As per the official website of The Reserve Bank of India – RBI, the following banks are listed as private banks in India. In this article, we have compiled the list of private sector banks in India.
As per RBI, following are registered Private Banks in India. Let’s take a look at the list of Private Sector Banks in India based on RBI. Every banker is the best in its own ways. RBI does not rank banks in India. It considers every company as equal. So it is a just list of Private Sector Banks in India, don’t consider as top 20 private banks in India.
- City Union
- IDFC First
- Karur Vysya
- Kotak Mahindra
- South Indian
List of Private Banks in India
1: Axis Bank:
Axis is the first among the new-generation private banks in India. Axis was founded in 1993, headquarter is in Mumbai, Maharashtra.
They are mainly serving in banking & financial services. As of December 2019, there are 4800+ branches all over the India.
Amitabh Chaudhri is the MD & CEO of the bank and Shri Rakesh Makhija is the chairperson of the bank. Axis sells financial services to large and mid-size companies, SMEs and retail businesses.
As of June 2016, United India Insurance Company Limited, Oriental Insurance Company Limited, National Insurance Company Limited, New India Assurance Company Ltd, GIC, LIC and UTI (promoters and the promoter group) own 30.81% shares.
Mutual funds, banks, corporate bodies and individual investors & insurance companies own remaining 69.19% shares.
Axis Asset Management Company Ltd., Axis Finance Ltd., Axis Mutual Fund Trustee Ltd., A.TREDS Ltd., Freecharge, Axis Capital Ltd., Axis Trustee Services Ltd., Accelyst Solutions Private Ltd., Axis Securities Ltd., Axis Bank UK Ltd., & Axis Private Equity Ltd are the subsidiaries of the Axis Bank.
2: Bandhan Bank:
Bandhan is an Indian banking financial services company. Bandhan was founded on 23rd August 2015, headquarter is in Kolkata, West Bengal, India.
Chandrashekhar Ghosh is the founder of Bandhan Bank. They are having 5,371 banking outlets all over the India. Dr. Anup Kumar Sinha is the chairperson & Chandra Shekhar Ghosh is MD & CEO.
Bandhan financial holding is 100% owner of the bank. Around 47,260 employees are working with bandhan.
They are having branches in in 34 out of 36 states and Union Territories of India. Presently Bandhan is having 5,371 banking outlets pan-India serving more than 2.30 crore customers.
On 17th June 2015, RBI approved the universal banking licence to Bandhan. After that on 23rd August they started operations with 501 branches, 50 ATMs and 2,022 DSC.
They have mobilised deposits over 77,972.2 crore and its total advances stand at 87,042.9 crore, on 31 March 2021.
3: CSB Bank:
CSB bank was formerly known as Catholic Syrian. It is an Indian Private bank. CSB was founded on 26th November 1920.
Headquarter is in Thrissur, Kerala, India. C. VR. Rajendran is MD & CEO. They are having over 450 branches & 319 ATMs across the India.
CSB was founded in 1920, before Indian independence. It was open for business on 1st January 1921 with an authorised capital of 5 lakhs & paid up capital of 45,270. As of 2017, they are having 2716 employees.
Mainly they are dealing with consumer banking, corporate banking, private banking, wealth management, investment banking & Mortgage loans.
4: City Union Bank:
City Union Bank Limited (CUB) is a leading private bank in India. It was founded in 1904. R. Santhanam Iyer, S. Krishna Iyer, V. Krishnaswami Iyengar were the founder of the City Union.
The bank headquarter is in Kumbakonam, Tamil Nadu, India. Mr. R. Mohan is the chairperson & Dr. N. Kamakodi is MD & CEO of theCity Union. Initially it was named Kumbakonam Bank Limited, and was incorporated on 31 October 1904.
City Union is a regional bank in the Thanjavur, Tamil Nadu. City Union mainly deals with Asset management, Consumer banking, corporate banking, Finance and Insurance, Forex, Investment banking, Mortgage loans, Payment solutions & Private banking.
It provides a gamut of technological services such as net banking, mobile banking, bulk note acceptors, point of sales and self-service kiosks.
