Best bank 2025: ICICI
ICICI Bank pressed ahead with its transformation, demonstrating standout profitability, stronger asset quality, market‑leading digital capabilities and a culture that links shared success with disciplined risk management.
The bank’s recent numbers underlined the depth of its overhaul. Net profit climbed 15.5% to Rs47,227 crore ($5.5 billion) on the back of an 11% rise in net interest income and net interest margin of 4.32% – a level it preserved even as funding costs rose through the year.
Underlying asset quality also improved. The gross non-performing asset (NPA) ratio fell to 1.67% and net NPA to 0.39%, supported by a 76.2% provision cover and contingency buffers equal to 1% of advances. Exposure to borrowers rated BB and below remained a negligible 0.1%, underscoring the success of the “risk calibrated growth” mantra introduced in 2018.
Behind those hard metrics sits a bank that has leaned decisively into technology. Its flagship iMobile Pay super app crossed the 30 million user mark and processed transactions worth nearly Rs11 trillion during the year, cementing ICICI’s status as a retail payments gateway rather than merely a balance sheet lender. This strategy is equally visible in trade finance, where more than 70% of eligible transactions are now executed digitally, shrinking turnaround times from days to hours and freeing relationship managers to focus on higher value mandates.
iMobile Pay rolled out SmartKeys, letting users trigger UPI payments from any smartphone keyboard, part of a drive that lifted ICICI’s share of UPI transactions to about 16%. InstaBIZ, now fully interoperable, continued to anchor merchant acquisition outside the branch network.
Cultural architecture kept pace with the technology. Under its One Bank, One Team ethos, variable pay is linked to overall bank performance, and share‑linked awards were extended to more than 18,000 employees, reinforcing collective accountability for risk and compliance. The flagship Fair to Customer, Fair to Bank programme continues to embed product‑design checks that prioritise long‑run relationship value over short‑term fees, aligning frontline behaviour with the board’s risk governance framework.
Best investment bank 2025: Axis Capital
Having a well-oiled setup and an experienced investment banking team meant when Axis Capital saw senior management changes last year, its business stayed resilient.
Axis Capital was without an equity capital markets head for the first half of 2024, did not have an equities head between September 2023 and March 2024, and its old CEO was in transition between January and March 2024. Yet, during this period, Axis continued executing transactions without a hitch.
Case in point: running India’s largest follow-on public offering, worth Rp180 billion ($2.1 billion) with Jefferies for Vodafone Idea in mid-Apil 2024. As Axis managing director Suraj Krishnaswamy says, the bank’s long relationships with Vodafone Idea and its parent Aditya Birla Group meant the clients “did not think twice” about letting Axis continue with the deal.
“That’s testament to our institution,” he says. “Of course, people make the institution, but having an institutionalised process and not being dependent on individuals also gives clients big comfort.”
That reputation, honed over the years, meant Axis remained a go-to bank for clients despite the internal changes.
On ECM, Axis worked on deals including a Rp75.8 billion block in Data Infrastructure Trust, a Rp71.97 billion IPO of NHAI Infra Trust and the chunky Rp65.6 billion listing of Bajaj Housing Finance.
On the advisory front, Axis was involved as a financial adviser on the Rp201.1 billion merger of Piramal Enterprises with Piramal Capital & Housing Finance, and offered a fairness opinion to Tata Motors Finance on its merger with Tata Capital. It also advised Anarock Property Consultants on a private equity funding round, and provided sell-side advisory for the acquisition of a stake in Royal Carbon Black by Birla Carbon.
Best investment bank for DCM 2025: Trust Investment Advisors Private Limited
Trust Investment Advisors Private Limited (TIAPL) stands out as India’s best investment bank for debt capital markets by introducing pioneering structured debt products and demonstrating concise market leadership and transaction execution.
TIAPL has been instrumental in crafting innovative debt structures which include the securitisation of past period regulatory assets for Adani Airports, unveiling the maiden debt issuance for the data center sector with Sify Infinit Spaces, and leveraging a novel credit-enhanced securitisation for unsecured personal loans utilising a par turbo amortisation structure. These first-of-their-kind structures have been pivotal in diversifying funding avenues and setting new benchmarks in the Indian market.
Further asserting its dominance, TIAPL recorded a year-on-year growth of 21% in long-term debenture involvement amounting to $50.87 billion in 2024, complemented by a 25% increase in short-term debentures valued at $13.53 billion the same year. Its competitive positioning as second in long-term and third in short-term debenture segments underscores their capacity and influence in handling the most debenture issuances domestically.
