Top Private Banks in India 2024

Top Private Banks in India 2024
Top Private Banks in India 2024

by Tanushree Jaiswal Last Updated: Mar 13, 2024 - 12:06 pm 2.2k Views
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India has a large banking sector with 21 private and 12 public sector banks. The top private banks in India are the reason behind India’s economic growth, making it one of the most rapidly emerging nations in the world. Moreover, with becoming the most populated country around the globe, India also has the largest economy. 

These banks are the prime reason for efficiently handling such a large economy and excellent capital management. These banking organizations also play a significant role in producing cutting-edge goods and services and setting a benchmark for other similar ones.

Private sector banks are classified based on their efficiency, customer-centric approach, and agility, which differentiate them from other public sector banks. In this article, we delve into a study of the top private banks in India in 2024. Let us explore the tycoons of the industry that set an example of excellent expertise and extraordinary financial management.  

What are Private Sector Banks?

Private sector banks are those banks that are operated by a group of individuals or a group of companies that have no dependency on the government. Although, private sector banks are bound to comply with the rules laid down by the government of that particular country. The prime objective of a private sector bank is only to maximize its profits and provide banking and financial services to the country's residents.

Private sector banks differ in many ways compared to other public or government banks. Since private shareholders own a private sector bank, there is a good scope for better and independent decision-making. Along with this, the top private banks in India 2024 also promote a customer-centric approach along with efficient risk management practices. In India, private sector banks coexist with public sector banks, allowing customers to choose a more diverse baking sector. Moreover, the presence of the best private banks in India has often led to increased efficiency, innovation, and better customer service in the banking industry.

List of Top 10 Best Private Banks in India 2024

Based on the latest data, here is a list of 10 top private banks in India in 2024.

Bank Name Total Branches Total ATMs City of Headquarter
HDFC Bank 7915 20565 Mumbai
ICICI Bank 6074 16927 Mumbai
Axis Bank 5000 15751 Mumbai
Kotak Mahindra Bank 1996 2963 Mumbai
IDBI Bank 1900 3300 Mumbai
Yes Bank 1192 1200+ Mumbai
Federal Bank 1355 1914 Aluva
Induslnd Bank 2606 2878 Pune
RBL Bank 517 414 Mumbai
J&K Bank 996 1414 Srinagar

Overview of 10 Best Private Banks in India 2024
Here is an overview of India's top 10 private banks in 2024.

• HDFC Bank
HDFC Bank is one of the best private banks in India and the world's sixth-largest bank. Founded in 1994, HDFC is known for its innovative thinking, excellent customer service, and surplus technology integration in its services. Being one of the largest Indian banks, HDFC impacts the Indian economy to a great extent. The primary services of HDFC Bank include financial aid, wealth management, loans, and much more. 

Moreover, with its advanced approach towards technology, HDFC has also made its services digitally available for the ease of its vast customer base. 

Revenue: 1,15,016 Cr.
Net Income: 39610 Cr.
Branches: 7915
ATMs: 20565
Employment Generated: 1,77,000
NIM: 3.4%
CASA: 37.6%
Gross NPA: 1.6%
Customer Base: 68 million+
Facilities Offered: Home Loans, Education Loans, Mutual Funds, Mortgages, Banking Services, Money Transfers, Cards, and Deposits   

• ICICI Bank
The ICICI Bank is also among the best private banks in India 2024. With a complete pool of financial banking services, the bank also provides facilities relating to wealth management, international banking, and much more. As one of the top private banks in India, the ICICI Bank is known to impact India's economy significantly. Moreover, with its innovative approach and technology integration in recent times, ICICI has become a prime choice for people in the country.

Revenue: 1,86,179 Cr.
Net Income: 18,678 Cr.
Branches: 6074
ATMs: 16927
Employment Generated: 1,30,542
NIM: 4.90%
CASA: 42.6%
Gross NPA: 0.48%
Customer Base: 5.5 million+
Facilities Offered: Home Loans, Education Loans, Mutual Funds, Mortgages, Banking Services, Money Transfers, Cards, and Deposits

• Axis Bank
Founded in 1993, the Axis Bank has its headquarters in Mumbai, India. The bank has managed to be among the top private banks in India in a concise period. With its quick services and constant updates to adopt new technologies, Axis Bank has been a great competitor in the race for the leading private sector bank. The bank has a vast customer base, making it the third-largest and one of the best private banks in India. 

