Bhattacharya is ranked 36th on the power list, while Kochhar is 43rd. Biocon founder Kiran Mazumdar-Shaw is ranked 92nd on the list.
PepsiCo's India-born Chief Indra Nooyi is 13th on the list while Cisco's Chief Technology and Strategy Officer Padmasree Warrior is ranked 71st on Forbes' "definitive annual guide to the extraordinary icons and leaders, groundbreakers and ceiling crashers who command the world stage."
Forbes said as the head of India's largest lender with about $ 380 billion in assets, Bhattacharya holds "one of the most powerful positions" on the Asian subcontinent.
"Not only is she the first woman appointed to the position, but she is also the youngest at age 57," it said.
Kochhar, 52, oversees almost USD 125 billion in assets as Managing Director and CEO of ICICI Bank.
"She has been credited with leading a remarkable transformation at the firm, which experienced major setbacks after the 2008 financial crisis," Forbes said.
Her focus on "mobile banking" in rural areas to reach more clients has been praised as a model for low-cost expansion in a country with a burgeoning middle class.
Kochhar has been an outspoken proponent of clearer banking laws from the government led by new Prime Minister Narendra Modi.