Introduction

The banking sector of India is undoubtedly one of the major pillars which hold the country’s economy together. The Reserve Bank of India (RBI) is the central bank of India and the regulator of the Indian banking system. This article includes the top 5 private banks in India 2021.

Indian Banking System includes:

• 12 public sector banks
• 22 private sector banks
• 46 foreign banks
• 56 regional rural banks
• 1485 urban cooperative banks
• 96,000 rural cooperative banks

As of 2018, Public Sector Banks contribute a total of around 66% of the total banking sector assets whereas Private Sector Banks contribute around 28%, the rest of 6% is contributed by foreign banks.

Read: Current Account & Savings Account: A Step-By-Step Guide

List of Top 5 Private Banks in India 20201

Going digital has become a trend across the world and Banks are also stepping up to their game by providing the best technical, digital innovations to their customers. The private banking sector of India expanded rapidly since the liberalization in the 1990s.

There are currently 22 private banks in India from which 5 of them stands out from the rest, these are:

1. HDFC Bank Limited

The Housing Development Finance Corporation Limited or HDFC was the first bank to set up in the private banking sector after the Liberalization. It was incorporated in August 1994 and is headquartered in Mumbai. HDFC stands as the largest private bank in India providing excellent banking services domestically as well as internationally.

Management 

• Chairman- Shyamala Gopinath
• Managing Director- Aditya Puri
• Secretary- Santosh Haldankar

Network

It has 1416 branches and 3382 ATMs in 550 cities across India.

Services

• Wholesale Banking Services
• Retail Banking Services
• Treasury

Subsidiaries

• HDFC Securities (HSL)
• HDB Financial Services (HDBFSL)

Revenue

Rs.105,161 Cr

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2. ICICI Bank

ICICI is an older group and was first formed back in 1995 even before the Independence of India. After the Liberalization of the private sector, ICICI expanded its services from providing long-term project financing to Indian businesses to a diversified financial services provider. ICICI Bank was incorporated in 1994 as a part of the ICICI group and today it is among the leading private banks in India. 

Management

• Chairman- Girish Chandra Chaturvedi
• Managing Director and CEO- Sandeep Bakhshi

Network

5,288 branches and 15,158 ATMs across India

Services

• Funds transfer
• Careless cash withdrawal
• manage account
• recharge and pay bills
• credit card payments
• fixed deposits

Subsidiaries

• ICICI Prudential Life Insurance Company, ICICI Securities
• ICICI Lombard General Insurance Company
• ICICI Prudential AMC and Trust, ICICI Venture
• ICICI Direct, ICICI Foundation
• ICICI Home Finance Company Limited

Revenue

Rs.84,353 Cr

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3. Axis Bank Ltd

Axis Bank, similar to HDFC Bank, is among the first private banks to establish itself after the liberalization in India. It was incorporated in 1993 and started operating in 1994. Axis Bank was promoted by a number of bodies including Unit Trust of India (SUUTI), Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC). It has also established itself in international countries like Singapore, Hong Kong, Dubai, Colombo, and Shanghai, an overseas subsidiary in London, UK. 

Management

• Chairman- Sanjiv Misra
• Managing Director- Amitabh Chaudhry
• Secretary- Girish V Koliyote

Network

4,528 domestic branches, over 12,044 ATMs and 5,433 cash recyclers across India. (31st March 2020)

Services

• Personal Banking
• NRI Banking
• Corporate Banking
• Priority Banking
• VBV- Online purchases using Credit Card
• VBV/ MSC- Online purchases using Debit Card

Subsidiaries

11 Subsidiaries, some of them are

• Axis Capital Ltd. (ACL)
• Axis Securities Ltd. (ASL)
• Axis Finance Ltd. (AFL)

Revenue

Rs.80,057.67 Cr

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4. Kotak Mahindra Bank Ltd

Kotak Mahindra Finance Ltd., the flagship company of the bank, was established in 1985 and was given permission by RBI to start its operations in the banking sector in February 2003. Like this, Kotak Mahindra Finance Ltd became the first non-banking finance company to change from a finance company to a bank. Apart from running domestically, it also operates internationally and has its presence in London, New York, Dubai, Mauritius, Singapore, and San Francisco. 

Management

• Chairman- Prakash Apte
• Managing Director- Uday Kotak
• Secretary- Bina Chandrama

Network

323 branches with a customer base of over 2.7 million across India

Services

• Commercial Banking
• Stock Broking
• Mutual Funds
• Life insurance
• Investment Banking

Subsidiaries

18 Subsidiaries, some of them are:

• Kotak Securities Ltd
• Kotak Mahindra Capital Company,
• Kotak Mahindra Prime Ltd
• Kotak Mahindra Investments Ltd.

Revenue

Rs.50,365.74 Cr

Visit: RBI List

5. IndusInd Bank Ltd

IndusInd Bank was formed in 1994 and was promoted by Srichand P Hinduja, an NRI Businessman and also the head of the Hinduja Group. The bank has become one of the major private banks in the country. It is the leading bank that started net banking and achieved 39th rank in The Economic Times and Interbrand Best Indian Brand Study, 2014. 

Management

• Chairman- R Seshasayee
• Managing Director- Romesh Sobti
• Secretary- Haresh K Ganwani

Network

Nearly 2,000 branches across India

Services

• Personal Banking including deposits, loans
• investments, insurance
• forex services
• wealth management services
• NRI Banking including money transfer
• investment products like international deposits
• mutual funds
• online share trading

Subsidiaries

• IndusInd Bank Ltd
• Asset Management Arm
• IndusInd Financial Inclusion
• IndusInd Bank Ltd

Revenue

Rs.36,002 Cr