Private Sector Banks are the banks in which larger equity share is held by the private shareholders. These Banks are growing swiftly due to the excellent customer services offered by them.
Private sector banks are the ones whose greater part of the equity is held by private shareholders, unlike the government banks. Private banks either fall in the category of either existence prior to nationalisation in 1969 or the ones that have gained the licence since the liberalisation in the 1990s.
Though banking in India has been dominated by the public banks by and large. These banks have an integral role to play in the economic and financial development of the economy.
The private sector banks have grown faster & much bigger over these two decades with the employment of latest technology, innovations and recent monetary tools and techniques in India. There are a large number of private sector banks in India that delivers customer-centric services and offer quality products.
There are more than 20 private sector banks in India, but the ones with the highest market cap has only secured the position in this list of Top 10 Private Sector Banks in India.
10. City Union Bank
This Indian bank, was incorporated as The Kumbakonam Bank Limited in the year 1904. From regional roots to national front, the bank now has a strong network of more than 525 computerised branches and 1292 ATMs spread all across the nation.
This bank has secured the tenth position in the list of Top 10 Private Sector Banks in India
9. Federal Bank
Federal Bank, formerly known as Travancore Federal Bank was established in the year 1947. Headquartered in Aluva, Kerala and presently it has more than thousand branches in the country.
Federal Bank since its inception has continuously strived for the excellence in customer service and quality products. To live up to the customers expectations, it offer services such as Corporate Banking, Loans, Insurance and NRI Banking.
8. RBL Bank
Also known as Ratnakar Bank limited, this private bank was established in the year 1943 and has its registered office situated in Kolhapur region of Maharashtra.
The bank serves more than 19,00,000 customers and has a total business size of over Rs. 45,000 Crores in India.
Ratnakar Bank limited offers a range of banking products and services categorised in 5 verticals, viz. Corporate & Institutional Banking, Retail Banking, Commercial Banking, Agri & Development Banking and Financial Markets.
7. IDFC Bank
This bank has secured the seventh position in the list of Top 10 Private Sector Banks in India. IDFC was founded in the year 2015., which is a subsidiary of the infrastructure finance company IDFC.
It has headquarters located in Mumbai and has its nationwide branches serving the banking and financial solutions. IDFC bank has its registered office situated at Chennai. The bank has its core focus in serving the rural, semi-urban underserved communities and the self-employed communities.
6. Yes Bank
Yes Bank is one of the fastest growing bank of the country that provides a wide range of services like Commercial Banking, Investment Banking, Corporate and Institutional Banking and Branch Banking. Yes Bank won the Golden Peacock Award for Corporate Social Responsibility in the year 2013.
Yes Bank was founded by Rana Kapoor and the bank started its operations in January 2004.
5. IndusInd Bank
IndusInd Bank started its operations in the year 1994 and has its headquarter in Mumbai, Maharashtra.The bank derived its name from the Indus Valley Civilization.
IndusInd Bank has a specialisation in the retail banking and its clients are Corporate & Investment, Financial Institutions and Private and Government Banking Institutions.
4. Axis Bank
Axis Bank is ranked 4th in the list of top 10 private sector banks in India. Axis Bank is one of the largest private sector banks in India, offering a wide range of products such as Credit cards, Consumer banking, Corporate banking, finance and insurance, investment banking, mortgage loans etc.
Axis Bank began its operations in 1994 and offers diverse spectrum of financial services to its customers.
3. Kotak Mahindra Bank
Kotak Mahindra Bank, previously known as Kotak Mahindra Finance Limited is a non-banking financial company, which was established in the year 1995. This bank got the license to carry out the banking operations in the year 2003.
The bank is not only present in Metro Cities but also in Tier-2 cities. Some of the services provided by this bank are Wholesale Banking, Privileged Banking, NRI Banking, Insurance and Finance.
2. ICICI Bank
Industrial Credit and Investment Corporation of India, popularly known as ICICI was originally formed in the year 1994 by the initiative of the World Bank and ICICI. Headquartered in Vadodara, Gujarat, its an Indian Multinational Bank, which is a wholly owned subsidiary of ICICI Limited.
ICICI Bank won the award for the Best Bank – Global Business Development in 2014. It offers various services like Privilege Banking, Loans, NRI Accounts, Insurance, Credit cards, etc.
1. HDFC Bank
Housing Development Finance Corporation Limited, popularly known as HDFC Bank was incorporated in the year 1994. Headquartered in Mumbai, HDFC was founded by Hasmukhbhai Parekh.
Among all the private sector banks, HDFC was the first to receive approval from Reserve Bank of India to set up a bank and started its operations in the year 1995. It provides various products like Insurance, Credit cards, Loans, FOREX services, Premium Banking, Private Banking etc.