List of Private Banks in India [2022]

In today’s time, a bank account has been a mandate. Everyone needs a safe space to store their hard-earned money, and what can be a better place than a bank. But considering the growth of the banking sector, there are so many banks in India that it often becomes difficult to choose which bank to invest in. Therefore, below provided is the list of private banks in India, from which a person can choose from.

The banking system plays a major role in boosting economic growth by efficiently allocating resources. It helps in promoting the economy by transforming your savings into investments. Banks in India are regulated by the top Bank of India, i.e., the Reserve Bank of India. In India, banks are categorized into distinct groups, and all of them have their own way of functioning, different target markets, benefits, and limitations.

Here is the list of private banks in India, which would help you get an insight into the establishment of the banks and the number of branches that all the private banks in India have.

Banks in India

Let us know in detail about all the banks in India.

1. AXIS BANK

Considered the third largest and most popular private bank in India. It is one of the first new-generation private sector banks in the country. It offers a wide range of financial services to large and mid-corporates, MSME, agriculture, and retail businesses.

2. BANDHAN BANK

Bandhan Financial Holdings Limited (BFHL) is the main company, and Bandhan bank is its subsidiary. Bandhan Bank is a wholly-owned subsidiary of Bandhan Financial Holdings Limited. Bandhan Bank offers banking services and products to urban, semi-urban, and rural customers alike. It is focused on meeting the needs of the people who are overlooked by the formal banking system. Some of the primary services they offer to its customers are banking services, microfinance, MSME, and affordable housing finance to urban, semi-urban, and rural customers.

3. CSB BANK

CSB Bank, formerly known as Catholic Syrian Bank, is currently the oldest private sector bank in Kerala. It has 4 principal business areas – SME banking, retail banking, corporate banking, and treasury operations. They are currently working on expanding their services by doing investments in technology so that they can improve the customer experience.

4. CITY UNION BANK

City Union Bank was initially named Kumbakonam Bank Limited. It offers numerous services to its customers such as retail banking, enterprise banking, loans, MSME, NRI banking, gold loan and serves the need of the agriculture and education industry as well.

5. DCB BANK

DCB is a new generation private sector bank. It is a scheduled commercial bank and is regulated by the RBI. DCB Bank’s business segments are retail, micro-SME, SME, mid-corporate, government, public sector, Indian banks, co-operative banks, agriculture, commodities, and NBFC. It has approximately 6 lakh customers.

6. DHANLAXMI BANK

Dhanlaxmi bank has been recognized as a scheduled bank by the RBI. In the year 2010, its name was changed to Dhanlaxmi bank as before that it was called Dhanalakshmi bank. They try to stay abreast with the latest technologies; in 2015, they launched a mobile called “Dhan Smart” to ease transactions for the customers. Their vision is to become a strong and innovative bank and want to take the social responsibility to maximize customer satisfaction.

7. FEDERAL BANK

It is one of the first among traditional banks in India in the area of using technology to leverage its operations. They render their users one of the most efficient and convenient banking solutions. Federal Bank aspires to become one of the most admired banks in India, and the way they are moving, it seems that this is going to happen very soon. They offer a big range of services: depository services, personal banking, insurance services, internet banking, mobile banking, NRI banking, online bill payment & fee collection, mutual fund products, insurance schemes, etc.

8. HDFC BANK

It is the first Bank that got ‘in-principle permission from RBI to establish a bank in the private sector as a division of RBI’s liberalization of the Indian Banking Industry. HDFC is one of the top-performing banks, and it comes under the listing of 100 most valuable brands across the world. They give a big variety of financial products and services that includes wholesale & retail banking, all type of loans, treasury, and credit cards to its customers.

9. ICICI BANK

ICICI offers a wide range of financial services and banking products to corporate and retail customers. ICICI provides its services to the customers through multiple delivery channels and its group companies. They render an extensive range of financial products and services, including Fixed Deposits, loans, insurance, savings & current accounts, privileged banking, and Credit Cards.

10. IDBI BANK

The IDBI Bank is operating as a full-service universal bank that serves customers from all segments. It is a full-service universal bank that offers a huge range of financial services to its customers. Some of the major services that they offer are deposits, loans, payment services, and investment solutions. They understand the customer’s needs pretty well and ensure to deliver remarkable financial solutions and excellent customer services. They have their customer support available 24*7 so that if you face any issue or trouble, you can get help immediately. IDBI Bank offers a perfect combination of innovation, safety, and convenience in all transactions and services.

