HDFC Bank, India's largest private lender, acquired State Bank of India (SBI) to take the top spot on CRISIL's Greenwich Market Share Leaders in Big Corporate Banking for 2023. HDFC Bank once again topped the list of 2023 Leaders among local banks, joining ICICI Bank as the year's joint Greenwich Quality Leaders. According to Coalition Greenwich, a CRISIL division, many of the gains for large private sector and foreign banks came at the expense of smaller banks, including some of India's public sector banks.

Even among PSUs, the trend towards consolidation among the largest providers continued, with SBI doing a better job of maintaining corporate relationships than smaller banks, it added. From 2021 to 2022, the proportion of Indian corporates using one of the largest Indian private sector banks for overall corporate banking services increased from 33% to 38%. During the same time period, the proportion of corporations working with at least one large foreign bank increased from 18 percent to 21 percent. Over a 12-month period, the proportion of Indian corporates working with at least one of the country's smaller private sector banks fell from 21% to 18%.

According to CRISIL's unit, Indian companies are collaborating with the country's largest banks to fuel their drive to become bigger, more international, and more efficient. Banking industry revenue pools increased by 16 percent year on year. The most important driver was the increase in cash management as a result of the higher interest rate environment."