TIAPL’s comprehensive distribution strategy has refined DCM investor ecology in India by promoting retail participation, founding a dedicated subsidiary for non-institutional investors, and anchoring investments in significant transactions.
Its execution flair is also evident from leading notable ESG-focused transactions like the $1.16 billion deal for Telangana State Industrial Infrastructure Corporation, marking the largest transaction by a state-owned entity aiming towards ESG goals. The bank has also funded significant green initiatives for entities like L&T and Torrent Power, indicating a strong commitment to sustainable finance and economic development in India.
Best investment bank for M&A 2025: Jefferies
Jefferies’ India M&A operations impressed in 2024 for its growth, diversity and quality of deals.
The US bank, which has been bolstering its investment banking franchise in Asia in recent years through strategic hires from peers, worked on some key market-moving deals in India in 2024. It was the sole financial adviser on a $410 million sale of a roughly 26.5% stake in Aavas Financiers to CVC Capital Partners – a milestone deal for existing promoters Kedaara Capital as it was able to monetise its stake in the housing finance company.
Jefferies was also an adviser on the sale of GeBBS Healthcare Solutions to private equity firm EQT for an undisclosed amount, and was sole financial adviser on India’s largest medical technology M&A deal, the sale of Healthium MedTech to KKR, also for an undisclosed amount.
That wasn’t all. Advent International announced plans to sell Bharat Serums and Vaccines to Mankind Pharma last year, a deal worth a chunky $1.64 billion. It was the largest exit by a financial sponsor in the Indian pharmaceutical sector. Jefferies was a joint financial adviser. The bank was also involved in an advisory capacity in the acquisition of a minority stake in IRB Infrastructure by Ferrovial, worth €740 million.
Thanks to these deals, and its solid ECM business in 2024, Jefferies was top of the India investment banking revenue league table, nabbing $86 million in revenues and an 8.4% market share, according to Dealogic. In 2023, it had ranked 14th by revenue – showing how it has rapidly catapulted to becoming a leading investment bank in India.
Best investment bank for financing 2025: Kotak Mahindra Bank
Kotak Mahindra Bank has distinguished itself remarkably in India’s investment banking sector, particularly in financing.
Over the review period, Kotak demonstrated an ability to secure significant deals, highlighting its strategic involvement in major financing transactions which have had a substantial impact on the Indian market.
As a market leader in debt products, it boasts extensive size, geographical reach and the ability to handle complex deals with broad investor coverage. The bank offers highly customised financial solutions tailored to diverse sectors such as real estate, power, roads, fast-moving consumer goods, data centres, manufacturing, and non-bank financial companies (NBFC). Its portfolio includes a wide variety of debt solutions, ranging from acquisition financing and leveraged buyouts to structured real estate and infrastructure financing.
The bank also maintains a well-diversified investor base, engaging with banks, mutual funds, insurance companies, foreign portfolio investors, alternative investment funds, NBFCs, and wealth managers across both domestic and international markets.
Kotak Mahindra has also played a pivotal role in nurturing client relationships and securing repeat business, which speaks volumes about its reliability and reputation in the sector.
Best investment bank for ECM 2025: Citi
Citi’s India equity capital markets franchise is a dominant force. In 2024, the bank had bookrunner league table credits of nearly $6 billion for an 8.4% market share and third ranking, propelled from seventh place the year before, shows Dealogic data.
Many of its deals were for the record books. For example, Citi was a bookrunning lead manager on the $1.3 billion IPO of Swiggy, the country’s largest consumer technology listing at the time. It was sole global coordinator on the $3.3 billion IPO of Hyundai Motor India, the nation’s largest listing and one that appealed to major long-only institutional investors. Citi also led Ola Electric’s $734 million IPO, India’s first from a pure play electric vehicle company.
When it came to blocks and overnight trades, Citi was also a leader. It was a joint broker on India’s largest block trade, a $2.1 billion stake sale in ITC by Tobacco Manufacturers (India), and was a joint broker on a $1.1 billion sell-down in Tata Consultancy Services by Tata Sons.
A notable part of the Citi ECM business last year was its ability to work on deals for not just existing clients but also foster new relationships with clients from other parts of the Citi investment banking franchise, say its bankers. That strength will hold the business in good stead in the year ahead as India remains a hotbed for ECM activity.
Best digital bank for SMEs 2025: DBS
DBS’s strategy for catering to small and medium-sized enterprises (SMEs) in India has effectively pivoted to a digital-first approach.
DBS has demonstrated a robust adoption of digital technologies which offer SMEs a seamless and intuitive banking experience. Services range from integrated payment solutions to customised lending products that leverage data analytics for more accurate risk assessment and quicker loan processing.
