Around 50-60% of the Indian economy is dependent on private and public banks and other financial organizations. Nearly 1 lakh different types of banks exist in India to fulfill the demand of the vast population. About 30-40% of the Indian population are entirely dependent on the cooperative banks and regional rural banks.
According to the latest reports, the overall revenue of the Indian baking sector is $281 billion. However, the banking services provided by the Indian public banks are considered the best according to the customers’ reviews.
Hence, today we’re listing India’s top ten private banks according to Reserve Bank Of India reports.
List of Top 10 Private Banks in India
ICICI Bank (Industrial Credit and Investment Corporation of India)
ICICI (Industrial Credit and Investment Corporation of India) is the leading player in the Indian banking sector. ICICI bank is known as the ‘second home or business people.’ ICICI bank provides all banking services like home loans, gold loans, car loans, credit cards, fixed deposits, car and home insurance, etc.
Most management aspirants in India desires to start their journey with ICICI bank. The key feature of this bank is easy processing and disbursal of loans and hassle-free online banking.
Axis Bank is one of the largest private banks in India, which was established in 1993. Axis bank is currently headquartered in Mumbai, Maharashtra. This bank is also having a strong presence in the international banking sector.
Axis is having a total of 9 international branches across the globe. Furthermore, Axis has nearly 3000 official branches in the nation. The best part is you’ll get Axis ATMs in every nook and corner of India. Even the rural and isolated areas of the Axis has 24/7 ATM service. When it comes to services, Axis provides bank loans, general insurance, fixed deposit plans, etc.
HDFC Bank (Housing Development Finance Corporation Limited)
HDFC Bank (Housing Development Finance Corporation Limited) is one of India’s oldest private banks known for hassle-free online banking services. This bank was established back in 1994 and is currently headquartered in Mumbai, Maharashtra. According to various reports, HDFC bank will dominate the Indian banking sector in the upcoming years.
HDFC is one of the finest Indian banks that provides all sorts of banking services like Forex, insurances, policies, fixed deposist schemes, etc. HDFC is one of the rarest banks that select employees through various interviews and competitive examinations.
Kotak Mahindra Bank (KMFL)
Kotak Mahindra Bank Ltd is one of Mahindra’s flagship subsidiaries that achieved the banking license back in 2003. Kotak Mahindra Bank was the first non-banking organization to convert into a private bank. Currently, Kotak Mahindra Bank is the fourth biggest private bank in India.
In April 2015, Kotak Mahindra Bank Ltd acquired ING Vysya Bank Ltd. Kotak Mahindra Bank is divided into four different units: Treasury, Consumer Banking, Commercial Banking, and Corporate Banking. Soon Kotak Mahindra is planning to establish a strong presence in the international banking sector.
IndusInd Bank Ltd
According to the ‘Top 50 Most Valuable Indian Brands’ list of 2014, Induslnd bank stands in the 19th position. Recently, Induslnd Bank grabs 39th place in the Economic Times and Interbrand Best Indian Brands Study. The reason behind these achievements is the innovative banking services and a friendly relationship with the customers. Induslnd Bank LTD is one of the top reputed banks of Indian fulfilling the needs of India’s vast population.
Yes Bank Ltd
Yes Bank is another leading player in the Indian banking sector. This private bank is currently headquartered in Mumbai, Maharashtra. It is having a strong presence in both the national and international banking sector.
Yes Bank has numerous branches in more than 28 Indian states and nearly 10 union territories. Yes Bank is also having a representative office in the United Arab Emirates. The major part of the revenue Yes Bank generates is through Yes Asset Management Limited, India.
The best part is Yes Bank always believes in providing hassle-free banking services without burning the pockets of consumers.
Federal Bank Ltd
In April 1931, Federal Bank LTD was established as Travancore Federal Bank Limited, Nedumpuram. In 1925, Late K.P. Hormis, one of the most influential personalities, took charge of Travancore Federal Bank Limited. Under his leadership, Travancore Federal Bank Limited was changed to Federal Bank LTD.
Late K.P. Hormis established Federal Bank LTD as an independent private bank and acquired many rural and cooperative banks. Federal Bank LTD was the first bank to computerize the banking process across the nation.
IDFC First Bank Ltd
In 1997, IDFC First Bank Ltd was established as a financial infrastructure company dealing with private infrastructure development. In 2005, Dr. Rajiv Lall converted this company into an Asset Management company. Later, in 2015 Dr. Rajiv Lall grabbed the commercial banking license from the Reserve Bank Of India.
In the same year, IDFC First Bank Ltd shares were also listed in the stock exchange market. Soon IDFC First Bank LTD will also expand its services and enter the international banking world.
South Indian Bank Ltd
South Indian Bank Ltd was formed because of the Swadeshi Indian Movement. South Indian Bank is one of the oldest banks in India, which was a dream of many Keralites. Many men from the Cultural Capital Of India established South Indian Bank LTD. The motive behind establishing this bank was providing friendly, cost-effective, and efficient banking services to Cochin people.
Bandhan Bank Ltd
Bandhan Bank Ltd is the latest flagship subsidiary of BFHL (Bandhan Financial Holdings Limited). Bandhan Bank doesn’t have the motive of competing with the major private banks like ICICI and Axis. They want to provide hassle-free banking services and loans to the rural community of India. Bandhan Bank LTD has numerous branches in the urban, semi-urban, and rural areas of India.
So, next time when you are opening your bank, consider the top banks on the list. However, choose your ideal bank depending on your business and personal needs.