Private Banks in India: The banking industry in India is very big where there are more than 1000 public and private banks, cooperative banks, and even foreign banks working to address the different financial requirements of the more than a billion population of the country.
Private Banks
In such a scenario, private banks become very important and are involved in offering many services while at the same time as they try to achieve superior customer experience and innovation through the use of technology among other factors. In this post, we will look at the top 15 Private banks in India, their special features, ATMs, etc.
Top 15 Private Banks in India
| Bank Name | Number of ATMs | Number of Branches | Headquarters | Net Worth |
| HDFC Bank | 13,160+ | 5,000+ | Mumbai, Maharashtra | Rs. 3 trillion |
| ICICI Bank | 11,000+ | 5,000+ | Mumbai, Maharashtra | Rs. 2.8 trillion |
| Axis Bank | 11,000+ | 4,500+ | Mumbai, Maharashtra | Rs. 1.6 trillion |
| Kotak Mahindra Bank | 2,519+ | 1,600+ | Mumbai, Maharashtra | Rs. 1.2 trillion |
| Federal Bank | 1,200+ | 1,300+ | Aluva, Kerala | Rs. 35,000 crores |
| IndusInd Bank | 2,200+ | 1,800+ | Mumbai, Maharashtra | Rs. 28,000 crores |
| RBL Bank | 380+ | 400+ | Mumbai, Maharashtra | Rs. 16,000 crores |
| YES Bank | 1,800+ | 600+ | Mumbai, Maharashtra | Rs. 15,000 crores (as of March 2020, before capital raise) |
| South Indian Bank | 1,200+ | 950+ | Thrissur, Kerala | Rs. 3,800 crores |
| DCB Bank | 515+ | 500+ | Mumbai, Maharashtra | Rs. 3,200 crores |
| City Union Bank | 1,549+ | 700+ | Kumbakonam, Tamil Nadu | Rs. 3,000 crores |
| Karur Vysya Bank | 1,800+ | 800+ | Karur, Tamil Nadu | Rs. 3,700 crores |
| Catholic Syrian Bank | 400+ | 450+ | Thrissur, Kerala | Rs. 2,900 crores |
| Dhanlaxmi Bank | 380+ | 260+ | Thrissur, Kerala | Rs. 1,500 crores |
| Lakshmi Vilas Bank | 1,500+ | 550+ | Chennai, Tamil Nadu | Rs. 1,200 crores |
Top 15 Private Banks in India 2024
1. HDFC Bank
Without a doubt, HDFC Bank has emerged as India’s largest and most successful private sector bank since its inception in 1994. Currently, HDFC Bank has branches reaching over 5,000 and millions of individual and corporate customers all around India – this private sector bank is at the forefront of retaining higher figures concerning deposits, advances, profits, and market capitalization than most of its competitors.
The key reasons for HDFC Bank group being a market leader are; advanced technology which supports digital banking services, an extensive distribution network both in the metros and even rural/semi-urban areas as well as good risk management which has propelled its financial performance over the years. Other services that are provided by HDFC Bank include savings/current accounts, loans, credit cards, investments, and insurance.
- Net Worth of over Rs. 3 trillion
Also Read: These Banks Credit Cards Offers Highest Discount in Big Billion Sale 2023
2. ICICI Bank
Originally established in 1955 as the Industrial Credit and Investment Corporation of India, ICICI Bank has more than grown into one of the largest banks operating within the Indian subcontinent as well as the emerging markets. Originally established as a development finance company, with the passage of years, ICICI Bank transformed itself into a universal bank offering complete banking solutions to individual as well as corporate clients.
ICICI Bank’s physical branch is over 5000 branches and with Internet banking services facilitated by over 11,000 ATMs, customers can bank at any time, in any place. Savings/current accounts, loans, credit cards, wealth management, and insurance are some of the services that the bank offers to customers.
- Net Worth of approximately Rs. 2.8 trillion
3. Axis Bank
Axis Bank evolved from merging two highly successful private sector banks – UTI Bank and Lord Krishna Bank – in the late 2000s. Since then, it has grown to be the third largest private sector bank with over 4,500 branches across the country and 11,000+ ATMs, call centers, and internet/mobile banking. Axis Bank provides wholesale and retail banking services catering to large corporates, MSMEs, and individual customers. While its strong presence in major metro areas is an advantage.
