovery promises have slipped

Where big money is moving

• Big funds, Indian and foreign, own 0.6 percentage points more than two quarters ago
• Over four quarters that ownership is up 1.79 percentage points
• Promoter ownership fell 0.31 points, and the data does not split Indian from foreign funds

What to watch next

• July–September 2026 results, and whether profit comes from lending or from one-offs
• Federal's next margin number against its promised 0.05-0.06 percentage point quarterly gain
• RBL's margin in July–September and card losses settling by October–December 2026
• How much money actually came through the foreign currency deposit window, closed September 30
• The new loan loss rules on April 1, 2027 and whether bank estimates prove right

From company results and calls, 10 October 2026

The lending margin is the gap between what a bank earns on loans and pays on deposits. In the last 6 months, the number of bank stocks beating the Nifty 500 swung between 9 and 28 of 40.

• When the policy rate falls, loan rates drop first and deposit costs follow later
• At ICICI, 57% of its Indian loans move directly with the policy rate
• In October the forecasts moved to a higher policy rate and higher inflation
• Conflict in West Asia and bad weather can hurt borrowers and funding conditions

Weekly count of stocks beating the Nifty 500, last 26 weeks · data as of 9 October 2026

No bank stock worth ₹500 crore or more trades under ₹10 a share. The lowest share prices are Utkarsh Small Finance Bank (₹13.3), Yes Bank (₹17.5) and Punjab & Sind Bank (₹21.3). The biggest midcap bank stocks are IDBI Bank, Federal Bank and AU Small Finance Bank. Of 40 bank stocks, 10 are large cap, 10 are mid cap, 20 are small cap. 14 trade under ₹100 a share.

Bank stocks under ₹100

A low share price doesn't mean a small company. Market cap tells you the size.

Size by market cap · data as of 9 October 2026

The top 10 bank stocks for October 2026 are: 1. Bank of Maharashtra, 2. Karur Vysya Bank, 3. Tamilnad Mercantile Bank, 4. Indian Overseas Bank, 5. South Indian Bank, 6. City Union Bank, 7. DCB Bank, 8. Union Bank of India, 9. Indian Bank, 10. Karnataka Bank. The score adds up growth, quality, valuation and price strength.

Dropped out of the top 10 since September 2026: Ujjivan Small Finance Bank. September 2026 top 10

The 10 biggest bank stocks by market cap

1. HDFC Bank: A private bank, the largest on this page by market value ₹10,90,480 cr · P/B 1.8
2. ICICI Bank: A private bank growing fast in small business, rural and gold loans ₹9,72,758 cr · P/B 2.5
3. State Bank of India: A government-owned bank, the largest state-run lender on this page ₹8,85,323 cr · P/B 1.4
4. Kotak Mahindra Bank: A private bank whose profit recovery leaned on lower loan losses ₹4,38,702 cr · P/B 2.4
5. Axis Bank: A private bank aiming to grow loans faster than the industry ₹3,92,055 cr · P/B 1.7
6. Punjab National Bank: A government-owned bank repricing its old low-rate loan book ₹1,34,444 cr · P/B 0.8
7. Union Bank of India: A government-owned bank that has largely cleaned up its bad loans ₹1,32,107 cr · P/B 0.9
8. Bank of Baroda: A government-owned bank that just closed a long cross-border dispute ₹1,21,941 cr · P/B 0.7
9. Indian Bank: A government-owned bank that says it will not give up margin for growth ₹1,11,771 cr · P/B 1.3
10. Canara Bank: A government-owned bank putting efficiency ahead of growth ₹1,08,476 cr · P/B 0.8

The Nifty Bank index on NSE tracks the largest of these companies.

What is happening at the biggest bank companies

1. HDFC BankBanks - Private · ₹10,90,480 cr · not beating the Nifty 500

   A private bank, the largest on this page by market value

   What is happening

   • Management sounded cautiously hopeful on its 18 July 2026 earnings call
   • It is raising foreign currency deposits and wants a large share of them
   • New customer accounts now pass through tighter anti-fraud checks

   What is not happening yet

   • It has not said how much foreign currency deposit money it raised
   • Better low-cost savings and current account numbers are expected over nine months
   • No profit or bad loan numbers for this bank are on record here yet

   What to watch next

   • Whether it names the foreign currency deposit amount for July–September 2026
   • New account numbers and their quality over the next nine months

