All of us have a bank account in any of the bank and also use our bank account for various purposes. Today’s banking has changed the scenario of banking as it used to be 10-15 years ago in terms of technology and the facilities being made available to the customers from banks no matter whether the bank is government bank or private bank.
In this article top 5 private banks of India are going to be discussed. These banks are as follows:
- HDFC bank: HDFC is acronym to “housing Development Finance Corporation” Limited. The bank was incorporated in 1994 (however it started operations in 1995) by Husmukhbhai Parekh. HDFC bank holds the record to receive first approval from RBI (Reserve bank of India). The bank adapts all the latest technology that can be applied to facilitate its customers and serves its customers in various fields like insurance, credit cards, FOREX services, premium banking, private banking, Loans and etc.
- ICICI Bank: ICICI bank was formed in 1994 by the initiative of World Bank and ICICI. It is an Indian multinational Bank and is a subsidiary of ICICI Limited. The term ICICI stands for “Industrial Credit and Investment Corporation of India”. In 2014, ICICI won an award for Best Bank- Global Business Development. It also offers various services like Insurance, loans, privilege banking, NRI accounts, credit cards etc. to its customers.
- Axis Bank: It was formerly known as UTI Bank and renamed to Axis in 2004. Axis also started its operations in 1994 and is well known to offer diverse spectrum of financial service to its customers. It ranks 3rd in the list of top private sector banks of India. It offers a wide range of products such as Consumer banking, corporate banking, mortgage loans, finance and insurance, investment banking, Axis net banking etc. Axis Bank has its branches overseas as well (in China, Dubai, etc.)
- Kotak Mahindra Bank: It was founded in 1985 as Kotak Mahindra Finance Ltd. And RBI (Reserve Bank of India) granted licence to it in 2003 to carry out the banking business. It has its service areas in personal finance, investment banking, life insurance, wealth management and etc. As on September 30th, 2014, kotak Mahindra bank was recorded with the network of 641 branches and over 1159 ATM’s.
- Induslnd Bank: the bank name is derived from the Indus Valley Civilisation. It was also established in April 1994. The bank is having over 800 branches and 1500 ATM’s as of April 2016. It has its specialisation in retail banking and its clients are financial institutions, private and government banking institutions, corporate & investment.
All of the above mentioned banks are in the top 5 list of private sector banks of India serving their customers with the best possible banking services including internet banking, mobile banking, various kinds of loans in very less time and formalities etc.