Top 10 Private Sector Banks in India by RBI

Private sector banks are those where the majority of the shares are held by the private shareholders and government has no interference. Private banks came into popularity during 1990s after private banks started to grow. Private banks have used the latest technologies and gadgets for improving their services and today, most people depend on private banks for their financial concerns and services.

List of 10 Best Private Banks in India

The private sector banks are divided into old and new by the financial regulators of the country. The old ones existed before nationalization in 1969 but they were too small to function. The new ones started after nationalization and liberalization in 1990. Some of the best private sector banks in India mentioned by RBI are listed as under:

1. ICICI Bank

ICICI Bank has its headquarters in Mumbai with multinationals functioning in the banking services and having its registered offices in Vadodara, Gujarat. ICICI Bank is the largest bank in the country having the highest assets and market capitalization. This bank is known to provide wide range of financial services and banking products. It deals with corporate and retail customers ranging in subsidiaries and lots of delivery channels. It provides services in the areas of investment banking, non-life insurance, asset management and venture capital. 

2. HDFC Bank Limited

HDFC Bank is by far one of the largest private sector banks in India. The headquarters are based in Mumbai, Maharashtra. It provides a whole lot of services like wholesale banking, treasury, personal loans, auto loans, retail banking and two-wheeler loans. The loans are provided against property, lifestyle loan, credit cards, debit cards and durable loans. HDFC bank was merged with Times Bank in 2000 and since then it was considered to be the first merger in between two major banks leading to New generation Private banks. 

3. Kotak Mahindra

Kotak Mahindra Bank started operating its license from the Reserve Bank of India in 2003 and since then it has started functioning with all its banking services. It leads to providing of many financial services and banking products. Some of the areas it deals with are wealth management, general insurance, investment banking, personal finance, etc. When it comes to market capitalization, in the year 2019, Kotak Mahindra Bank is rated in the top five private sector banks in India. 

4. Axis Bank

Axis Bank is another largest private sector bank in India based at Mumbai, Maharashtra. Axis Bank has over 4,000 branches and it is spread across 11,800 ATMs all across India. As per recent reports of 31st March, 2018, Axis Bank has assets capitalization of over Rs. 1.31 trillion. Axis Bank is loved by people and is known for providing so many financial services and products. It has so many financial products and it has been able to serve all its customers well since its inception. 

5. Indusind bank

Indusind Bank was founded in 1994 and it was done by Manmohan Singh and it deals with many banking products like commercial, transactional and also electronic uses. It deals with the retail banking and it was the first bank to deal with upgrading all of support and baking systems. At present, IndusInd Bank has opened about 1,550 branches and around 2,450 ATMs which has been spread across different parts of India. The branches of IndusInd Bank are spread across Delhi, Mumbai, Chennai and it has gone internationally to many other countries like London, Abu Dhabi and Dubai. 

6. YES Bank

YES, Bank was started in the year 2004 and it turned out to be the fourth largest private sector bank not only in India but also internationally. The main functions of the bank include providing retail and corporate services but alongside it, YES Bank also provides asset management services that works as its subsidiary functions. The revenues of the bank are earned basically through the corporate sector and the syndicated loans. There are three entities to YES Bank which are called YES Capital, YES Asset management services and the main service centre of YES Bank. The reports as per 2019 states that the bank has over 1,150 branches all over India and covering 1,800 ATMs in different parts of the country. 

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7. Federal Bank

Federal Bank is referred to be the first scheduled commercial bank that has its headquarters in Kochi. It also has its international representatives located in Dubai and Abu Dhabi. Federal Bank has a great customer base as people seem to be loving their services and financial products. It has a customer base of over eight million including 1.2 million NRIs operating from all over the world. It has been able to achieve huge remittances from different countries which are first of a kind for a private sector bank. 

8. Bandhan Bank

Bandhan Bank is completely an Indian Bank and is considered to another of the best private banks in India. The headquarters of Bandhan Bank is located in Kolkata with over 840 branches of the same bank spread across India. Bandhan Bank is known to provide many financial services to its customers and its interest rates on loans are also lower compared to other private banks. It earns a huge sum of revenue because of people putting their trust and confidence in Bandhan bank and they are happy with all the services. 

9. Jammu and Kashmir Bank

Jammu and Kashmir Bank is the first sort of a bank which has been identified as RBI agents in the field of banking to know about the businesses of all the other private working banks. The sole purpose of the bank is collection tax from CBDT. It also offers some other customer related services as well and it deals both in manual and electronic ways. Over the years, Jammu and Kashmir Bank has been able to win hearts of people. 

Also Read: What are payments banks?

10. Karur Vyasa Bank

Karur Vyasa Bank is one of the leading and best private sector banks in India. It is one of the oldest private banks to have started in India in 1916 and now, it has over 7,500 employees and over 550 branches all over India. It is recognized to provide a number of services such as mutual funds investment, online banking, loans, fixed deposits, and the list goes on. 

These are some of the best private sector banks in India. This list is privatized as per the reports of RBI and is beneficial for all those people who want to open a secret bank account.