   Sources: earnings call 18 July 2026

2. ICICI BankBanks - Private · ₹9,72,758 cr · not beating the Nifty 500

   A private bank growing fast in small business, rural and gold loans

   What is happening

   • Business banking loans grew 28.2% in April–June 2026 from a year earlier
   • Rural and gold loans grew 35.4% over the same year
   • Bad loans left after money set aside are 0.40% of the loan book

   What is not happening yet

   • Management expects the lending margin to stay in a range, not to rise
   • 57% of its Indian loans move with the policy rate, so cuts hit income

   What they said vs what they did

   • They said costs would grow slower than profit. Costs grew 10.4%, core profit 15.6%
   • They said credit cards would grow again. Card loans fell 1.9% from a year earlier

   In their own words (July 2026 call)

   "Based on current conditions and assuming no policy rate movements, I would say it should be range bound."Anindya Banerjee

   What to watch next

   • Whether the farm loan clean-up is signed off and any money comes back
   • Whether the lending margin stays near 4.4%

   Sources: timeline 22 August 2026 · earnings call 18 July 2026

3. State Bank of IndiaBanks - PSU · ₹8,85,323 cr · not beating the Nifty 500

   A government-owned bank, the largest state-run lender on this page

   What is happening

   • Management reported strong profit, broad loan demand and stable margins in April–June 2026
   • Bad loans are improving, and management says the business outlook has strengthened
   • It is sticking to the full-year outlook of 3% it gave earlier

   What is not happening yet

   • The chairman refused to give any quarter by quarter outlook
   • The new loan loss rules are still being assessed at the next results
   • Management says those rules will not have a major impact, which is unproven

   In their own words (August 2026 call)

   "I am not going to give you quarterly outlook. This is a full year outlook of 3%, which I mentioned right in the beginning of my speech. We are sticking to that."C.S. Setty

   What to watch next

   • Whether lower cost deposits cover company loans repricing lower
   • The number management finally puts on the new loan loss rules

   Sources: earnings call 7 August 2026

4. Kotak Mahindra BankBanks - Private · ₹4,38,702 cr · beating the Nifty 500

   A private bank whose profit recovery leaned on lower loan losses

   What is happening

   • Costs against assets improved from 2.83% to 2.66% in April–June 2026
   • Fees from existing corporate customers rose 27% from a year earlier
   • Its share of cash share-trading rose to 10.4% from 9.8%

   What is not happening yet

   • Credit card loans have not grown four quarters after the regulator lifted its ban
   • New loan loss rules add 0.12-0.15 percentage points to losses, not yet live
   • The doubt is loan losses rising from 0.39% to 0.46% while the margin shrinks

   In their own words (July 2026 call)

   "I have always said we seek responsible and profitable growth and not just growth for growth's sake. In the current environment, we have prioritized stability, profitability, and efficiency without any compromise to our overarching strategy around the four focused customer segments."Ashok Vaswani, CEO

   What to watch next

   • Whether loan losses go above 0.55% in July–September 2026
   • Whether the lending margin falls below 4.45% in July–September 2026

   Sources: driver read 10 October 2026 · timeline 10 October 2026 · earnings call 18 July 2026

5. Axis BankBanks - Private · ₹3,92,055 cr · not beating the Nifty 500

   A private bank aiming to grow loans faster than the industry

   What is happening

   • New retail loans given out grew 18% in April–June 2026
   • Income is growing faster than running costs, our industry read says
   • It still aims to grow loans about 3 percentage points above the industry

   What is not happening yet

   • That 18% payout growth has not turned into a faster growing retail book
   • It has not said how much foreign currency deposit money it raised
   • Axis expects its lending margin to recover, and that has not happened yet

   In their own words (July 2026 call)

   "We don't provide run-rate outlooks, but we remain comfortable with our guidance of growing at 300 basis points above the industry."Management

   What to watch next

   • Whether it names the foreign currency deposit amount for July–September 2026
   • Whether retail loan growth speeds up to match the 18% payouts

   Sources: earnings call 18 July 2026

6. Punjab National BankBanks - PSU · ₹1,34,444 cr · beating the Nifty 500

   A government-owned bank repricing its old low-rate loan book

   What is happening

   • A ₹7,000-8,000 crore book of lower-rate loans matured in April–June 2026
   • Another ₹16,000-17,000 crore of it runs off within 90 to 120 days
   • The chief executive promised better interest income and lending margin every quarter

   What is not happening yet

   • The new loan loss rules need ₹9,500-10,000 crore set aside once, from October
   • Only ₹2,435 crore of spare money set aside is there to offset that
   • The promised quarter after quarter improvement has not been shown yet

   In their own words (July 2026 call)

