Best Private Sector Banks In India
Private Banks In India Formation was done with motive to make banking more easier and reachable to every Indian. All Private banks in India Comes under banking regulations act 1949 and banking laws (Co-operative Societies) act, 1965 as population of India is too much, reaching to every Indian was not possible through nationalised banks in India. Private sector banks were already existed before globalization too, so That would be a correct statement to say Total Number of Private banks in India were formed only after globalization. Even the most number of private sector banks were already available and functioning too before 1991.The Important question which being searched on Internet is Which are the Top Private Banks In India, How many Private Banks In India, How many private sector banks in India formed before and after globalization, What are the Total Number of Private Banks In in India, Name of Private Banks In India.
all Private banks and India are Scheduled Commercial Private Sector Banks. These Scheduled Commercial Private Sector Banks are further Classified into
- Old Private Sector Banks
- New Private Sector Banks
Old Private Sector Banks Are those Private Sector Banks Which were Formed Before 1991, Where as New Private Sector Banks Were Those Private Banks Which Were formed After 1991.
All private Banks In India Are Bounded to Provide Following services as per acts which govern Private sector banking in India.
- Acceptance of Deposit
- Issuing Funds
- Loans and Credits
- Fixed Deposits
- Lockers
- and Other Banking Services
Top Private Banks In India Offers other Services Too Like Mutual Funds, Regular Deposits, Etc
How Many Private Banks In India
There Are total 21 Private Sector Banks In India, 3 Local Area Banks (LABs), 10 Small Finance Banks (SFBs) , 7 Payments Banks (PBs) In these 12 Are Old Private Sector Banks in India, Which Were Formed Before Globalization & 9 are New Private Sector Banks In India, Which Were Formed After Globalization. Here Is The Name of Private Banks in India Along With Their Formation Years.
Name of Private Sector Banks
Top Private Sector Banks (OLD)
| Name of Private Banks | Foundation year of Private Banks |
| City Union Bank | 1901 |
| Karur Vysya Bank | 1916 |
| Catholic Syrian Bank | 1920 |
| Tamilnad Mercantile Bank | 1921 |
| Nainital Bank ( Wholly owned subsidiary of Bank Of Baroda) | 1922 |
| Karnataka Bank | 1924 |
| Lakshmi Vilas Bank | 1926 |
| Dhanlaxmi Bank | 1927 |
| South Indian Bank | 1929 |
| Federal Bank | 1931 |
| Jammu and Kashmir Bank | 1938 |
| RBL Bank | 1943 |
These are Total Number of Private Banks In India (Old), Here Are the Few Important Events which cant be ignored , and we also dont want our readers to avoid them.
- Nanital Bank is a Wholly Owned subsidiary of Bank Of Baroda as the majority Shares are with Bank of Baroda, More than 98% shares of Nanital Bank is Hold by BOB.
- Merger of Sangli Bank with ICICI Bank in 2006
- Merger of Lord Krishna Bank with Centurion Bank of Punjab in 2007
- Merger of Centurion Bank of Punjab With HDFC Bank in 2008
TOP Private Sector Banks (New)
| Name of Private Banks | Foundation year of Private Banks |
| DCB Bank (Earlier Co-operative Bank, now DCB Bank Ltd.) | 1930 |
| ICICI Bank | 1990 |
| Axis Bank (earlier UTI) | 1993 |
| HDFC Bank | 1994 |
| IndusInd Bank | 1994 |
| Kotak Mahindra Bank | 2001 |
| Yes Bank | 2004 |
| IDFC Bank | 2015 |
| Bandhan Bank | 2015 |
These are the list of all Top Private banks In India, The total Number of private Banks In India as per RBI Data. All Private Banks along with Name of private banks in India. The Private sector banks are as important as public sector banks India. Read More about Public Sector Banks In India.
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