As of 2019-2020, they are having around 700 branches with 5478 employees. They offers loan to serve the financial needs of small individual customers as well as large industries. As of 2016, they had a market capitalization of 12,529.92 crore & operated 700 branches with 1762 ATMs.
5: DCB Bank:
DCB Bank formerly Development Credit Bank is one of the leading private bank in India. It is a scheduled commercial bank.
It is a new generation bank that that received the scheduled commercial license from the regulator, RBI. It was founded in 1930.
Nasser Munjee is chairperson & Murali M. Natrajan is MD & CEO of theDCB, headquarter is in Mumbai, Maharashtra, India. As of March 2021, they have 352 branches. Around 6200 employees are working with DCB.
They mainly deal with Consumer banking, Agriculture & Inclusive Banking, Corporate banking, Finance and Insurance distribution, Mortgage loans, Private banking, Wealth management & Investment banking.
On 31st May 1995, DCB received the licence. Board of the directors guides a professional management team to run the bank. They have around 1,000,000 customers.
Its origin is in Mumbai from a series of Co-operative bank mergers with the Ismailia Co-operative Bank Limited and the Masalawala Co-operative Bank respectively to form Development Co-operative Bank.
Later in May 1995, it changed to Development Credit Bank after it was granted the scheduled bank license by the RBI.
It offered shares to the public by an IPO (initial public offering) in 2006. The Aga Khan Fund for Economic Development (AKFED) is the promoter of the Development Credit Bank (DCB). It is having approx. 15% stake & public shareholding is around 39.4%.
6: Dhanlaxmi Bank:
Dhanlaxmi bank is an oil private bank from Kerala. It was founded in 1927, headquarter is in Thrissur, Kerala, India.
They are having 245 branches & 257 ATMs all over the India. Mainly they are working at Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Madhya Pradesh, Punjab, Uttar Pradesh, Rajasthan, Telangana, Maharashtra, Gujarat, Delhi, West Bengal, Chandigarh, and Haryana.
J. K. Shivan is CEO & MD and G Subramonia Iyer is Chairperson of the Dhanlaxmi. Mainly they are working with Credit cards, Consumer banking, Corporate banking, Finance and Insurance, Mortgage loans, Private banking, Wealth management & Investment banking.
On 14th November 1927, Dhanlaxmi was incorporated at Thrissur city, Kerala with a capital of 11,000 and 7 employees. In 1977, it became a scheduled commercial bank.
7: Federal Bank:
Federal bank is one of the new generation private banks in India. It was founded in 23rd April 1931 as Travancore federal & on 2nd December 1949, it was founded as Federal bank. K.P.Hormis was the founder of the Federal.
Headquarter is in Aluva, Kochi, Kerala, India. Shyam Srinivasan is the Managing Director and CEO. They are working with more than 1272-branches across different states of India.
They are having Representative Offices abroad at Abu Dhabi, Qatar, Kuwait, Oman and Dubai. They are mainly dealing with Retail Banking, Wholesale Banking, Finance and Insurance, Mortgage loans, Wealth management, Investment banking, Credit cards & Debit cards.
They are working with a customer base of over 10 million, including 1.5 million NRI customers and a large network of remittance partners across the world.
In 2018, Federal Bank handled more than 15% of India’s total inward remittances of $79 billion.
It has listed in BSE, NSE and London Stock Exchange and has a branch in India’s first International Financial Services Centre (IFSC) at GIFT City. It has been recognized as a Great Place to Work in a study conducted by the Great Place to Work® Institute.
8: HDFC Bank:
HDFC Bank is an Indian banking & financial services company. It is the largest private bank in India by assets & market capitalization as of April 2021.
The Housing Development Finance Corporation Limited (HDFC) is the third largest company on the Indian stock exchanges by market capitalisation.
It is working with around 120,000 employees, which is the thirteenth largest employer in India. The Housing Development Finance Corporation Limited (HDFC) was founded in August 1994, headquarter is in Mumbai, Maharashtra, India.