   "And this strategy is going to continue till we are coming out of all these low-yielding advances and you will see the improvement in the NII and the NIM in every quarter now onwards."Ashok Chandra, MD and CEO

   What to watch next

   • Whether the ₹16,000-17,000 crore low-rate book finishes maturing by October–December 2026
   • The size of the one-time loan loss money set aside from October

   Sources: earnings call 18 July 2026

7. Union Bank of IndiaBanks - PSU · ₹1,32,107 cr · beating the Nifty 500

   A government-owned bank that has largely cleaned up its bad loans

   What is happening

   • Bad loans are 2.82% of loans, and 0.48% after money set aside
   • It dropped ₹70,000 crore of costly bulk deposits that paid 7.70%
   • Retail, farm and small business loans grew 12.56% to 57.49% of Indian loans

   What is not happening yet

   • The lending margin fell to 2.64% because loan rates reprice before deposits do
   • The new loan loss rules need an estimated ₹4,200-4,300 crore set aside
   • Loan losses were 0.23% last year, but the bank now expects 1%

   What to watch next

   • Whether the lending margin falls below 2.55% in July–September 2026
   • Whether that loan loss money must be set aside all at once

   Sources: timeline 22 August 2026

8. Bank of BarodaBanks - PSU · ₹1,21,941 cr · not beating the Nifty 500

   A government-owned bank that just closed a long cross-border dispute

   What is happening

   • It settled a long-running cross-border dispute without admitting any liability
   • Management sounded cautiously hopeful on its 24 July 2026 earnings call
   • Loans are growing fast while company loans and bulk deposit rates reprice

   What is not happening yet

   • Profit against total assets is only expected back above 1.0% in July–September 2026
   • The full-year return view was deferred until after the next quarter
   • Management expects the lending margin to stay between 2.8% and 3.0%

   In their own words (July 2026 call)

   "This brings closure to a very complex and long-standing cross-border dispute, which is inherently complex in nature, involving multiple jurisdictions, different legal systems and extended legal processes. ... It's a commercially prudent decision taken without any admission of liability or wrongdoings."Dr. Debdatta Chand

   What to watch next

   • Whether profit against total assets gets back above 1.0%
   • Whether the lending margin stays between 2.8% and 3.0%

   Sources: earnings call 24 July 2026

9. Indian BankBanks - PSU · ₹1,11,771 cr · not beating the Nifty 500

   A government-owned bank that says it will not give up margin for growth

   What is happening

   • Management wants deposits up 13% and loans up 15% this year
   • It says it will not give up lending margin to grow faster
   • Management sounded cautiously hopeful on its 10 July 2026 earnings call

   What is not happening yet

   • The new loan loss rules cost ₹3,000-3,500 crore, with ₹1,000 crore set aside
   • Loans exposed to West Asia are watched, with no stress visible yet
   • That 13% and 15% plan is a promise, not a reported number

   In their own words (July 2026 call)

   "We will pursue balanced growth. If deposits grow by 13%, I would not mind advances growing by 15%, provided we do not compromise NIM."Binod Kumar, MD and CEO

   What to watch next

   • The next loan loss amount against the ₹3,000-3,500 crore estimate
   • Any pickup in bad loans from West Asia exposure

   Sources: earnings call 10 July 2026

10. Canara BankBanks - PSU · ₹1,08,476 cr · not beating the Nifty 500

    A government-owned bank putting efficiency ahead of growth

    What is happening

    • Management says efficiency is the priority and growth comes second
    • Management sounded positive on its 27 July 2026 earnings call

    What is not happening yet

    • Foreign currency deposits are meant to cross 1 billion dollars by month-end
    • The full plan is 2.3-2.5 billion dollars, which is not raised yet
    • A trial run of the new loan loss rules happens in October

    In their own words (July 2026 call)

    "my first focus and preference will be on efficiency parameters only. Growth is also important but at the same time I would like to be giving more emphasis on efficiency parameters."Brijesh Kumar Singh, MD and CEO

    What to watch next

    • Whether foreign currency deposits reach the 2.3-2.5 billion dollar plan
    • Whether the new loan loss rules add only 0.05-0.10 percentage points

    Sources: earnings call 27 July 2026

Ranked on October 2026 data, refreshed every month

16 of 40 are beating the Nifty 500. The strongest over 3 months are Karnataka Bank, Kotak Mahindra Bank and ESAF Small Finance Bank.

22 of 40 bank stocks are below their 200-day average price.

Bank stocks beating the Nifty 500

Updated every weekend · data as of 9 October 2026

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Table rebuilt every weekend. Company research refreshed monthly · data as of 9 October 2026

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