- Net Worth of around Rs. 1.6 trillion
4. Kotak Mahindra Bank
Kotak Mahindra Bank was established in 1984 and it is one of the leading new-generation private sector banks in India, which has benefited from the opening up of the Indian financial sector. Currently operating out of over 1600 branches in all the big cities, towns as well as rural centers, Kotak Mahindra Bank offers its services to individual, small business, and corporate clients.
To this end, the bank is a one-stop shop that offers services in banking, investments, loans, and insurance for customers it has targeted in the different segments of the market. For example, everyday products like the ‘811’ savings account for young ambitious working class and ‘MyUniverse’ for school kids with pocket money to save for.
- Net Worth of Rs. 1.2 trillion
5. Federal Bank
With a history dating back over 90 years, Federal Bank is among the longest-standing private sector banks in India today. Having operated across South Indian states for decades, Federal Bank has grown a strong brand reputation among ordinary Indians for trustworthiness and reliability. While still growing physical branches, Federal Bank has been transitioning well into a technologically advanced bank in parallel.
Highly rated digital platforms like FedMobile and FedNet banking have seen heavy adoption from its nearly 6.5 million customer base. The bank offers the full suite of banking services – savings/current accounts, debit/credit cards, loans, investments, insurance, trade finance, etc. tailored for individual and business customers.
- Net Worth of Rs. 35,000 crores
6. IndusInd Bank
IndusInd Bank was established in the year 1994 and turned into a mid-sized private bank in India with a branch network of more than 1800. It mainly targets the large urban areas and business capitals of the north and west of India. IndusInd Bank offers services in the operations of Retail banking and wholesale banking and lastly spearheads its services to individual consumers, SMBs, and large enterprises.
The bank’s personal banking products are Deposits, investments, cards, loans, and Insurance. Other higher-risk verticals are specialized verticals that serve priority segments such as Non-Resident Indians, microfinance, vehicle/ equipment financing, and real estate finance.
- Net Worth of Rs. 28,000 crores
7. RBL Bank
Incorporating in 1943 as the Rayala Bank Limited in the Vidarbha region of Maharashtra, RBL Bank has evolved as a universal full-service private bank. Its re-branding exercise in 2015 aimed to expand beyond its traditional stronghold markets to a national presence. Currently operating with over 400 branches across the country along with a digital banking suite, RBL Bank continues expanding its footprint in tier-1, and 2 cities as well as tier-3/4 locations.
- Net Worth of Rs. 16,000 crores
8. YES Bank
Founded in 2004, YES Bank is among the new-generation private sector banks growing exponentially in India. With a network of over 600 branches and an asset base surpassing $40B, YES Bank serves millions of customers through technology and networked infrastructure. The bank provides highly integrated physical and digital channels, ranging from relationship officers, branches, ATMs/CDMs, and call centers to electronic platforms like YES Mobile, net banking, and UPI payments.
It offers a full suite of banking services for retail, small business, mid-corporate, and large corporate clients across India. YES Bank has also distinguished itself through several industry-first initiatives – including India’s largest bank notes processing facility and Yes Gems & Jewels financing program.
- Net Worth of Rs. 15,000 crores (as of March 2020, before capital raise)
9. South Indian Bank
Hailing from Kerala, South Indian Bank with its head office in Thrissur has been in operation since 1929, making it one of India’s longest surviving private banks. With a strong retail orientation and regional focus, SIB has grown its branch network across select southern and central states to over 950 branches.
Employing the latest technologies, South Indian Bank caters to 2.5 million clients through multifarious deposit/loan products, internet banking, mobile wallets, and SIBDoorstep and Cash Deposit Machine services. SIB has also implemented dedicated strategies for women’s banking, rural livelihood finance, micro/small enterprise lending, and agriculture loans
- Net Worth of Rs. 3,800 crores
10. DCB Bank
Initially established in 1930, DCB Bank has transformed significantly since changing ownership in the 1990s. Now registered as a new private sector bank, it operates with over 500 branches in multiple states, focusing on metro cities and urban centers. DCB Bank provides extensive services to individuals, small businesses, NRIs, and corporations.