Atanu Chakraborty is chairperson & Sashidhar Jagdishan is CEO of HDFC. It is subsidiary of the Housing Development Finance Corporation, with its registered office in Mumbai, Maharashtra, India.
Manmohan Singh, Union Finance Minister inaugurated its first corporate office and a full-service branch at Sandoz House, Worli.
HDFC mainly deals with Credit cards, Consumer banking, Commercial banking, Finance and insurance, Investment banking, Mortgage loans, Private banking, Private equity & Wealth management.
HDFC’s distribution network was at 5,500 branches across 2,764 cities as of 30th June 2019. In the year 2017, they have installed 430,000 POS terminals and issued 23,570,000 debit cards and 12 million credit cards. They are working with the base of 1, 16,971 permanent employees as of 21 March 2020.
9: ICICI Bank:
ICICI bank is a privately owned Indian development finance institute. It was founded on 5th January 1994. It has registered office is in Vadodara, Gujarat, and corporate office is in Mumbai, Maharashtra India.
Girish Chandra Chaturvedi is chairperson & Sandeep Bakhshi is MD & CEO of the ICICI. They are working for Retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance.
They are having 5,275 branches and 15,589 ATMs across India and have a presence in 17 countries.
They have subsidiaries in the United Kingdom and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance Centre, China and South Africa; as well as representative offices in Malaysia, United Arab Emirates, Indonesia, and Bangladesh.
Their UK subsidiary has also established branches in Belgium and Germany. As of 2019, they have 84,922 employees working with them. ICICI Prudential, ICICI Lombard, ICICI Securities & ICICI Direct are the subsidiaries of ICICI bank.
10: IDBI Bank:
In 1964, IDBI (Industrial Development Bank of India) bank was established by an act to provide credit and other financial facilities for the development of the fledgling Indian industry.
It is a subsidiary of Life Insurance Corporation of India & a development finance institution. Many national institutes find their roots in IDBI like Small Industries Development Bank of India (SIDBI), India Exim Bank, National Stock Exchange of India, and National Securities Depository Limited (NSDL).
IDBI was founded on 1st June 1964. Government of India by an Act of Parliament was the founder of the IDBI. M. R. Kumar is the chairperson & Rakesh Sharma is MD & CEO of IDBI.
IDBI bank mainly deals with Investment Banking, Consumer Banking, Commercial Banking, Retail Banking, Asset Management, Pensions, Mortgages and Credit Cards. Life Insurance Corporation of India (LIC) is having 49% stake of IDBI.
As of March 2019 there are 18000 employees working. IDBI Capital Markets & Securities, IDBI Intech, IDBI Asset Management, IDBI MF Trustee Company, IDBI Trusteeship Services & IDBI Federal Life Insurance Company is the subsidiaries of IDBI.
Initially, Industrial Development Bank of India (IDBI) operated as a subsidiary of the RIB. Later on RBI transferred it to the Government of India.
Life insurance giant, LIC – Life Insurance Corporation of India got a technical go-ahead from the Insurance Regulatory and Development Authority of India (IRDAI) to increase stake in Industrial Development Bank of India – IDBI Bank up to 51% on 29th June 2018.
On 21 January 2019, LIC completed the acquisition of 51% controlling stake. It makes them the majority shareholder of the IDBI.
On 14th March 2019, RBI clarified that IDBI stands re-categorized as a Private Bank for regulatory purposes with effect from 21 January 2019 via a press release.
IDBI is having 3,683 ATMs, 1,892 branches, including one overseas branch in Dubai, 58 e-lounges and 1,407 centres as of 1st February 2020.
11: IDFC First Bank:
IDFC First Bank was formerly known as Infrastructure Development Finance Company or IDFC Bank. It forms part of IDFC, an integrated infrastructure finance company.
It was founded on October 2015. IDFC headquarter is in Mumbai, Maharashtra, India. Rajiv Lall is Non-Exe. Chairperson & V. Vaidyanathan is MD & CEO. IDFC FIRST Bank received a universal banking licence from the RBI in July 2015.
It was listed on Bombay Stock Exchange (BSE) & ‘National Stock Exchange (NSE).
