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.
There are a large number of private sector banks in India that delivers customer centric services and offer quality products.
This post describes about the top 10 Private Sector Banks in India.
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.
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.
3. Axis Bank
Axis Bank is ranked 3rd 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.
4. 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.
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 specialization in the retail banking and its clients are Corporate & Investment, Financial Institutions and Private and Government Banking Institutions.
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.
7. ING Vysya Bank
ING Vysya is an Indian Multinational Bank, which offers services to the customers in more than 40 countries. It believes in transformation and innovations for getting excellence in the banking sector. The bank bagged MasterCard Innovation Award in MasterCard Payments Strategy Conference.
ING Vysya Bank was formerly known as Vysya Bank but in the year 2002, its shares were purchased by the Dutch ING Group, so the named changed to ING Vysya Bank. It is headquartered in Bangalore.
8. 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.
9. JK Bank
J&K Bank is the first state owned bank in the country and it has a record of continuous profit and dividends for four decades. It is headquartered in Srinagar.
Bank was founded in the year 1938 and started its operations in the year 1939.
10. Karur Vysya Bank
Last on this list is Karur Vysya Bank, established in the year 1916, is a scheduled commercial bank of the country that delivers excellent services to its customers. It is headquartered in Karur, Tamil Nadu and has more than 550 branches in over 18 states across the country.