According to a report by S&P Global Market Intelligence,

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According to a report by S&P Global Market Intelligence, Indian banks are expected to attract increasing global investment from investors looking for better returns as higher credit growth, improved margins and stable asset quality have boosted the prospects of the lenders.The total market value of foreign institutional investors’ holdings in Indian banks had risen in recent years, climbing to ₹8.36 trillion as of June 30, from ₹7.71 trillion a year earlier.  The majority of FII holdings — 93.5% of the value as of June 30 — was concentrated in India’s biggest private-sector banks.    Top investees for FIIs include ICICI Bank Ltd., HDFC Bank Ltd. and Kotak Mahindra Bank Ltd.The market value of FIIs’ holdings in Indian private-sector banks rose to ₹7.82 trillion as of June from ₹7.29 trillion a year earlier. On the other hand, the market value of FIIs’ holdings in Indian state-owned banks clocked in at ₹541 billion as of June 2023, versus ₹422 billion a year earlier.