Come across any discussion on Indian banking today, and you’ll likely hear the oft-repeated names, State Bank of India , HDFC Bank , or ICICI Bank. These banks are leading every benchmark and business news headline today.

But in the backdrop, a few smaller names have been silently working on their balance sheets, increasing margins, and earning investor trust without the pomp.

With the Indian credit cycle staying strong and retail lending driving new business, these mid-tier participants are evolving from years of reform. They may not have the marketing muscle or analyst exposure of the top banks, but the numbers speak for themselves.

Three such banks , Indian Bank , Union Bank of India , and Federal Bank , have shown solid advancements in key ratios like return on equity

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