11. IDFC FIRST BANK

When you make the list of private banks in India, the name of IDFC First Bank should be included without a miss. They provide a plethora of financial services to retail customers, small businesses, and corporate. Initially, IDFC was established in 1997for financing infrastructure, and their prime focus was on project finance and mobilization of Capital for the development of private-sector infrastructure.

12. INDUSIND BANK

IndusInd offers a wide range of products and services for individuals and corporates. It includes microfinance, personal loans, vehicle loans, credit cards, and SME loans. Over the years, it has grown ceaselessly and dynamically to offer its customer’s banking services at par. It is a preferred banking partner for various Government entities, PSUs, and large corporates. They offer a wide range of services that includes Loans, Deposits, Accounts, microfinance, Insurance, Investments, etc.

13. J & K BANK

J&K Bank functions as a universal bank in the UT of Jammu & Kashmir and Ladakh. It also functions as a specialized bank in the rest of the country. J&K Bank follows a two-legged business model whereby it seeks to increase lending in its home territory and seeks to capture niche lending opportunities on a pan-India basis. J&K Bank operates on the principle of “socially empowering banking”. It seeks to deliver innovative financial solutions for household, small and medium enterprises. They are also recognized as the agent for RBI for baking business and carrying out banking business requirements of Jammu & Kashmir and Ladakh, plus they also collect central taxes for CBDT.

14. KARNATAKA BANK

The good thing about this Bank is that they treat every customer special and understand that all customers have unique needs. Regardless of the size of your business, they understand the needs and provide excellent financial solutions. Besides many banks of India, Karnataka Bank provides a comprehensive range of customized products and services that are perfect for trade, market, business, and personal use. Some of the significant services they offer are borrowing facilities, offering maximum returns on surplus funds, deposits, or helping with overseas transactions.

15. KARUR VYSYA BANK

Karur Vysya is a leading financial institution in the country. It offers a wide array of financial services, under one roof, to millions of its customers. Karur Vysya is one of the earliest banks in India to achieve full networking of its branches under Core Banking Solutions. Their mission is to strengthen the financials by maximum utilization of funds and to ensure financial discipline. They plan to adapt to the new technology to provide innovative products and services to their customers.

16. KOTAK MAHINDRA BANK

Kotak Bank is one of the fastest-growing banks in India. It is the flagship company of the Kotak Group. Kotak Mahindra offers banking products and financial services for retail and corporate customers. They got the license from RBI and became the first non-banking finance company in India to convert into a bank. They have majorly four units: Consumer Banking, Corporate Banking, Commercial Banking, and Treasury; this serves to retail and corporate sectors in both rural and urban areas in the country.

17. NAINITAL BANK

Nainital Bank is a scheduled commercial bank. It is a subsidiary of the Bank of Baroda. Nainital Bank provides personalized services to its customers. It gained a lot of customer base because of the amazing services that they offer. All branches of Nainital Bank are operating on the CBS platform. Some of the significant services they offer are RTGS, NEFT, SMS Alerts, RuPay ATM cum Debit Card, NainiNet Internet Banking, and Mobile Banking facilities.

18. RBL Bank

RBL Bank was formerly known as Ratnakar Bank. It is one of the fastest-growing private sector banks in India. RBL offers services under six verticals: Commercial Banking, Branch & Business Banking, Corporate & Institutional Banking, Retail Assets, Development of Banking and Financial Inclusion, Treasury and Financial Markets Operations. RBL team says that they have customers at their heart; employees are their pillar, and shareholder value is their focus. To achieve all this, they offer best-in-class products and services plus offer an environment where employees can work comfortably.

19. SOUTH INDIAN BANK

The next is the South Indian Bank in the list of private banks in India. South Indian Bank is the first Kerala-based bank to implement Core Banking System (CBS). The transparency with which they work is commendable. Their primary motive is to render people a reliable, efficient, and service-oriented financial institution to get loans at reasonable interest rates.

20. TAMILNAD MERCANTILE BANK

Tamilnad is again one of the oldest banks of India. They excel in various financial services such as internet banking, mobile banking, tab banking, loans, fixed deposits, online bill payment, and much more. They have the vision to open more branches to serve more and more people by providing those services at the most reasonable prices.

21. YES BANK

YES Bank is one of the top and fastest-growing private sector banks in India. It is a customer-centric, and service-driven bank. It provides a wide range of products, services, and technology-driven digital offerings, catering to corporate, MSME, and retail customers. It has an extensive network of 1,000+ branches pan India. The good part about this Bank is that they are a very customer-centric and service-driven Bank, and these two qualities would help them become one of the largest banks in India very soon.

These are the details of some of the top private banks in India.