The platform DBS Digital Business Loans for SMEs enables instant loans up to Rs20 crore ($2.32 million) without the need for financial documentation, leveraging an internally developed credit scoring engine. This not only speeds up the lending process but also reduces intricacies for SME customers. DBS’s digital enhancements are backed up by strong cybersecurity measures protecting customer data integrity and preventing fraud.
DBS has established tailored non-financial services that assist SMEs in scaling their operations. These include various programmes aimed at enhancing digital skills among business owners, which reflects DBS’s commitment to broader economic development beyond conventional banking services.
Best bank for independent advisory 2025: Moelis & Company
Moelis & Company has firmly established itself as India’s best independent advisory, particularly excelling in the healthcare sector. In 2024, the firm emerged as the leading adviser within this vital industry, orchestrating significant consolidation efforts. Its expertise facilitated the largest healthcare M&A merger in India’s history: the roughly $5 billion union of Aster DM Healthcare with Quality Care India, and other transactions that cumulatively exceeded $4 billion.
The firm’s proficiency and effective execution have not only earned it accolades but also a formidable ranking – Moelis was the sole independent global investment bank to be ranked among the top five M&A advisers in India for the year. This achievement highlights its robust presence and performance in the competitive market.
Supporting its dominance in high-stakes transactions, Moelis boasts a specialised healthcare M&A team in India. This team, consisting of seasoned professionals, leverages the firm’s expansive global network to deliver tailored, impactful advisory services.
The firm’s ability to manage complex, cross-border transactions effectively combines profound local market knowledge with a comprehensive global perspective, setting it apart in the realm of independent financial advisory.
Best bank for ESG 2025: Citi
Citi has been distinguished as India’s best bank for ESG, reflecting its impressive issuance track record and data expertise.
Over the past three years, Citi India sanctioned over $3 billion in ESG loans across various sectors – economic inclusion, food security, healthcare and others – further enhancing its sustainable finance portfolio in India.
Citi’s leadership in ESG dealmaking is notable. The bank spearheaded several transactions, such as managing India’s first pure-play electric vehicle IPO for OLA Electric. Citi has facilitated multiple US dollar-denominated social and sustainability bonds for non-banking financial companies, including Shriram Finance and Piramal Capital. These efforts have set new benchmarks in the ESG capital markets.
Adding another layer to its comprehensive ESG commitment, Citi introduced the Sustainability Insights Dashboard. Through this innovation, the bank assessed over 100 clients on ESG metrics and engaged in more than 20 active consultations.
Citi’s dedication to inclusive finance and social impact is evident through its initiatives that have impacted over 342,000 households. The bank’s focus areas include supporting micro, small, and medium enterprises (MSMEs) and agribusinesses. Additionally, Citi’s Social Innovation Lab has supported 75 social impact startups, fostering grassroots-level ESG transformation across India.
Best bank for sustainable finance 2025: BNP Paribas
BNP Paribas earns its recognition as India’s best bank for sustainable finance. The institution facilitated several billions worth of ESG-linked loans and over $1 billion through ESG bond issuances in 2024 alone.
These transactions have been instrumental across various sectors, underpinning the bank’s commitment to environmental, social, and governance (ESG) principles.
BNP Paribas India acted as a pivotal financier in several landmark deals, including the $750 million senior secured social bond for Shriram Finance and a sustainability-linked loan for Denso Haryana Private, marking the bank’s entry into local currency sustainability-linked loans in India. The bank’s support extended to Vena Energy’s 160MW renewable project, which successfully achieved full financial closure exclusively through rupee-denominated project financing.
BNP Paribas played a crucial role in substantial financings like the ¥35.3 billion ($237 million) project finance for Renew Hans Urja’s 600MW solar venture in Rajasthan and the extensive $500 million sustainability-linked loan for UltraTech Cement.
The bank’s adept alignment with international standards, including the Net-Zero Banking Alliance, and adhering to principles outlined by the Asia Pacific Loan Market Association underscores its strategic focus towards a net-zero economy by 2050.
Through its Low Carbon Transition Group, which includes nearly 200 experts, BNP Paribas India is relentlessly pushing boundaries in sustainable finance, thereby actively contributing to a sustainable future.
Best bank for large corporates 2025: Kotak Mahindra Bank
Kotak Mahindra Bank stands out as India’s best bank for large corporates for its consistent growth, sectoral depth and digital innovation. In calendar year 2024, the wholesale bank delivered 12% asset growth, 19% fee growth and 14% operating profit growth.
