There are a number of private banks in India, including HDFC Bank, ICICI Bank, and Axis Bank. These banks offer a range of services, including personal and business banking, loans, and credit cards. Private banks in India are typically much larger than public banks and offer a wider range of products and services. The banking sector in India is highly competitive, with a large number of private banks offering a variety of services.
In this blog post, we will list the top private banks in India, based on their assets and market share.
Read more: Nationalized banks in India | Know the detail
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What are private banks in India?
Private banks in India are those which are not owned by the government. They are run by individuals or groups of people and are typically for-profit institutions. Some of the largest and most well-known private banks in India include HDFC Bank, ICICI Bank, and Axis Bank.
List of private banks of India.
HDFC Bank
HDFC Bank is one of the leading private banks in India with a strong presence across the country. The bank offers a wide range of banking products and services to its customers including savings, and current accounts, credit cards, loans, mortgages, investment products, and more.
HDFC Bank has a network of over 4,700 branches and 12,000 ATMs across India. HDFC Bank is the largest private bank in India, with assets of over Rs 5 trillion and a market share of 19%.
- Customer service: 00 91 22 6760 6161
- CEO: Sashidhar Jagdishan (Oct 27, 2020–)
- Headquarters: Mumbai, India
- Owner: Housing Development Finance Corporation
- Founded: August 1994, Mumbai, India
- Parent organization: Housing Development Finance Corporation
ICICI Bank
ICICI Bank is another leading private bank in India with a wide range of banking products and services for both retail and corporate customers. The bank has over 4,500 branches and 13,000 ATMs across India. ICICI Bank also offers internet banking, mobile banking, and phone banking facilities to its customers.
ICICI Bank is the second largest private bank, with assets of Rs 4.6 trillion and a market share of 17%.
- CEO: Sandeep Bakhshi (Oct 15, 2018–)
- Headquarters: Vadodara, India
- Founder: Industrial Credit and Investment Corporation of India
- Founded: 1994, Vadodara, India
- Total assets of ICICI Bank: 17.53 trillion INR (US$230 billion, 2022)
- Number of employees: 97,354 (2020)
Axis Bank
Axis Bank is one of the largest private sector banks in India with over 3,500 branches and 12,000 ATMs spread across the country. The bank offers a wide range of products and services for both retail and corporate customers including savings and current accounts, credit cards, loans, investments, etc.
Axis Bank also provides internet banking facilities to its customers. Axis Bank is the third largest private bank, with assets of Rs 3.6 trillion and a market share of 14%.
- CEO of Axis Bank: Amitabh Chaudhry (Jan 1, 2019–)
- Headquarters: Mumbai, India
- Axis Bank Founded: 1993, Ahmedabad, India
- Number of employees: 78,300 (2021)
- Revenue: 861.1 billion INR (US$11 billion, 2022)
Kotak Mahindra Bank
Kotak Mahindra Bank is a leading private sector bank in India with over 1,300 branches and 2,600 ATMs across the country. The bank offers a wide variety of banking products and services to its customers including savings accounts, current accounts, credit cards, loans, investments, etc. For more detaíls
Kotak Mahindra Bank also provides internet banking facilities to its customers. Kotak Mahindra Bank is the fourth largest private bank, with assets of Rs 2.7 trillion and a market share of 10%.
- CEO of Kotak Mahindra Bank: Uday Kotak (May 1, 2018–)
- Founder: Uday Kotak
- Headquarters: Mumbai, India
- Kotak Mahindra Bank Founded: February 2003
- Number of employees: 71,000 as on 2021
Bandhan Bank
Bandhan Bank is a young bank that was founded in 2015. It is headquartered in Kolkata and has over 500 branches across India. The bank provides banking services to both retail and corporate customers. It offers a wide range of products and services such as savings accounts, credit cards, loans, and insurance. The bank has a strong focus on providing banking services to the under-banked and underserved sections of society.
It has also been actively involved in financial inclusion initiatives such as the opening of zero-balance accounts and the distribution of debit cards.
- CEO: Chandra Shekhar Ghosh (Jul 9, 2015–)
- Headquarters: Kolkata, India
- Founded: 2001
- The Founder of Bandhan Bank: Chandra Shekhar Ghosh
- Chairperson: Anup Kumar Sinha
- Number of employees: 60,211 (2022)
YES Bank
The Reserve Bank of India (RBI) has placed Yes Bank under moratorium for a period of 30 days, effective from the close of business hours on March 5, 2020. In this regard, the RBI has superseded the Board of Directors of the bank. And capped the maximum withdrawal limit for depositors at ₹ 50,000 during the period of moratorium.
The RBI has also appointed Prashant Kumar, a former Deputy Managing Director and Chief Financial Officer (CFO) of SBI, as the administrator of Yes Bank. This decision was taken after an assessment of the current financial situation of the bank by the RBI.
- CEO: Prashant Kumar (Mar 6, 2020–)
- Headquarters: Mumbai, India
- Founded: 2004
- Number of employees: 23,800 (2021)
IndusInd Bank
IndusInd Bank is an Indian bank established in 1994. The bank offers a wide range of banking products and services to its customers. IndusInd Bank has a network of over 1,600 branches and 5,000 ATMs across the country.
The bank has a strong focus on providing world-class customer service. IndusInd Bank has been awarded the Best Retail Bank in India for the past two years.
The bank has a strong focus on technology and offers a wide range of digital banking products and services to its customers. IndusInd Bank was the first bank in India to launch a mobile banking app.
The bank has also launched a number of innovative products such as the IndusInd Bank Credit Card, which offers cashback and rewards on every purchase.
IndusInd Bank rounds up the top five, with assets of Rs 2.3 trillion and a market share of 9%. For more detaíls check.
- CEO: Sumant Kathpalia (Mar 24, 2020–)
- Headquarters: Mumbai, India
- Founder: S. P. Hinduja
- Founded: April 1994, Mumbai
- Number of employees: 33,582 (2022)
South Indian Bank
The South Indian Bank was founded in 1929 in Thrissur, Kerala. The bank has over 800 branches and is one of the leading banks in India. The bank has a strong focus on customer service and is known for its innovative products and services.
The South Indian Bank is a major player in the Indian banking industry and is one of the largest banks in Kerala.
- Headquarters: Thrissur, India
- CEO: Murali Ramakrishnan (Oct 1, 2020–)
- Founded: 1928
- Revenue: 65.63 billion INR (US$870 million, 2017)
- Total assets: 743.1 billion INR (US$9.3 billion, 2017)
- Number of employees: 7,677 (2017)
Conclusion
The private banks of India are HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, and IndusInd Bank. All these banks offer a wide range of services and products to their customers. They have branches all over the country and provide good customer service.