Top 10 Private Banks in India 2023 (2024)

Here we can see the list of top 10 Private banks in India 2023 by total revenue based on the year 2021.

The Indian banking system consists of 12 public sector banks, 21 private sector banks, 49 foreign banks, 56 regional rural banks, 1,562 urban cooperative banks and 94,384 rural cooperative banks, in addition to cooperative credit institutions. India’s retail credit market is the fourth largest in emerging countries. It Stood at US$ 281 billion on 2018.

List of Top 10 Best Private Banks in India

So here is the list of top private banks in India and also the best Private banks in India.

1. HDFC Bank – Largest Private bank in India

HDFC Bank is the Largest Private Banks in India by Total sales during the Year. It was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of RBI’s liberalization of the Indian Banking Industry in 1994. HDFC bank is the top Constituents in Bank Nifty.

  • Revenue: ₹ 148365 Cr
  • Employees: 98,061
  • NIM: 4.3%
  • CASA: 48%
  • ATMs: 13,160
  • Branches: 5,103
  • Gross NPA: 1.36%
  • Customer Base: Over 49 Million.

The bank was incorporated in August 1994 in the name of ‘HDFC Bank Limited’, with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995 and also top private banks in India. HDFC Bank is the largest private bank in India by Revenue and Market cap.

2. ICICI Bank

ICICI Bank is a leading private Bank in India was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. It is one of the best private banks in India

  • Revenue: ₹ 104322 Cr
  • NIM: 3.61%
  • CASA: 45.2%
  • ATMs: 14,987
  • Branches: 4,874
  • Gross NPA: 6.7%
  • Customer Base:

ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its group companies. ICICI is 2nd in the list of Top 5 private banks in India.

3. Axis Bank Ltd

Axis Bank is the third-largest Private Banks in India and also the best private bank in India. The Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture, and Retail Businesses.

The Bank has a large footprint of 4,050 domestic branches (including extension counters) with 11,801 ATMs & 4,917 cash recyclers spread across the country as on 31st March 2019. Axis Bank is one of the first new-generation private sector banks to have begun operations in 1994.

  • Revenue: Rs 80,847 Cr
  • NIM: 3.56%
  • CASA: 43.2%
  • ATMs: 11,801
  • Branches: 4,094
  • Gross NPA: 5.25%

The overseas operations of the Bank are spread over nine international offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Colombo and Shanghai; representative offices at Dhaka, Dubai, Abu Dhabi and an overseas subsidiary at London, UK. The international offices focus on corporate lending, trade finance, syndication, investment banking, and liability businesses.

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The Bank was promoted in 1993, jointly by Specified Undertaking of Unit Trust of India (SUUTI) (then known as Unit Trust of India), Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd., and United India Insurance Company Ltd. The shareholding of Unit Trust of India was subsequently transferred to SUUTI, an entity established in 2003.

4. Kotak Mahindra Bank Ltd

In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received a banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank – Kotak Mahindra Bank Ltd. Kotak is the Fourth-Largest Private Banks in India. It is Among the Top 5 private bank in India.

  • Revenue: Rs 56,814 Cr
  • NIM: 4.3%
  • CASA: 52.5%
  • ATMs: 2,352
  • Branches: 1,500
  • Gross NPA: 1.9%
  • Customer Base: 17million+

Effective April 1, 2015, ING Vysya Bank Ltd. merged with Kotak Mahindra Bank Ltd. The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking, and Treasury, which cater to retail and corporate customers across urban and rural India. Kotak is one of the Best private banks in India.

Also Read Largest Banks in India by Market Capitalization

5. IndusInd Bank Ltd

IndusInd Bank is ranked 19th amongst the Top 50 Most Valuable Indian Brands 2014 as per the BrandZ Top 50 rankings powered by the WPP and Millward Brown. Also, the Bank has bagged the 39th rank in The Economic Times and Interbrand Best Indian Brands Study – 2014. IndusInd is the Fifth Largest Private Banks in India.

  • Revenue: Rs 35,500 Cr
  • NIM: 4.05%
  • CASA: 43.1%
  • ATMs: 2,605
  • Branches: 1,938
  • Gross NPA: 2.15%
  • Customer Base: 9million+

IndusInd Bank stands tall today as one of the reputed banking brands in the country. The Bank has combined responsiveness with innovation to launch a wide range of banking products and services which are unique, convenient and very relevant to the Indian consumer.

In the recent past, the Bank has launched a host of innovative services like My Account My Number, Choice Money ATMs, Check-on-Cheque, Cash-on-Mobile, Direct Connect, Quick Redeem Service and 365 Days Banking. All these unique services have been widely publicized and have been well appreciated by the customers and also the best private bank in India.