The bank mainly deals with Consumer banking, Home loans, Loans against property, Personal loans, Consumer Durable loans, Vehicle loans, Business loans, Micro Enterprise loans, Private banking, Wealth management, Investment banking, corporate banking & Wholesale banking.
As of March 2020, around 20,222 employees are working with the bank. Infrastructure Development Finance Company is the parent company of the bank.
12: IndusInd Bank:
IndusInd Bank Limited is a new-generation private banks in India. It offers electronic, transactional and commercial banking products and services. It was founded in April 1994.
IndusInd headquarter is in Pune, Maharashtra, India. IndusInd Bank is one of the leading the first among the new-generation private banks in India. S. P. Hinduja was the founder of the IndusInd.
Sumant Kathpalia is MD & CEO of the IndusInd. Hinduja group is the owner of the IndusInd. As of 2020, there are 30,674 employees working with the IndusInd. BFIL is the subsidiary .
IndusInd is mainly having products like Credit cards, Consumer banking, corporate banking, Finance and Insurance, Mortgage loans, Private banking, Wealth management & Investment banking.
It started its operations with 100 crores in capital of which Indian residents raised 60 crores and Non-Resident Indians (NRI) raised 40 crores. The bank is having specialization in retail banking services.
It is working on expanding its network of branches all across the country. The IndusInd name is derived from the Indus Valley Civilisation.
As of December 2018, IndusInd had 1,558 branches, and 2453 ATMs spread across different geographical locations of the country.
It is having representative offices in London, Dubai and Abu Dhabi. Mumbai is having largest number of branches followed by New Delhi and Chennai. On March 2019, IndusInd has proposed to double its branch count to 1200.
13: Karur Vysya Bank:
Karur Vysya Bank is the first among the new-generation private banks in India. It was founded in 1916, headquarter is in Karur, Tamil Nadu, India. Mr. N. S. Srinath is chairperson; Mr. Ramesh Babu is MD & CEO Mr.Sakthi Vel is CEO.
It has completed 100 years of operation and it is one of the leading private banks in India. It was set up in M. A. Venkatarama Chettiar and Athi Krishna Chettiar.
Karur Vysya is having leading products like Consumer banking, corporate banking, Finance and Insurance, Investment banking, Mortgage loans, Private banking, Wealth management & Credit Cards. It operates in treasury, corporate/wholesale banking and retail banking segments.
It provides services like as personal, corporate, agricultural banking and services to NRIs and MSME. Karur Vysya provides life insurance; business loans, housing loan, fixed deposits, personal loan and among others.
It provides services like multicity current account, corporate loans, general insurance, Demat account among others. Under MSME, they provide products like KVB MSME Cash, KVB MSME Term Loan, KVB MSME Vendor Bill Discounting and KVB MSME Standby Term Loan among others.
As of 1st July 2018, Karur Vysya having 798 branches & 1780+ ATMs. Around 7211 employees are working with Karur Vysya as of 2016. Total business volume of KVB is 1, 00,000+ crore as of December 2017.
14: Kotak Mahindra Bank:
Kotak Mahindra Bank is a private bank in India. Uday Kotak founded it on February 2003. Kotak Mahindra headquarter is in Mumbai, Maharashtra, India. Prakash Apte is chairperson & Uday Kotak is MD & CEO of the bank.
It is in banking & financial service industries. They offer personal finance, investment banking, life insurance, and wealth management.
Kotak Mahindra General Insurance, Kotak Life Insurance, Kotak Mutual Fund, Kotak Securities, Kotak Mahindra Prime Ltd. & Airtel Payments Bank is the subsidiaries of the bank.
As of 2017, around 33013 employees are working in the Kotak Mahindra. It is the third largest private bank in India by market capitalization, with 1600 branches & 2519 ATMs as of February 2021.
15: Nainital Bank:
Nainital bank is also known as The Nainital Bank Limited. It is a scheduled commercial bank in India. It was founded in 1922, headquarter is in Nainital, Kumaon, India.
Dinesh Pant is Chairperson & CEO. Bank of Baroda is the parent of the Nainital bank. They are dealing with the products like Finance and insurance, Consumer banking, corporate banking, Investment banking, Investment management & Private banking.
