The Indian economy is the largest economy in the world, because of its banking system. A banking system is the most important financial pillar of a country’s economy. The banking system should be transparent so that its customers are able to trust it easily. No matter what class you belong to, you can avail financial services from any public or private sector bank in the country. While the banks on the other hand, try their best to improve their terms and conditions as well as their schemes and offers. Since the 1990s, when the LPG policy came into force, the private banks started gaining their recognition in the country. HDFC, ICICI, Axis and IndusInd banks are amongst the very first private banks in the country. However, it can be difficult to choose a private bank today since there are about 21 private sector banks in the country.
To make it easy for you, here is a Private Bank List in India to select the appropriate bank and carry out your financial operations.
List of Private Banks in India
Below are a few private banks in the country along with their features to help you choose from the many private banks present in the country. The list of private banks in India are as follows:
HDFC is one of the oldest and the most popular banks in the country. Also, looking at the value of the assets that the bank holds, it is safe to say that it is the biggest bank in the country. HDFC or Housing Development Finance Corporation, launched their first office in 1994 in Mumbai, Maharashtra, which is now the bank’s headquarters. Over the years, the bank saw numerous mergers with various other banks and today is one of the largest employment providers in India. Moreover, HDFC has been a part of the largest banking mergers in the country.
The 2nd largest bank in the country which was incorporated in 1955 by the name of Industrial Credit and Investment Corporation of India Bank. However, its name was later shortened to ICICI Bank. ICICI is termed as the best service provider amongst all the other private banks in the country. It’s headquarters being located in Vadodara, Gujarat, ICICI has also been a part of various banking acquisitions in the country. Its services range from investment banking to asset management and it also provides various retail banking services in the country.
Founded by Ashok Kapur and Rana Kapoor in 2004, YES Bank has been one of the finest private sector banks in the country. Moreover, YES Bank gained its popularity when the news came out that the bank was about to collapse. That is where the RBI stepped in and took control of the situation and handled the banking system. The Bank also received government funding worth INR 1000 crore for their proposed food processing projections. The bank provides its services to around more than 18000 Indians.
Incorporated in 2015 by Chandra Shekhar Ghosh, who is also the current CEO of the bank, the bank has expanded its network and operations ever since. Bandhan Bank is a subsidiary of the well known Bandhan Financial Holdings Limited (BHFL). Initially, the bank aimed at serving the underprivileged section of the society and is growing its network at an exponential rate. The headquarters of Bandhan Bank is located in Kolkata, West Bengal.
IDBI Bank was established in the year 1964, and had the aim of assisting the industries that avail long term credit facilities. Since its incorporation the bank only witnessed one merger in the year 2006. The merger was with the Western Union Bank, which eventually helped in increasing their number of bank branches across the country.
The above are some of the common private banks in the country. You can open a new savings account in any of the above banks and deposit money in order to earn saving account interest rate. Moreover, it is advisable to check the terms and conditions related to that particular bank before opening a new savings bank account to avoid rejection of any other difficulty.