Private sector banks are great help to economy and continuously making effort to raise the economy of the country. The services they offer, makes them to evolve continuously, as the customer support system they have, is beyond words. Let’s discuss top ten private banks in India.
1. HDFC Bank
It stands for Housing Development Finance Corporation Limited, established in 1994, when government allowed private banks, by a Padma Bhushan(1992) holder in finance industry, Mr. Hasmukhbhai Parekh. It was the first private bank, after government allowed, and started doing transactions in 1995, now offers product like Insurance, Credit cards, Loans, FOREX services, Premium Banking, Private Banking etc.
2. ICICI Bank
It stands for Industrial Credit and Investment Corporation of India, established by joint venture of World Bank and ICICI limited, has won the award of best bank in 2014. The bank was started in Vadodara Gujarat, now offers services like Privilege Banking, Loans, NRI Accounts, Insurance, Credit cards, etc.
3. Axis Bank
It holds up a position of third in private sector banks, also born after 1994 allowance, provides large expanded services like Credit cards, Consumer banking, Corporate banking, finance and insurance, investment banking, mortgage loans etc.
4. Kotak Mahindra Bank
When started in 1995, it was a non-banking company, named as Kotak Mahindra finance limited. It got its licnese in 2003, as a bank, and continuing since then. The popular services of the bank are Wholesale Banking, Privileged Banking, NRI Banking, Insurance and Finance.
5. IndusInd Bank
It has Headquarters in Mumbai, started in 1995, the concept was given by Srichand P. Hinduja, Chairman of the Hinduja Group, the name was inspired by popular Indus valley civilization. It is specialized in many fields, such as Corporate & Investment, Financial Institutions and Private and Government Banking Institutions.
6. Yes Bank
It is the fastest growing bank in india, since it is started in 1994, managed to hold somehow, 6th position. Started by Rana Kapoor , the bank has its headquarters in Mumbai. Commercial Banking, Investment Banking, Corporate and Institutional Banking and Branch Banking are some services that it uses to deliver.
7. ING VYSYA Bank
Earlier known as VYSYA bank, changed its name due to some shares bought by Dutch ING Group. The bank believes in constant innovations and creativity. It has launched many unique services and products.
8. Federal Bank
Established in 1947, was earlier known by the name of Travancore Federal Bank. Founded by Mr. K P Hormis, has headquarters in Kerela. It has thousands of branches across the country, and is very good at customer services. It offers services like Corporate Banking, Loans, Insurance and NRI Banking.
9. J&K Bank
Founded in 1938, started it transactions in 1939, and headquarters are located in Jammu and Kashmir. The bank has evolved continuously making profits and managed well all over.
10. KARUR VYSYA Bank
Founded in 1916 by Athi Krishna Chettiar and M.A. Venkatarama Chettiar, is last in the list, having headquarters in Tamil Nadu is bound to deliver excellent services to the customers. It has 550 branches in over 18 states across the country.