It has expanded to UP & Uttrakhand. It is having only 157 branches in Delhi, Haryana & Rajasthan. Around 1000 employees are working with them. It has become TTC Company.
It is having aim to be the customer centric bank of India. RBI listed Nainital bank as a scheduled bank.
16: RBL Bank:
RBL bank was formerly known as Ratnakar Bank. It is new-generation private banks in India. It was founded in 1943, headquarter is in Mumbai, Maharashtra, India. Mr Vishwavir Ahuja is MD & CEO.
Around 5843 employees are working with RBL. They are dealing with the products like Consumer banking, corporate banking & Finance and Insurance.
RBL offers services across six verticals like corporate and institutional banking, commercial banking, branch and business banking, retail assets, development banking and financial inclusion, treasury and financial market operations.
In beginning, RBL was founded as a regional bank in Maharashtra with only two branches in Sangli & Kolhapur. They mainly served small and medium enterprises (SMEs) and business merchants in the Kolhapur-Sangli belt.
On 14th June 1943, it was incorporated in Kolhapur district as Ratnakar Bank Limited. RBL was categorized as a scheduled commercial bank as per the RBI Act, 1934 in 1959.
It was referred to as an NH4 Bank. It received a banking license from the RB) in 1970. Vishwavir Ahuja became managing director and CEO of the RBL in July 2010. The name of the bank changed to RBL in August 2014.
17: South Indian Bank:
South Indian Bank (SIB) is one of the fastest growing private banks in India. It was founded on 29th January 1929, headquarter is in Thrissur in Kerala, India.
Salim Gangadharan is the chairperson and Murali Ramakrishnan is MD & CEO of SIB. The bank mainly deals with Credit cards, Mutual Fund Trading, Demat account, Consumer banking, corporate banking, Finance and Insurance, Mortgage loans, Private banking, Wealth management & Investment banking.
As of 2017, 7677 employees are working with SIB. The bank is having 924 branches, 4 service branches, 53 extension counters and 20 Regional Offices spread across India. It has set up more than 1,500 ATMs and 91 Cash Deposit Machines.
18: Tamilnad Mercantile Bank Limited:
Tamilnad Mercantile Bank is a fastest growing private bank in India during 2010 to 2015. It was founded in 1921. The bank headquarter is in Thoothukudi, Tamil Nadu, India.
It serves worldwide. K. V. Rama Moorthy is MD & CEO. Earlier it was founded as Nadar bank then it changed to Tamilnad Mercantile Bank in November 1962.
It mainly deals with Credit cards, Consumer banking, corporate banking, Finance and Insurance, Mortgage loans, Private banking & Wealth management. As of 2018-19, the bank reported a net profit of 2585 million.
They are having 509 full branches throughout India, 12 Regional offices and eleven Extension Counters, six central processing centres, one Service Branch, four Currency Chests, 19 eLobby centres and 1094 Automated Teller Machines (ATM).
They have expanding their footprint all over India. During 2013,14 & 15 they were rated as the Best Bank due to their robust growth. It did total business of 616 billion rupees during 2018-19. It won the Lokmat BFSI Best Private Bank 2014-15 award.
19: Yes Bank:
Yes Bank is new-generation private banks in India. Rana Kapoor & Ashok Kapoor founded it in 2004, headquarter is in Mumbai, Maharashtra, India. Sunil Mehta is the chairperson and Prashant Kumar is MD & CEO.
It mainly deals with Credit cards, Consumer banking, corporate banking, Finance and insurance, Mortgage loans, Private banking, Wealth management & Investment banking. SBI is the 30% owner of the Yes Bank. As of 2018, 18238 employees are working with them.
It offers an extensive range of financial products and banking services for retail and corporate customers through retail banking and asset management services.
On 5th March 2020, the RBI took control of yes bank attempt to avoid the collapse of the bank, which had an excessive amount of bad loans.
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Later RBI reconstructed the board & appointed named Prashant Kumar, former Chief financial officer of SBI, as new MD & CEO at Yes Bank.