Revenue: 1,06,155 Cr.
Net Income: 11,742 Cr.
Branches: 5000
ATMs: 15751
Employment Generated: 91,898
NIM: 2%
CASA: 47.16%
Gross NPA: 2.02%
Customer Base: 20 million+
Facilities Offered: Loans, Cards, Accounts, Deposits, Insurance, Others.

• Kotak Mahindra Bank
Known for its diverse range of financial services, the Kotak Mahindra Bank made its place among the leading private banks in no time. Since its foundation in 2003, Kotak Mahindra Bank emerged as one of the best banking organizations in India. The bank commenced its journey to majorly transition from an NBFC to a pure commercial bank in 2003. As a part of the Kotak Mahindra Group, the bank is known to adopt Innovation and technology without much hesitation. 

Revenue: 68,142 Cr.
Net Income: 6,458.65 Cr.
Branches: 1996
ATMs: 2963
Employment Generated: 73,481
NIM: 4.39%
CASA: 52.82%
Gross NPA: 1.78%
Customer Base: 41.2 million+
Facilities Offered: Loans, Cards, Accounts, Deposits, Insurance.

• IDBI Bank
The Industrial Development Bank of India (IDBI) has recently emerged as a tycoon in India's private banking industry. Although IDBI is one of the oldest banks on this list of top private banks in India, Founded in 1964, the IDBI bank has been operating for around 60 years. Although, in its initial days, it was regarded as a public financial institution, it was later transformed into a bank.

Revenue: 25,167 Cr.
Net Income: 5,948 Cr.
Branches: 1900
ATMs: 3300
Employment Generated: 19,736
NIM: 3.45%
CASA: 53.01%
Gross NPA: 6.38%
Facilities Offered: Loans, Financial Services, Deposits, FDs, Others.

• Yes Bank
Founded in 2004, Yes Bank is a private-sector bank among India's leading banks. Since its foundation, Yes Bank has seen significant growth in its revenue profit, leading to it getting listed on the Bombay Stock Exchange and the National Stock Exchange. The bank provides various financial services, including retail banking, corporate banking, and wealth management. Though the bank had suffered phases of economic instability in the financial year 2020, it regained its balance in recent years. Yes, the Bank has a considerable customer base and is a trusted organization among the country's common public.

Revenue: 26,827 Cr.
Net Income: 3,564 Cr.
Branches: 1192
ATMs: 1200+
Employment Generated: 27,517
NIM: 2.23%
CASA: 30.75%
Gross NPA: 2.17%
Customer Base: 6.5 million+
Facilities Offered: Cards, Loans, Deposits, Accounts, and Insurance

• Federal Bank
One of India's oldest private sector banks, the Federal Bank, was founded in 1931. Initially providing its services in the southern region of India, specifically Kerala, the Federal Bank was established to serve the local community's needs. But with its excellent services, innovative decisions, and customer service, the bank extended its branches throughout the country and went on to become one of the top private banks in India. Known to embrace technology actively to ensure complete customer support, the bank has been operating all around India for many decades.

Revenue: 20,248 Cr.
Net Income: 2,795.57 Cr.
Branches: 1355
ATMs: 1914
Employment Generated: 12,592
NIM: 2.77%
CASA: 32.86%
Gross NPA: 2.36%
Customer Base: 16.6 million+
Facilities Offered: Loans, Cards, Accounts, Deposits, Insurance, NRI Banking, Business Banking, Online Trading, Investment, Others

• IndusInd Bank
Founded by the Hinduja Group, the IndusInd Bank commenced its operations in 1994 and is among the top private banks in India 2024. While the Hinduja group dealt with various sectors, including automotive, energy, and more, banking still needed to be explored. Hence, the foundation of IndusInd Bank was laid and came into being. The bank has been operating all across India with thousands of branches and a heavy customer base. It is also known to actively invest in emerging technologies and promote them through its digital banking services.