The bank’s corporate franchise spans over 10,800 income-generating clients, with 80% of its book rated A and above. It has a 33% penetration among unicorns and 10% among soonicorns, supported by a specialised coverage team dedicated to ‘New Age Digital’ companies. Its multinational coverage includes 37 global corporate clients and over 100 under coverage, with specialised desks for Japan, Korea and Taiwan.
Kotak’s digital platforms are a key differentiator. Its Fyn portal integrates trade, cash and account services, supporting 75,000-plus monthly digital trade transactions and digitising 95% of trade products. Flashpay and Plutus further enhance its payments and collections capabilities.
The bank’s integrated model with investment banking has enabled marquee mandates, including the Godrej Group demerger and JSW Group financing. Its DCM team executed 44 deals worth ₹22,815 crore in 2024.
With a strong risk-return culture, deep client relationships and a solutions-led approach, Kotak continues to set the benchmark for large corporate banking in India.
Best bank for corporate responsibility 2025: Deutsche Bank Group India
Deutsche Bank Group India has established itself as a leader in corporate social responsibility within in India, primarily focusing on education, environmental sustainability and its work for women and girls.
In 2024 alone, Deutsche Bank’s CSR initiatives have significantly impacted 316,000 lives across India. A core component of this achievement lies in the education sector, where their efforts are designed to furnish individuals with the necessary skills and competencies required in the modern world. This includes providing access to quality education, essential resources, and extensive training that aids in both personal and professional development.
Parallel to education, Deutsche Bank is heavily invested in environmental conservation and restoration, prioritising local climate resilience through various awareness and engagement activities. In 2024, a notable 41% of their workforce in India – equating to 9,000 employees – committed to volunteering.
In 2024, Deutsche Bank also demonstrated its strong commitment to supporting women and girls in India. For instance, through its partnership with the Smile Foundation, the bank supported 525 girls by fully covering their tuition fees and offering mentorship and skill development opportunities. Similarly, in collaboration with the Parinaam Foundation, the bank positively impacted 450 women and their families by providing education on budgeting, banking and other aspects of financial literacy.
Best bank for SMEs 2025: HDFC
HDFC is recognised as India’s best bank for small and medium-sized enterprises (SMEs) through a balanced mix of scale, innovative digital initiatives, and successful coverage model.
HDFC reported a significant increase in its MSME loan book, with lending now exceeding Rs5 lakh crore (approximately $60 billion). The bank’s SME portfolio has grown at a compounded annual rate exceeding 25% over the past seven years, driven entirely by organic growth. It now holds almost a 19% share of India’s total SME lending.
The bank significantly expanded its SME branch footprint, increasing its specialised network to over 4,000 branches, operating across 730 districts. To enhance relationship coverage, HDFC has established a dedicated MSME vertical with trained relationship management teams. These teams leverage advanced analytics for portfolio monitoring and client engagement, strengthening the bank’s proactive approach to credit and risk management.
Digitalisation of the SME segment is a core priority for HDFC. The vast majority of its SME credit journey is now digital, with straight-through processing (STP) available for top-tier clients, enabling working capital and loan disbursements without manual intervention. The bank’s digital tools are complemented by a 24/7 SME portal built on a NextGen workflow engine, allowing entrepreneurs to manage their banking needs on demand.
HDFC has also broadened financial inclusion by offering fully digital credit journeys for microenterprises, including sole proprietors who have traditionally been excluded due to documentation challenges. In receivables financing, HDFC uses proprietary digital platforms to support anchor-led supply chain finance.
Best bank for homeowners 2025: HDFC
HDFC’s recognition as India’s best bank for homeowners highlighted its leading position in the housing finance sector, with a commanding 20% market share – the largest in the private sector – its remarkable achievements in the digital space in this segment, and its sustainable lending practices, targeting key elements of the society.
The bank distinguishes itself with its digital-first approach, onboarding over 90% of its home loan customers through a digital platform. The home loan portal empowers customers with self-service options like accessing account statements, tax certificates, loan disbursement and top-up requests, balance enquiries, and interest rate queries, while seamless online repayment methods ensure a fully digital and paperless EMI collection process.
HDFC also focuses on inclusive and sustainable lending practices, targeting key segments that play a vital role in India’s economy and society. For example, initiatives like the Reach programme, which is designed to serve the home financing needs of individuals in the informal income segment, who often have limited financial documentation.
Another example is Rural Home Loan programme, enabling HDFC to extend housing finance to individuals purchasing properties in rural regions. The programme also supports progressive farmers, horticulturists and planters who earn through agriculture and aspire to own homes in their villages or nearby towns and cities.