6. Yes Bank Ltd

YES BANK, India’s sixth-largest private sector bank is a high quality, customer-centric and service-driven Bank. Since its inception in 2004, YES BANK has grown into a ‘Full-Service Commercial Bank’ providing a complete range of products, services, and technology-driven digital offerings, catering to corporate, MSME & retail customers.

  • Revenue: Rs 23,475 Cr
  • NIM: 2.8%
  • CASA: 30.2%
  • ATMs: 1,450+
  • Branches: 1,120
  • Gross NPA: 5.01%
Also Read Top Government Bank in India 2022 (Public Sector Banks)

YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly-owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

7. IDFC First Bank Ltd

IDFC Limited was set up in 1997 to finance infrastructure focusing primarily on project finance and mobilization of capital for private sector infrastructure development. The bank is among the list of top 10 private banks in India.

Dr. Rajiv Lall joined the company in 2005 and successfully expanded the business to Asset Management, Institutional Broking and Infrastructure Debt Fund. He applied for a commercial banking license to the RBI in 2013. Owing to his efforts, in 2014, the Reserve Bank of India (RBI) granted in-principle approval to IDFC Limited to set up a new bank in the private sector.

Thus Erstwhile IDFC Bank was created by the demerger of the infrastructure lending business of IDFC to IDFC Bank in 2015. The parent entity, IDFC Limited, retained businesses of AMC, Institutional Broking, and Infrastructure Debt Fund business through IDFC Financial Holding Company Limited (NOFHC).

  • Revenue: Rs 18,221 Cr
  • NIM: 3.15%
  • CASA: 15.08%
  • ATMs: 199
  • Branches: 279
  • Gross NPA: 2.66%
  • Customer Base: 4 million live customers

The shares of Erstwhile IDFC Bank Limited were listed in the exchanges in November 2015. During the subsequent three years, the bank developed a strong and robust framework including strong IT capabilities and infrastructure for scaling up the banking operations. The Bank designed an efficient treasury management system for its own proprietary trading, as well as for managing client operations.

The bank diversified from being a predominantly infrastructure financier to wholesale banking operations. Since a large portion (90%) of the bank was wholesale (infrastructure and corporate loans) as a legacy from IDFC Limited until 2017, the company swiftly put together a strategy to retailise its loan book.

8. Federal Bank Ltd

Federal Bank Limited is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than a thousand branches and ATMs spread across different States in India. It was among the first banks in India to computerize all its branches and Among the best private bank in India

  • Revenue: Rs 16,271 Cr
  • NIM: 3.15 %
  • CASA: 31.44 %
  • Gross NPA: 2.99%
  • ATMs: 1,606
  • Branches: 1,251
  • Customers: 9.7 Million
  • Market Share: 1.13 %

The Bank offers its customers, a variety of services such as Internet banking, Mobile banking, online bill payment, online fee collection, depository services, Cash Management Services, merchant banking services, insurance, mutual fund products.

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The history of Federal Bank dates back to the pre-independence era. The Bank was incorporated on April 23, 1931, as the Travancore Federal Bank Limited, Nedumpuram under the Travancore Companies Regulation, 1916. Late K.P. Hormis, the visionary banker and founder took up the reigns in 1945 and built the bank a nationwide institution. The Bank’s name was changed to The Federal Bank Limited on December 2, 1949.

9. Bandhan Bank Ltd

Bandhan Bank is a subsidiary of Bandhan Financial Holdings Limited (BFHL). BFHL is a wholly-owned subsidiary of Bandhan Financial Services Limited (BFSL). Bandhan Bank is focussed on serving the unbanked and underbanked population of India.

  • Revenue: Rs 14,633 Cr
  • NIM: 10.45%
  • CASA: 36.06%
  • ATMs: 481
  • Branches: 999
  • Gross NPA: 2.04%
  • Customer Base: 17.27 mm

It offers world-class banking solutions and financial services in the form of asset and liability products and services. It offers regular banking services, microfinance, MSME, and affordable housing finance to urban, semi-urban and rural customers. The Company is among top 10 private banks in India 2020.

BFSL’s public shareholders include International Finance Corporation (IFC), IFC FIG Investment Company, Small Industries Development Bank of India (SIDBI) and Caladium Investment Pte Ltd., a company managed by GIC Special Investments Private Limited.

10. South Indian Bank Ltd

One of the earliest banksin South India, “South Indian Bank” came into being during the Swadeshi movement. It is in top 10 private banks in India 2020.

  • Revenue: Rs 8,490 Cr
  • NIM: 2.53%
  • CASA: 24.1 %
  • ATMs: 1,400
  • Branches: 870
  • Gross NPA: 4.96 %

The establishment of the bank was the fulfillment of the dreams of a group of enterprising men who joined together at Thrissur, a major town (now known as the Cultural Capital of Kerala).

