Banks play a very important role in building and stabilizing the economy of a country. In our country, for a bank to function legally, it has to acquire a license from the Reserve Bank of India. Private Banks are one such type of banks. The majority stakes of private banks are owned by a private company/Individual/Corporation.
At the beginning of the introduction of banks in India, most of the banks were private banks. They were either owned by an individual or a group of individuals. It was in 1969 the union government acquired these private banks through an ordinance with the owners of the banks. Estimates indicate that private banks produce more income than nationalized public sector banks. One of the main reasons for such a major difference is because there is a great deal of difference in the quality of service and technologies used.
Here is the list of the top 10 best private banks in India today. PS: these banks are new private banks, the banks that started after the nationalization of old private banks.
10. Bandhan Bank
Bandhan Bank ranks 10 on the list of best private banks in India. This bank is owned by Mr. Chandra Shekhar Ghosh and he is not only the owner of this bank he is also the vice-president of Bengal chamber of commerce and industry. The headquarters of this branch is situated in Kolkata, West Bengal. This private bank is solely recognized and approved by the Reserve Bank of India.
Bandhan Bank is considered to have an extensive range of services that are made available to people from rural and urban areas.
- Revenue – INR 432,012 lakh
- Net income – 111,195 lakh
9. J&K Bank
The J&K bank ranks 9 on the list of best private banks in India. This bank is also known as Jammu and Kashmir bank and has it’s headquarters in Srinagar. J&K bank was founded by Mushtaq Ahmad in 1938; today the bank has annual revenue of approximately INR 69 billion. This bank offers various services to wide range of people from different regions. J&K bank also provides electronic and electric transaction services. One of the notable things about this bank is that it has been generating revenue continuously for the past 4 decades without fail.
- Revenue – INR 68.21 billion
- Net income – INR 32.55 billion
8. IndusInd Bank
IndusInd Bank ranks 8 on the list of best private banks in India. This bank has over 900 branches and 1600 ATMs all over the country. Over the past few years, the bank has been developing several new services and features that could help the customers for an easy transaction. This bank was founded in the year 1994 and is owned by the Hinduja Group. The headquarters of this bank is situated in Mumbai, Maharashtra. Most of the people wonder where the name came from; the bank was named after the Indus Valley Civilization.
- Revenue –INR 82.5 billion
- Net profit – INR836 crore
7. Karur Vysya Bank
Karur Vysya Bank ranks 7 on the list of best private banks in India. This is one of the oldest banks in India. The bank was founded in the year 1916 at Tamil Nadu and today it is estimated to generate billions of revenue each year. The Karur Vysya bank has its branches all over south India and serves millions of customer’s. This bank offers various services like online banking, loans, mutual funds, Fixed Deposit etc. Karur Vysya has over 600 branches in over 18 states of India.
- Revenue – INR 5,443.41 crore
- Net income – INR 567.63 crore
6. Federal Bank
The Federal Bank of India commonly referred to as FBI bank ranks 6 on the list of best private banks in India. This bank was founded in the year 1945 with its headquarter in Aluva Kerala. This bank is considered as one of the largests bank with the best revenue production and this bank also has a reputation of using advanced methods and technologies in their system for maximum efficiency and best service for the customers. Federal Bank is a one-stop solution for most of the financial services that include loans, NRI banking, online banking, insurance policies etc.
- Revenue – INR 77.4 billion
- Net profit – INR 263 crore
5. Yes Bank
Yes Bank Ranks 5 on the list of best private banks in India. This bank was founded in 2004 and has its headquarters in Mumbai. Yes Bank is considered as one of the fastest growing private banks in India with a trend of producing continuous high revenue for the past few years. Today, this bank has more than 500 branches and is spread over 400 cities. One of the notable things about this bank is that it deals with services like branch banking, commercial banking, investment banking etc. This bank has a reputation for best customer service.
- Revenue – INR 23,500 crore
- Net income – INR 3000 crore
4. Kotak Mahindra Bank
Kotak Mahindra Bank ranks 4 on the list of best private banks in India. This bank was founded in the year 1985 and is considered as one of the most trusted banks in India. One of the notable things about this bank is that their services are a bit expensive, but the bank comparatively has higher security on your bank accounts and the transactions.
The bank has it’s headquarter in Mumbai and was founded by Uday Kotak. It provides services like IPOs, Mutual funds, Tax free bonds etc.
- Revenue – INR 27,974.52 crore
- Net income – INR 3,431.12 crore
3. Axis Bank
Axis Bank ranks 3 on the list of best private banks in India. This bank was founded in the year 1993 and has its headquarters in Ahmedabad, Gujarat. This bank provides many services to the customers like Smart banking, net banking for easy payments, and many more advanced services. They also provide services like corporate banking, commercial banking, rural baking, and NRI banking. One of the notable things about this private bank is it has been maintaining this position for the past few years. Axis bank is the first bank in India to launch a travel currency card and the bank to get listed on the London Stock Exchange.
- Revenue – INR 414.0925 billion
- Net income – INR 8.5759 billion
2. ICICI Bank
The ICICI Bank ranks 2 on the list of best private banks in India. This bank was founded in the year 1994 and has its headquarters in Mumbai, Maharashtra. The bank was founded by Chanda Kochar who is still the current CEO of the bank. ICICI is considered as one of the largest commercial private banks in the country with millions of customers. Estimates indicate that this bank produces an annual profit of $1.5 billion. The bank serves millions of customers and provide service in numerous states of the country. The ICICI bank is the 3rd largest bank in India when the assets are considered and the fourth largest in the terms of market capitalization.
- Revenue – INR 73,660.76 crore
- Net income – INR 9,801.08 crore
1. HDFC Bank
HDFC Bank ranks 1 on the list of best private banks in India. This bank is considered as one of the most valuable private banks in India. The HDFC bank was founded in the year 1994 and has its headquarters in Mumbai, Maharashtra. Estimates indicate that this bank holds the 5th position in terms of assets it has. The HDFC bank has almost 3200 branches all over the country and has more than 12000 ATMs in the country. It provides services like loans, Insurance, Premium banking, Credit cards, FOREX services etc. HDFC is India’s largest bank in terms of market capitalization.
The bank gained its reputation for the extensive services provided and was ranked 69th on the list of top 100 most valuable global brands.
- Revenue – INR 81,602 crore
- Net income – INR 14,550 crore
All the data’s mentioned below each bank was collected from several sources including the bank’s official websites and Wikipedia.
