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List of 7 Private Banks In India 2024 | Updated Today

Ramya V
List of 7 Private Banks In India

Banks are the safest option to save your money. It also plays an important role in economic development by allocating your funds to different resources. However, Indian banks are organized into different sub-groups, and each of these groups is distinct business sectors, working styles, and barriers. In addition, these banks are regulated by the Reserve Bank of India. Before moving to the list of private banks in India, let’s dive into different categories of banks.

What Are Private Banks in India?

These are commercial banks wherein citizens preserve most of the assets or equity. Initially, banks monopolized the Indian banking sector; however, after the 1990s, private sector banks emerged and expanded rapidly. The reason for their rapid gains was that they employed the newest tech, utilized current macroeconomic tools, and supplied contemporaneous innovations.

Private sector banks in India are classified into two divisions

  1. Old Private sector banks (these banks emerged before 1968)
  2. New Private sector banks (these banks emerged after the 1990s)

Private Banks in India

Bank Name

 Total Branches Total ATMs Headquarters City
HDFC Bank 6342 18,130

Mumbai

Axis Bank Ltd

 4,758 10,990 Mumbai
ICICI Bank 5,275 15,589

Mumbai

Kotak Mahindra Bank Ltd

 1,600 2,519 Mumbai
Yes Bank 1000+ 1,800

Mumbai

Induslnd Bank Ltd

 2,015 2,886 Pune
Federal Bank 1,282 1,885

Aluva

Different Types of Banks in the Indian Banking System

There are three kinds of banks in India which are as follows:

List of Top Private Banks in India

Here are some of the top private banks in India.

1. HDFC Bank

It is believed to be one of India’s largest private banks in terms of overall assets and enterprise value. This is the first Bank that got in-principle authorization from RBI to demonstrate a bank in the private sector as a section of RBI’s liberalization of the Indian Banking Industry in 1994. As of today, the banking network is vast at the global level. There are over 6342 branches and more than 18,130 ATMs.

2. Axis Bank Ltd

Axis Bank was established in 1994, and its head office is in Mumbai. This bank has branches in 11 countries, including Singapore, Shanghai, Dubai,  Colombo, Hong Kong, and Gift City-IBU. It is the third-largest private-sector bank in the country. Axis Bank’s name will be omitted from the list of private banks in India in 2022. Axis Bank has the most ATMs in the country, followed by ICICI and HDFC. The country has over 10,990 ATMs, 4533 working capital recyclers, and 4,758 branches.

3. ICICI Bank

ICICI has an extensive branch network throughout the country, with 5,275 branches and 15,589 ATMs. ICICI Bank was founded in 1994 and is headquartered in Vadodara, Gujarat. They provide a diverse range of financial products and assistance such as Fixed Deposits, loan repayments, health coverage, cash reserves and ongoing accounts, fortunate banking, and Credit Cards.

They create employment opportunities for even more than 85000 individuals across the country. In addition, ICICI Bank provides its clients with services through various delivery options and consolidated subsidiaries.

Also Read: Top 7 Best Business Ideas In Punjab

4. Kotak Mahindra Bank Ltd

After acquiring ING Vysya Bank in 2015, it quickly became one of India’s most popular banks. It was founded in 1985 as Kotak Mahindra Finance Ltd, but later modified to Bank in 2003; it has gained tremendous prominence in private sector banks by providing amazing products.

They got the license from RBI and became the first non-banking funding organization in India to transform into a bank. Kotak Mahindra Bank has over 1,600 branches and 2,519 ATMs across 744 locations. Financial planning, wealth management, financial services, insurance products, life insurance, and other services are available. Their headquarters are located in Mumbai.

5. Yes Bank

It ranks among the fastest-growing Indian banks because it provides excellent customer service. It began in 2004, and ever since then, individuals have been striving diligently on the expedition to become the finest quality biggest bank in India. Now, they have become a “Full-Service Commercial Bank” so much that other banking institutions look up to it.

The good thing about this financial institution is that it is extremely customer-centric and service-driven, and all these two qualities will assist it in transforming into one of India’s banking groups very soon. In addition, yes Bank provides various services and merchandise such as corporate finance, private equity, branch banking, etc.

6. Induslnd Bank Ltd

This is among the greatest private banks in India. They retained this title since they were influenced by the Indus Valley civilization, the world’s foremost ancient culture. Induslnd Bank offers excellent customer service and strives to guarantee that each service user is entirely satisfied.

IndusInd Bank also has headquarters in international locations such as Abu Dhabi, Dubai,  and London. They serve over 8 crore clients and recruit more than 25,000 people.

7. Federal Bank – List of Private Banks in India

They have an intriguing tagline that perfectly describes their services: “A perfect banking partner.” They provide customers with the most cost-effective and comfortable banking solutions available. It was among the 1st traditional banks in India, which thus decided to make all its branches computerized as soon as internet technology started. They began operations in 1931 as Travancore Federal Banks and later switched to Federal Banks.

List of Private Banks in India
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