BEST PRIVATE BANKS IN INDIA
BEST PRIVATE BANKS IN INDIA
Private-sector banks have been functioning in India from almost a century ago in 1921. Yes, since the beginning of banking systems in India, the concept has existed in India. The banking in India has been dominated by public sector banks since the year 1969, from when all major banks were nationalised by the Indian government. Now, since liberalisation in government banking policy in 1990s, old and new private sector banks have re-emerged and here is the list of top private banks in India in 2020:
- HDFC Bank: Housing Development Finance Corporation Limited or HDFC bank was founded in 1994, and it was the visionary Arun Puri, who had floated the random figure of ‘300 branches in the next 3 years’ as his business plan. This long-term vision eventually turned the Bank generated a massive revenue of 1.17 lakh crores in 2019. The 5, 103 branches of HDFC bank offers a wide range of products like credit cards, Debit cards, home loans, auto loans, and personal loans. They also ease transactions with 12,160 ATMs with headquarter in Mumbai, Maharashtra.
- Kotak Mahindra: Established in 1985, Kotak Mahindra Finance Ltd. remained an NBFC until it got a banking license from the RBI in 2003 and was converted into a bank, Kotak Mahindra Bank Limited, the first NBFC to turn into a bank. Headquartered in Mumbai, Maharashtra, the financial capital of India, Kotak has 1390 branches across India and 2100 ATMs. This private bank has also promoted itself being one of the banks which offer the neo banking services through its services called Kotak 811. The bank offers banking services, personal loans, car loans, home loans, and investment options.
- ICICI Bank: A bank with one of the highest number of ATMs in the country i.e. more than 15000 ICICI bank is a private bank founded in 1994. The bank has, over the period of decades, grew in India and by the year of 2010, became a bank that acquired 9 medium and small banks. Headquartered in Mumbai, Maharashtra, it launched its net banking services in the year 1998 and now, it offers investment products, personal loans, car loans, and insurance policies through its online platform and 4000+ branches.
- Axis Bank: Another private bank in the list of best private banks in India 2020 is Axis Bank which was earlier known as UTI Bank. Since the beginning of its operations in 1993 and became the first Bank to launch its travel currency card. This is followed by 2005 it was listed on the London Stock Exchange and opened its branches in the overseas country. In 2007, it became Axis Bank which now offers personal loans, car loans, home loans, and other banking services.
- IndusInd Bank: Established in 1994 with the ambition of serving the NRI community, IndusInd bank has total branches of 1558 and 2,453 ATMs. To cater to the same target audience, the bank has a considerable presence in metro cities. Apart from this, the Bank has a decent presence in the overseas country, including Dubai, Abu Dhabi, and London. IndusInd has offered employment opportunity to 25000 people who help the customers with the offering debit cards and saving accounts, credit options in the form of gold loans, home loans, and personal loans.
- RBL Bank: Ratnakar Bank Limited, a bank that in modern times is known as RBL bank has been continuing its legacy since its establishment in 1943. The Bank had the legacy of serving small and medium enterprises (SMEs) and business merchants in the Kolhapur-Sangli belt to whom they offer services like home loans, personal loans, business loans, education loans, FDs and RDs, and deposit accounts. Headquartered in Mumbai, Maharashtra, the bank has a total of 324 branches and 341 ATMs.
- Federal Bank: Federal Bank, a pioneer in the Indian Banking sector which after meeting all the formalities of the Banking Regulation Act, it was named as Federal Bank Limited in 1949. In the seven years from 1963 to 1970, the Federal bank acquired 5 banks and became a commercial bank in 1994. Well, today the Kochi headquartered bank has more than 1200 branches in overseas countries like Dubai and Abu Dhabi and has 1.2 million NRI customer base where one can avail its services include deposit schemes, loans, debit cards, and credit cards.
- IDFC First Bank: Founded in 1997, and received the NBFC license from RBI in 1998, IDFC bank started its operation as a universal bank in 2015, it announced the merger of the NBFC Capital First and IDFC Bank and today it is known as IDFC First Bank. Well, that’s the only first it has, IDFC Bank was the first bank to launch Aadhar-linked cashless transactions in India post demonetization. With its headquarters in Mumbai, the bank offers its services to the infrastructure sector, the bank serves corporate and private customers along with consumer banking, corporate banking, wholesale banking, wealth management, and investment banking.