One of the largest economies in the world is the India economy, not only because of the exceptionally high population but also due to an incredible economic variance amongst its people. The Indian banking system is made up of 12 public sector banks, 21 private sector banks, 49 foreign banks, 56 regional rural banks, 1,500+ urban cooperative banks and 94,000+ rural cooperative banks, in addition to cooperative credit institutions, have taken the onus of serving the heterogeneous population of the nation and efficiently so. Public sector banks offer the much-needed aspects of security and cost-effectiveness but the private sector banks facilitate their customers with highly convenient and efficient services.
Below is the list of top private banks in India and also the best ones.
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1. HDFC Bank
The bank Housing Development and Finance Corporation Ltd. (HDFC) was established in the year 1994, which is headquartered in Mumbai. HDFC bank is one of the leading and largest private banks in India, with revenue of a whopping Rs. 1.17 Lakh Cr. and a net income of Rs. 21,078 cr. in the year 2019. The bank offers numerous services ranging from Retail to Wholesale Banking, Credit to Debit Cards, Home Loans to Auto Loans, amongst others, the bank serves millions of customers across the nation.
2. ICICI Bank
The bank Industrial Credit and Investment Corporation of India (ICICI) is one of the most reliable and another leading of all private banks. This bank offers a wide range of services including truncations, loans, deposits, privilege banking, insurance policies, and Credit Cards amongst others. Its revenue was of Rs 73,913 Cr. and a net income of Rs.3,363 Cr. in the year 2019, and so the bank boasts of consolidated assets worth Rs. 12.50 trillion.
3. Axis Bank Ltd
Axis Bank, the third-largest Private Banks in India, which was established in the year 1993, is headquartered in Mumbai. The bank managed to flourish all over India within short span of its establishment, with Over 4,000+ branches and 11,800+ ATMs. Axis Bank provides employment to over 55,000 people with revenue of Rs.41,409.25 Cr. and a net income of Rs.857.59 Cr.
4. Kotak Mahindra Bank Ltd
Kotak Mahindra Bank Ltd, founded in the year 2003, is among the top and the fourth-largest private banks in India. The bank has earned the reputation of being a leading private sector bank in India with an exceptionally high revenue of Rs. 28,547.24 Cr. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company received a banking license from the Reserve Bank of India (RBI) and became the first non-banking finance company in India to convert into a bank – Kotak Mahindra Bank Ltd.
5. IndusInd Bank Ltd
IndusInd Bank, the fifth largest private bank in India was established in the year 1994 and it is headquartered in Mumbai. The bank provides employment for over 25,000 people and enjoys a prominent presence in all metropolitan cities of India, along with an international presence in Dubai, Abu Dhabi, and London.
Conclusion
So friends, these are all Top 5 Best Private Banks in India. I hope you liked this information about private banks in India and this article will be useful for you.