India

India's banking system is dominated by state ownership. At end-March 2025 there were 139 commercial banks: 12 public sector banks, 21 private sector banks, 44 foreign banks, 11 small finance banks, six payments banks, 43 regional rural banks and two local area banks. Public sector banks held 54.9% of the consolidated balance sheet of scheduled commercial banks and private banks 37.1%. State Bank of India is by far the largest lender, followed by HDFC Bank and ICICI Bank. Regional rural banks were consolidated to 28 from May 2025.