Revenue: 44,541 Cr.
Net Income: 4,691 Cr.
Branches: 2606
ATMs: 2878
Employment Generated: 10,000+
NIM: 3.84%
CASA: 40.14%
Gross NPA: 1.98%
Customer Base: 34 million+
Facilities Offered: Loans, Cards, Accounts, Deposits, Pioneer Banking, Foreign Exchange, Corporate Banking, and Inclusive Banking Services

• RBL Bank
RBL Bank, formerly known as Ratnakar Bank Limited, was founded in 1943. The bank underwent a rebranding cycle to emerge as RBL Bank in 2014 and, since then, has been successfully providing its services across various parts of the country. Here is all you need to know about it.

Revenue: 12,056 Cr.
Net Income: 1,625 Cr.
Branches: 517
ATMs: 414
Employment Generated: 11,023
NIM: 5.52%
CASA: 33.8%
Gross NPA: 3.12%
Customer Base: 14.97 million+
Facilities Offered: Loans, Accounts, Deposits, Insurance, Signature Banking, Safe Deposit Lockers, NRI Banking, and Wholesale Banking

• J&K Bank
Initially founded to operate in Jammu and Kashmir, the J&K Bank provided its banking services in this region of India only. Dedicated to providing efficient banking services in this region, J&K Bank is a consumer-focused financial solutions organization and falls in the category of top private banks in India.

Revenue: 10,120 Cr.
Net Income: 1,181 Cr.
Branches: 996
ATMs: 1414
Employment Generated: 12,307
NIM: 3.25%
CASA: 54.09%
Gross NPA: 6.04%
Facilities Offered: Accounts, Cards, Insurance, Investor Baking, Payment Solutions, Government Sponsored Schemes, and Other Services.

Summary: Top 10 Best Private Banks in India 2024

Here is a summary of the top private banks in India with their market cap and profits.

Bank Name Profit (Rs.) Market Cap
HDFC Bank 46440 Cr. 11.05 Trillion
ICICI Bank 31,896 Cr. 7.01 Trillion
Axis Bank 6,071 Cr. 3.27 Trillion
Kotak Mahindra Bank 4,264 Cr. 3.56 Trillion
IDBI Bank 1,458 Cr. 903.91 Billion
Yes Bank 153 Cr. 709.58 Billion
Federal Bank 3,010 Cr. 346.24 Billion
Induslnd Bank 2,043 Cr. 1.16 Trillion
RBL Bank 233 Cr. 156.76 Billion
J&K Bank 1197 Cr. 143.42 Billion

Top 10 Private Banks in India 2022 vs 2024 

Here is a list of the top private banks in India with the best customer service and success rate. However, India's top 5 private banks keep fluctuating to acquire the topmost position in the list.

  2022 2024
Bank Name Profit (Rs.) Profit (Rs.)
HDFC Bank 8,785.29 Cr. 46440 Cr.
ICICI Bank 4,939.59 Cr. 31,896 Cr.
Axis Bank 1,116.60 Cr. 6,071 Cr.
Kotak Mahindra Bank 1,853.54 Cr. 4,264 Cr.
IDBI Bank 2,439 Cr. 1,458 Cr.
Yes Bank 150.71 Cr. 153 Cr.
Federal Bank 10,635 Cr. 3,010 Cr.
Induslnd Bank 852.76 Cr. 2,043 Cr.
RBL Bank 147.06 Cr. 233 Cr.
J&K Bank 8,630.08 Cr. 1197 Cr.

Also Read: Best Savings Bank Accounts in India

To conclude, India's private banking sector is a pillar of strength for the Indian economy. The innovative and dynamic approach of these top private banks in India ensures complete customer satisfaction. Technological advancement presents them as a vital contributor to the country’s banking ecosystem.

As the largest economy in the world emerges, the best private banks in India are poised to play an even more critical role in shaping the country's financial landscape.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.

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