The following is a ranking of India’s top ten private banks by total revenue in 2022, as determined by that year.
More than 94,384 rural and urban cooperative banks, as well as 21 private-sector lenders, 12 public sector banks, and 49 foreign lenders, are part of the Indian banking system’s mix of financial organizations. As a developing market, India’s retail credit market is the fourth-largest globally. It was estimated to be worth $281 billion in 2018. So here are the Top 10 Private Banks in India.
The 10 finest private banks in India, as determined by a rating
There are many top private banks in India. Thus, here is a comprehensive list of the best private banks in India.
1. ICICI Bank
Among the Top 10 Private Banks in India, Mumbai is the headquarters of ICICI Bank, a leading private bank in India. Since its inception in 1994, ICICI Bank has been an entirely owned subsidiary of the Indian financial institution, ICICI Limited. It was the country’s first publicly traded Bank. As a private bank, it is regarded as one of the best in the country.
There is a wide variety of banking and financial services offered by ICICI Bank, which is given via multiple delivery channels and through its group organizations. The second-largest private Bank in India, ICICI Bank, comes in at number five on this list.
2. HDFC Bank – Largest Private bank in India
HDFC Bank was India’s biggest private Bank by total sales among the Top 10 Private Banks in India during the fiscal year under consideration. In 1994, the Reserve Bank of India (RBI) became one of the first institutions in the country to sanction the creation of a private sector bank. The Reserve Bank of India started liberalizing the Indian banking industry in 1994, which was the consequence. The Bank Nifty index would not be complete without HDFC Bank.
There are more than 49 million customers.
HDFC Bank Limited was founded in Mumbai, India, in August 1994, and the Bank’s headquarters are located there. Founded in January 1995, HDFC Bank has subsequently evolved to become one of India’s most prominent private banks. HDFC Bank, India’s largest private Bank in terms of revenue and market capitalization, is the most lucrative.
3. Axis Bank Ltd
There is a private bank here. Axis is India’s third-largest private Bank and is frequently lauded as the best in the business. Mid and Large-sized firms, medium and small-sized businesses (SMEs), and agricultural and retail businesses are among the many types of customers the Bank serves.
As of March 2019, the Bank has 4,050 domestic branches (including extension counters), 4,917 cash and 11,801 ATMs, recyclers scattered around the nation. After opening its doors in 1994, Axis Bank became one of the first new-generation private sector banks.
Hong Kong, Singapore, Dubai and Colombo are among the nine sites where the Bank’s global operations are spread. In addition, the Bank has representative offices in Dhaka and Dubai and an overseas subsidiary in London. Export-oriented lending and trade finance are the primary business focuses of the abroad operations. They also offer investment banking and liability businesses.
4. Kotak Mahindra Bank Ltd
India’s Reserve Bank of India gave Kotak Mahindra Finance Ltd. a banking licence in February 2003, making it the first non-banking finance business to become a bank in the country. It is among the Top 10 Private Banks in India. According to assets under management, Kotak is India’s fourth-largest private Bank. A leading private bank in India, it is listed among the country’s top five institutions.
5. IndusInd Bank Ltd
Indian brand IndusInd Bank was ranked 19th in the 2014 BrandZ Top 50 rankings by the WPP and Millward Brown, according to WPP and Millward Brown’s study. According to The Economic Times and Interbrand, the Bank was placed 39th in the 2014 Best Indian Brands Study. IndusInd is India’s fifth-largest private Bank in terms of total assets under administration.
Customer Base: 9 million+
IndusInd Bank is one of the most well-known financial institutions in the country, and its popularity is only increasing. The Bank has developed a wide range of banking products and services that are unique, convenient, and highly relevant to the Indian client via a mix of responsiveness and inventiveness.
Among the Top 10 Private Banks in India this Bank has recently implemented various new services, including Choice Money ATMs, My Account My Number, Cash on Mobile, Check-on-Cheque, Quick Redeem Service, Direct Connect, and 365 Days Banking. Consumers and the Bank’s colleagues alike have praised these one-of-a-kind offerings, which have been widely publicized and widely hailed as the best private Bank in India.
6. Yes Bank Ltd
India’s sixth biggest private sector bank, YES BANK, stands out for being a high-quality, customer-centric and service-driven institution. With over a decade of experience, Yes Bank has evolved into a “Full-Service Commercial Bank,” delivering a comprehensive variety of products and services and technology-driven digital solutions to corporate, SME, and retail clients.
7. IDFC First Bank Ltd
It was created in 1997 to finance infrastructure, focusing on project financing and resource mobilization for private sector infrastructure development, IDFC Limited.
Rajiv Lall joined the business in 2005 and has since expanded its activities to encompass Asset Management, Institutional Broking, and a Debt Fund for Infrastructure. In 2013, he sought for a commercial banking licence with the Reserve Bank of India. A new private-sector bank was approved in principle by the Reserve Bank of India (RBI) in 2014 due to his efforts.
The base of Clientele The overall number of clients is 4 million.
Previously known as IDFC Bank Limited’s stock was traded on the stock exchange in November 2015. Over the next three years, the Bank built a robust and resilient framework that comprised excellent IT skills and infrastructure, allowing it to increase its banking operations substantially. Bank of America established a treasury management system for its own proprietary trading and managing client operations. It was effective and efficient.
8. Federal Bank Ltd
One of India’s largest private commercial banks with more than 1,000 branches and ATMs, Federal Bank Limited is based in Aluva, Kerala, India. It was one of the country’s first banks to computerize all of its branches. One of India’s leading private banks, the Bank has a stellar reputation.
Clients may make use of a wide range of banking options, including mobile banking, bill payment, online fees and collections, depository services, Cash Management Services, merchant banking, life insurance and mutual fund products, to name a few.
9. Bandhan Bank Ltd
Holding business Bandhan Financial Holdings Limited is the parent company of Bandhan Bank (BFHL). Bandhan Bank is committed to serving India’s under-banked and unbanked population. Asset and liability products and services are provided by this organization, which is a world-class provider of banking solutions and financial services. Microfinance, MSME financing, and affordable home financing are just some of its services to customers in urban, semi-urban, and rural locations. As of 2020, the firm is among India’s top 10 private banks.
10. South Indian Bank Ltd
Swadeshi-era bank “South Indian Bank” is one of India’s oldest financial organizations still in operation. By the year 2020, it will be one of India’s top 10 private banks. At Thrissur, a key town in Kerala, an intrepid group of people gathered to form a cooperative and lay the foundations of the Bank.
Cochin’s first purpose was to create a secure, efficient, and customer-service-oriented repository for community savings; the second was to free businesses from the clutches of greedy money lenders by offering need-based loans at affordable interest rates to the business community.