In the erstwhile State of Cochin to provide for the people a safe, efficient and service-oriented repository of savings of the community on one hand and to free the business community from the clutches of greedy money lenders on the other by providing need-based credit at reasonable rates of interest.

Which is largest No 1 private bank in India?

Based on Total sales and Market Capital ICICI Bank is the Largest No 1 Private bank in India with a turnover of Rs 1,61,336 Cr.

Is HDFC Bank government or private?

HDFC Bank is a Private sector bank and it’s not a government bank.

Which private bank is best in India?

ICICI Bank is the Largest Private Banks in India by Total sales during the Year. So it is the Best private Bank in India.

Which is safest bank in India?

ICICI Bank is the safest bank in India. ICICI Bank is a leading private Bank in India.ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. It is one of the best private banks in India

Nifty Private Bank Index Stocks with Weightage
Top 10 Private Banks in India 2023 (2024)


Top 10 Private Banks in India 2023? ›

Private-sector banks

At present, there are 21 private banks in India, as of 1 March 2023.

Which is the number one private bank in India 2023? ›


How many private banks are there in India in 2023? ›

Private-sector banks

At present, there are 21 private banks in India, as of 1 March 2023.

Which is the No 1 best private bank in India? ›

1. HDFC Bank. The full form of HDFC is Housing Development and Finance Corporation Ltd. Famously known as the best private bank in India, HDFC was established in 1994.

Which is the richest bank in India 2023? ›


Which 5 banks failed 2023? ›

About the FDIC:
Bank NameBankCityCityClosing DateClosing
Heartland Tri-State BankElkhartJuly 28, 2023
First Republic BankSan FranciscoMay 1, 2023
Signature BankNew YorkMarch 12, 2023
Silicon Valley BankSanta ClaraMarch 10, 2023
56 more rows
Jul 28, 2023

Which is the fastest growing private bank in India? ›

RBL Bank. RBL Bank, one of the fastest-growing private banks in India, was founded in 1943 to serve a specific region of Maharashtra, i.e. Kolhapur-Sangli. With its headquarters in Mumbai, the bank now boasts 547 branches.

Have 3 banks failed in 2023? ›

The collapses of First Republic Bank, Silicon Valley Bank and Signature Bank were the second-, third- and fourth-largest bank failures in the history of the United States, respectively, smaller only than the collapse of Washington Mutual during the 2007–2008 financial crisis.

Which is the 3rd largest private banks in India? ›

Best Private Bank Stocks In India #3 – Kotak Mahindra Bank

It is India's third-largest private sector bank by market capitalization. In February 2003, Kotak Mahindra Finance received a banking license from the Reserve Bank of India.

Which private bank pays highest salary in India? ›

Frequently Asked Questions about Private Banker Salaries
  • IDFC FIRST Bank Private Banker Salary - ₹20.8 Lakhs per year.
  • ICICI Securities Private Banker Salary - ₹18.3 Lakhs per year.
  • Deutsche Bank Private Banker Salary - ₹13.8 Lakhs per year.
  • ICICI Bank Private Banker Salary - ₹13.5 Lakhs per year.

Which bank is most secure in India? ›

Among the prominent banks known for their stability and safety measures are the State Bank of India (SBI), HDFC Bank, ICICI Bank, and Punjab National Bank (PNB).

Which private bank is secure in India? ›

HDFC Bank: The Housing Development Finance Corporation is referred to as HDFC. The biggest private bank in India by assets is a private bank founded in 1994. How HDFC is the safest bank? Security tools including an intrusion detection and prevention system, firewall, and anti-malware are continuously updated by HDFC.

Which bank is more trusted in India? ›

State Bank of India is India's largest and most trusted commercial bank. It is among the oldest banking institutions in the country and is headquartered in Mumbai, Maharashtra.

What bank millionaires use in India? ›

Most of the affluent keep personal accounts with State Bank of India. Most of the top civil servants are pleased to be with SBI. One reason, is the transparency. And, such law abiding personalities hardly need personal favour or attention because of their position.

Which is the fastest growing bank? ›

State Bank of India, HDFC Bank keep top slots in ranking as total assets grow | S&P Global Market Intelligence.

What is the fastest growing bank in 2023? ›

Fastest Growing Companies in Banking
1Cross River BankUSA
2Merchants Bank of IndianaUSA
3Federal Home Loan Bank of DallasUSA
50 more rows

Which is the most powerful private bank in India? ›

As of March 2021, with total assets of more than 15 trillion Indian rupees, HDFC Bank is the largest private sector bank in India.

Which is the 2nd largest private bank of India? ›

Which is the Second Largest Private Sector Bank in India? ICICI is the second-largest private bank in India with total assets of around 15 trillion INR. It was promoted by ICICI Limited in 1994. The full form of ICICI is the Industrial Credit and Investment Corporation of India.

What is the largest bank in the world 2023? ›

JPMorgan Chase

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