The banking sector over the years has grown exponentially. Many private banks have entered the market and have proven themselves by offering commendable services and products. Though all the banks are regulated by the Reserve Bank of India, different banks have their own set of rules and offer different offerings in terms of interest rate, loan products, deposits etc. And on account of their offerings and customer service, few banks have an edge over their contemporaries. Here is a list of top 10 private banks in India in 2020.
1. HDFC Bank
HDFC is a leading private sector bank. It is the most trusted and sought after bank among the people. Its financial credentials in 2019 were defined by revenue of Rs.1.17 lakh crores and a net income of Rs. 21,078 crores. HDFC personal loans, credit cards, auto loans, business loans, home loans and other services which it offers to millions of its customers makes it leading the league.
2. ICICI Bank
Industrial Credit and Investment Corporation of India (ICICI) as ICICI was it initially known for is one of the most trusted banks in the country. The bank offers a myriad of banking and credit services to its customers. In the year 2019, the net income of the bank was Rs. 3363 Crores and its revenue touched Rs. 73913 crores.
3. Axis Bank
Axis bank has reached the pinnacle with its extraordinary customer and banking services. The bank is headquartered in Mumbai. Axis bank generated a net income of Rs. 857.59 crores and a revenue of Rs. 41409.25 crores in the year 2019.
4. Kotak Mahindra Bank
Kotak Mahindra is one of the best when it comes to banking. The bank has flourished to heights over the years and incurred a revenue of Rs. 28547.24 crores in the year 2019.
5. Yes Bank
Yes Bank is a leading private sector bank which offers exceptional banking services like corporate finance, investment banking, SME banking, branch banking, retail banking along with asset management services. The bank had a revenue of Rs. 25419 crores in the past year.
6. Federal Bank
Erstwhile Travancore Federal Bank, Federal bank today has its headquarters at Kochi and boasts off services like loans, insurance, retail and corporate banking, general banking etc. The bank generated total revenue of Rs.10911.98 crores in the previous year.
7. IndusInd Bank
The IndusInd Bank is one widespread private sector bank having its branches abroad in Dubai, London and Abu Dhabi as well. The bank is headquartered in Mumbai and offers accessible banking, insurance and lending services to the customers.
8. RBL Bank
RBL bank has gone up the radar in the best private banks in the country. From initially serving only the Kolhapur-Sangli regions of Mumbai, the bank has outgrown to reach various other parts of the country with over 324 branches. The bank offers various banking, savings, insurance and loan services to its customers and generated a revenue of whopping Rs. 7743.08 crores in 2019.
9. J&K Bank
Having its headquarters in Srinagar, the bank is the most sought in the state of Jammu and Kashmir. Having incurred a revenue of Rs. 7178.66 crores in the year 2017, J&K Bank offers various banking and lending services to its customers. The bank has over 935 branches across the country.
10. South Indian Bank
South Indian Bank is one well-connected bank having 857 branches and over 1334 ATMs. Headquartered in Kerala, the bank generated revenue of Rs.6562 crores in the year 2017.
All these banks generate employment for thousands of people in the country apart from providing excellent customer support and accessibility. Loan products like a business loan in India, personal loan in India and various other secured and unsecured loans can be availed through any of these financial institutions.
With the banking sector seeing the reforms of this decade, LoansJagat has now made it very convenient to get a loan service from any of the above-stated banks by just clicking at a button. The borrowers can compare these lenders on account of their offerings and apply for their loan directly from their portal without having to visit their physical or digital branches. One can access banking through online portals using their smartphones, tablets and computers and avail the best of services which these private sector banking institutions have on offer.