Top 10 Private Banks in India

Top Ten Leading Private Banks: This article is for all those customers who are planning to invest their hard-earned money in some reputed bank in their region. Private Banks come first to our minds when we think of getting a higher rate of interest for our principal amount. In this article, there will be all the proper details such as when was the bank founded, its headquarters, the rate of interest, its key members and key products in the market, total turnover and much more. In the recent few years, private banks have come up with latest facilities to serve their customers better in terms of reliability and advanced features. To determine whether a bank is good or just average, these factors play a big role. Also, the way private banks communicate with their customers to serve them with excellent services is applaudable. Thus, we have a fully detailed description of the top 10 private banks in India. The list goes this way:

1. HDFC BANK

It is the very first private bank to be approved by the Reserve Bank of India for establishment as a private bank. HDFC is ranked number 1 on the list of top private banks. It was founded and established back in the year 1994. HDFC stands for Housing Development Finance Corporation Limited. HDFC Bank is headquartered in Mumbai, India. HDFC facilitates its customers not just with the financing services like the deposit of money, withdrawal and loans but also provides advanced facilities like credit cards, Insurance Policies and Premium Banking. It offers 4% rate of interest for money in savings account to people of all age groups including young ones and senior citizens as well. It has more than 3200 bank branches and 12000+ ATM’s across the country.

Key people of HDFC: Mr. Aditya Puri (Managing Director)
Key Products: Investment Banking, Investment Management, Wealth Management, Private Banking, Corporate Banking, Private Equity, Finance and Insurance, Consumer Banking.
Turnover: 10,588.1 crore(US$1.6 billion)
Number of Employees: 87,555 employees as per the year 2016

2. ICICI BANK

The second topmost bank in the list of private banks is the ICICI Bank. ICICI stands for Industrial Credit and Investment Corporation of India. ICICI was established back in the year 1994 and has it headquarters located in Mumbai, India. ICICI offers it customers with basic finance facilities like withdrawal, deposit and loans along with some other services like Insurance, Privilege Banking, credit cards and few others. ICICI also has 4% rate of interest on all saving accounts.

Key people of HDFC: Mr. M. K. Sharma (Chairman), Mrs. Chanda Kochhar (Managing Director & CEO)
Key Products: Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management, personal loans, payment solutions.
Turnover: US$10.3 billion
Number of Employees: 74,096 employees as per the year 2016

3. AXIS BANK

AXIS BANK ranks at the 3rd position in this list. Initially started off as UTI BANK in the year 1994 which later turned out into what it is currently, the AXIS BANK. The bank has its headquarters in Ahmedabad, India. It provides services such as customer and corporate banking, insurance and finance, credit cards, mortgage loans, investment banking, wealth management and lots more. AXIS BANK is also leading in terms of providing NRI Banking, agricultural and rural banking.

Key people: Shikha Sharma (MD & CEO) Sanjiv Misra (Chairman)
Key Products: Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management, personal loans, payment solutions.
Turnover: ₹414.0925 billion (US$6.2 billion)
Number of Employees: 56,084 (March 2016)

4. KOTAK MAHINDRA BANK

The 4th on the list is KOTAK MAHINDRA BANK. Headquartered in Mumbai, India, it offers its customers with various services such as Privileged Banking, NRI Banking, Insurance and basic financial services like withdrawal, deposit, etc. Earlier, it was a non-banking firm which later got converted into KOTAK MAHINDRA BANK. It has 1,336 branches and 2,044 ATMs located in India in different cities.

Key people: Uday Kotak (Founder & Executive Vice Chairman & MD), Dipak Gupta (Joint MD), Jaimin Bhatt (President & Group CFO), Shanti Ekambaram (President – Consumer Banking)
Key Products: Deposit accounts, Loans, Investment services
Turnover: 27,974.52 crore(US$4.2 billion)
Number of Employees: 46,500 as per year 2016

5. YES BANK

The fifth bank in this list, Yes Bank was honored by the Reserve Bank of India for its Greenfield Bank license. Yes Bank was founded back in the year 2004 by Mr. Rana Kapur and late Ashok Kapur. Its headquarters are located in Mumbai, India.

Key people: Avi (Managing Director & CEO)
Key Products: Financial Services and Banking
Turnover: 23,500 crores (US$3.5 billion)
Number of Employees: 46,000 +

6. INDUSIND BANK

Owned by Srichand P. Hinduja of the Hinduja group, IndusInd Bank was established in the year 1994. It is believed that the name of the bank is inspired by the Indus valley civilization. Its headquarters are situated in Mumbai, India. IndusInd bank has come up with innovative services such as Quick Pay, On the Go and Swift Pay.

Key people: Romesh Sobti (CEO)
Key Products: Financial Services, Banking, Quick Pay, On the Go, Swift Pay
Turnover: US$15.7 billion
Number of Employees: 46,000 +

7. FEDERAL BANK

Initially established as the Travancore Federal Bank by Mr. K.P. Hormis in the year 1947, It is best known for services to NRIs. It has more than 1000 branches across the country.

Key People: Shyam Shrinivasan (CEO)
Key services: Insurance and NRI Banking, Corporate Banking, Loans, etc.

8. ING VYSYA BANK

This exclusive Indian multinational bank headquartered in Bangalore was prior known as VYSYA bank. This bank was established in the year 2002. It later turned into ING VYSYA BANK. The bank has more than 527 branches across India. It is known to serve over 2 million customers.

Key people: Shailendra Bhandari(CEO & Managing Director), Uday Sareen(deputy CEO), Arun Thiagarajan(Chairman)
Key Products: Banking, Financial Services & insurance facility
Turnover: 5,588 crore(US$830 million)
Number of Employees: 10,000 +

9. J&K BANK

At number 9, stands one of the main banks in the present situation that was founded on 1 October, 1938 under letters issued by the Maharaja of Jammu and Kashmir, Hari Singh. The bank is headquartered in Srinagar. In the past few years, J&K Bank has gained a lot of profit and good reputation.

Key people: Parvez Ahmed Nengroo(Chairman & CEO)
Key Products: Credit Cards, Mortgage loans, Mobile Banking, Finance
Turnover: 68.21 billion(US$1.0 billion) as per the year 2016
Number of Employees: 9400 until 2013

10. KARUR VYSYA BANK

Karur Vysya Bank is headquartered in Karur, TamilNadu. It has more about 550 branches across India in various cities. It was founded by Athi Krishna Chettiar in 1916. Karur Vysya bank offers various services such as Retail banking, Commercial banking, Investment banking and few others.
Key people: B.Swaminathan(Chairman), K. Venkataraman(MD & CEO), G. Rajasekaran(Director), A J Suriyanarayana(Director),
Key Products: Investment Banking, Commercial Banking, Retail Banking, Private Banking, Asset Management, Mortgages, Gift cards, Multicurrency travel card, Prepaid cards
Turnover: 5,126.6 million(US$76 million)
Number of Employees: 75000 + employees

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