Top 10 Private Banks in India 2023

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.

• Sales₹ 1,84,648 Cr.
• Operating profit₹ 1,15,812 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.

• Total Assets₹ 25,30,432 Cr.
• Reserves₹ 2,88,880 Cr.
• Debt₹ 21,39,212 Cr.
• Debt to equity7.39
• Dividend yield1.24 %
• Face value₹ 1.00
• ROE 5Yr16.8 %
• ROCE6.24 %
• ROCE 3Yr6.13 %
• Return on equity17.1 %

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: ₹ 1,32,014 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.

• Total Assets₹ 19,58,490 Cr.
• Reserves₹ 2,13,101 Cr.
• Debt₹ 13,99,894 Cr.
• Debt to equity6.53
• Dividend yield0.85 %
• Face value₹ 2.00
• ROE 5Yr12.4 %
• ROCE6.32 %
• ROCE 3Yr5.85 %
• Return on equity17.2 %

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: ₹ 94,501 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.

• Total Assets₹ 13,44,418 Cr.
• Reserves₹ 1,29,166 Cr.
• Debt₹ 11,52,038 Cr.
• Debt to equity8.88
• Dividend yield0.10 %
• Face value₹ 2.00
• ROE 5Yr9.78 %
• ROCE6.15 %
• ROCE 3Yr5.38 %
• Return on equity14.5 %

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

• Revenue: ₹ 45,856 Cr.
• NIM: 4.3%
• CASA: 52.5%
• ATMs: 2,352
• Branches: 1,500
• Gross NPA: 1.9%
• Customer Base: 17 million+

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.

• Total Assets₹ 6,20,430 Cr.
• Reserves₹ 1,10,821 Cr.
• Debt₹ 4,18,307 Cr.
• Debt to equity3.72
• Dividend yield0.09 %
• Face value₹ 5.00
• ROE 5Yr13.6 %
• ROCE6.86 %
• ROCE 3Yr6.54 %
• Return on equity14.2 %

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: ₹ 38,916 Cr.
• NIM: 4.05%
• CASA: 43.1%
• ATMs: 2,605
• Branches: 1,938
• Gross NPA: 2.15%
• Customer Base: 9 million+

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.

• Total Assets₹ 4,57,804 Cr.
• Reserves₹ 53,846 Cr.
• Debt₹ 3,85,449 Cr.
• Debt to equity7.06
• Dividend yield0.98 %
• Face value₹ 10.0
• ROE 5Yr11.8 %
• ROCE6.91 %
• ROCE 3Yr6.27 %
• Return on equity14.4 %

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: ₹ 24,013 Cr.
• NIM: 2.8%
• CASA: 30.2%
• ATMs: 1,450+
• Branches: 1,120
• Gross NPA: 5.01%

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.

• Total Assets₹ 3,55,204 Cr.
• Reserves₹ 34,019 Cr.
• Debt₹ 2,95,136 Cr.
• Debt to equity7.42
• Dividend yield0.00 %
• Face value₹ 2.00
• ROE 5Yr-11.1 %
• ROCE4.94 %
• ROCE 3Yr4.35 %
• Return on equity1.99 %

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: ₹ 24,675 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.

• Total Assets₹ 2,39,882 Cr.
• Reserves₹ 19,229 Cr.
• Debt₹ 2,01,682 Cr.
• Debt to equity7.80
• Dividend yield0.00 %
• Face value₹ 10.0
• ROE 5Yr-1.78 %
• ROCE6.59 %
• ROCE 3Yr5.82 %
• Return on equity10.6 %

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: ₹ 19,318 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.

• Total Assets₹ 2,68,004 Cr.
• Reserves₹ 21,699 Cr.
• Debt₹ 2,38,850 Cr.
• Debt to equity10.8
• Dividend yield0.68 %
• Face value₹ 2.00
• ROE 5Yr11.9 %
• ROCE5.91 %
• ROCE 3Yr5.51 %
• Return on equity15.3 %

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: ₹ 16,372 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.

• Total Assets₹ 1,55,770 Cr.
• Reserves₹ 17,973 Cr.
• Debt₹ 1,32,780 Cr.
• Debt to equity6.78
• Dividend yield0.59 %
• Face value₹ 10.0
• ROE 5Yr12.6 %
• ROCE6.67 %
• ROCE 3Yr6.28 %
• Return on equity11.9 %

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

• Revenue: ₹ 7,636 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).

• Total Assets₹ 1,07,698 Cr.
• Reserves₹ 6,465 Cr.
• Debt₹ 98,645 Cr.
• Debt to equity14.8
• Dividend yield1.12 %
• Face value₹ 1.00
• ROE 5Yr4.34 %
• ROCE5.23 %
• ROCE 3Yr5.06 %
• Return on equity12.4 %

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. 

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