For personal customers, it offers a complete range of banking and value-added services such as travel insurance, life insurance, mutual funds, general insurance, etc. Business banking verticals include trade services, cash management solutions, and working capital financing that are specially tailored to support urban SMEs and companies.
- Net Worth of Rs. 3,200 crores
11. City Union Bank
City Union Bank is one of the oldest private banks which was established in the year 1904 and is situated in the city called Tamil Nadu. In 100 years, the bank has transformed into a Universal Bank with a dedicated focus on Agriculture & Allied Services, Small & Medium Enterprises, Retail Banking & Corporate Banking services. CUB at present has its network with 262 branches mostly in Tamil Nadu and neighboring states; however, it also has offices in some other southern states and New Delhi Territory.
Its E-banking involves the utilization of advanced technology, mainly the Internet for banking services activities through multiple channel activities including Internet banking, mobile payment wallets, automated teller machines, point of sale, etc, which are in active use by half a hundred thousand customers.
- Net Worth of Rs. 3,000 crores
12. Karur Vysya Bank
Founded in 1916, Karur Vysya Bank has grown into a prominent private sector bank based in Karur, Tamil Nadu serving customers across the Southern states of India. With over 1000 branches, KVB provides universal banking services including a wide range of deposit products like savings and current accounts, and loans for home, vehicle, education, and business purposes. The bank has focused on expansion in commercial and densely populated centers through opening new branches and upgrading existing ones to deliver comprehensive solutions. KVB has also pioneered technology-enabled banking channels that have aided financial inclusion benefiting customers in semi-urban and rural regions.
- Net Worth of Rs. 3,700 crores
13. Catholic Syrian Bank
Founded in 1920, CSB Bank has played a prominent role in banking development, particularly in south Indian states like Kerala, Tamil Nadu, and Karnataka. Despite its century-old history, CSB has continued as a cooperative entity before shifting to a private bank status in recent years. Headquartered in Thrissur, Kerala, CSB operates over 450 branches and associated offices and extension counters taking its banking services deeper into communities. The bank caters to savings, fixed/recurring deposits, overdrafts, and cash credit needs of individuals and offers specialized trade, agriculture, and loan facilities to businesses.
- Net Worth of Rs. 2,900 crores
14. Dhanlaxmi Bank
Dhanlaxmi Bank Limited started its journey in 1927 earlier known as Travancore Premier Ltd, is a mid-sized private sector bank based in Thrissur, Kerala. It gradually increased its network across the South Indian states which are currently operating more than 260 stores. Backed up by the best of digital solutions Dhanlaxmi Bank fulfills the banking requirements of personal as well as Individual, SME, Agriculture, and Corporate sectors.
It provides multiple products and services such as loan and debit card products and segmental schemes which include agriculture such as farmer schemes and export schemes. Financial inclusion with much emphasis on microfinance schemes, the self-help groups by Dhanlaxmi Bank Limited have been fashioned out and contributed immensely towards the effectiveness of livelihoods. In the future of its existence, the Bank intends to sustain growth increment as it manages risks and enhances its operations.
- Net Worth of Rs. 1,500 crores
15. Lakshmi Vilas Bank
Established in 1926, Lakshmi Vilas Bank has grown into a leading privately owned bank based in Chennai, Tamil Nadu serving customers mainly across Southern and Eastern India. Over the decades, it has strengthened as a full-service commercial bank, fuelled by the steady infrastructure modernization and expansion of its branch network, which presently stands at over 550. LVB employs the latest technologies and interlinked delivery channels including internet banking, mobile wallets, tabs, and POS for enabling financial inclusion. The bank provides retail, banking, NRI, SME, and corporate banking services through specialized verticals.
- Net Worth of Rs. 1,200 crores
Conclusion | private banks in India
The phenomenal growth of the private banking sector in India over the past few decades has been instrumental in driving financial deepening and inclusion. The top 15 private banks discussed offer a microcosm of these banks’ capabilities, service quality, and continuity.
While commercial priorities remain important, most private banks have also emerged as pillars for fuelling strategic sectors, supporting MSMEs, and financing the underprivileged. By continuously strengthening infrastructure risk practices and using the latest technology – these leading private banks are well-positioned to efficiently meet the vast and diverse financial needs of humanity across India. Truly, theirs has been a remarkable journey of transforming lives and livelihoods through responsible banking.
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