India’s banking sector stands as a pillar of its economic prowess, with private banks playing a significant role in driving growth and financial inclusion. As of 2024, the landscape of private banking in India has witnessed remarkable evolution, with institutions competing fiercely to cater to diverse customer needs and aspirations. Here’s a comprehensive rundown of the top 10 biggest private banks in India for the year 2024.
What are Private Banks?
Private banks are financial institutions owned by private individuals, corporations, or shareholders, rather than the government. They offer a range of banking services, including deposits, loans, investments, and wealth management, primarily catering to high-net-worth individuals, businesses, and institutions. Private banks often focus on personalized service, specialized financial products, and tailored solutions to meet the unique needs of their clientele.
Objective of Private Banks
The primary objective of private banks is to offer specialized financial services tailored to the needs of high-net-worth individuals, businesses, and institutions. They aim to provide personalized banking experiences, customized investment solutions, and wealth management services to optimize returns and meet the unique financial goals of their clients.
Biggest Private Bank in India By March 2024
HDFC Bank, with the total revenue of Rs.2.05 lakh cr., holds the title of the biggest private bank in India, followed by ICICI Bank, Axis Bank, and Kotak Mahindra Bank.
Here is the list of top-10 largest private banks in India 2024:
| Top-10 Largest Private Banks in India 2024 | ||||
| Rank | Banks | Establishment | Headquarter | Revenue in 2023 |
| 1. | HDFC Bank | 1994 | Mumbai | Rs. 2.05 lakh cr. |
| 2. | ICICI Bank | 1994 | Mumbai | Rs. 186,178.80 cr. |
| 3. | Axis Bank | 1993 | Mumbai | Rs.106,155 cr. |
| 4. | Kotak Mahindra Bank | 2003 | Mumbai | ₹ 67,981.02 cr. |
| 5. | Yes Bank | 2004 | Mumbai | ₹ 26,826.76 cr. |
| 6. | Federal Bank | 1931 | Aluva | ₹ 15,142.16 cr. |
| 7. | Induslnd Bank | 1994 | Pune | ₹ 44,540 cr. |
| 8. | RBL Bank | 1943 | Mumbai | ₹ 10,516 cr. |
| 9. | J & K Bank | 1938 | Srinagar | ₹ 8,830.08 cr. |
| 10. | South Indian Bank | 1929 | Thrissur | ₹ 7,620.64 cr. |
Largest Private Bank in India – HDFC Bank
Establishment: 1994
Total branches in India: 7,915
Total No. of ATMs: 20,565
Headquarter: Mumbai
Revenue in 2023: Rs. 2.05 lakh cr.
HDFC Bank, formally known as Housing Development and Finance Corporation Ltd., stands as the largest private bank in India since its establishment in 1994. Headquartered in Mumbai, HDFC Bank boasts impressive financial figures, with a total revenue of ₹2.05 trillion and a net income of INR 45,997.11 crores in 2023. Offering a comprehensive suite of banking products and services including loans, credit cards, investments, and online banking, HDFC Bank serves millions of customers through its extensive network of 7,821 branches and 19,727 ATMs. Additionally, the bank provides employment opportunities to over 100,000 individuals, solidifying its position as a cornerstone of India’s banking sector.
Second Biggest Private Bank in India – ICICI Bank
Establishment: 1994
Total No. of Branches: 6,074
Total No. of ATMs: 16,927
Headquarter: Mumbai
Revenue in 2023: Rs. 186,178.80 cr.
ICICI Bank, the second-largest private bank in India, offers a wide range of banking services to its extensive customer base. With a revenue of ₹186,178.80 crores and a net income of ₹9,121.87 crores in 2023, it boasts total assets worth INR 19.58 lakh crores. Operating through 6,004 branches and 16,650 ATMs, ICICI Bank provides top-tier banking services and employs approximately 130,542 individuals, solidifying its position as one of India’s premier private banks.
India’s Third Biggest Private Bank – Axis Bank
Establishment: 1993
Total No. of Branches: 5000
Total No. of ATMs: 15,751
Headquarter: Mumbai
Revenue in 2023: Rs.106,155 cr.
Ranked as the third-largest private bank in India, Axis Bank, headquartered in Mumbai and established in 1993, has rapidly expanded its presence. With over 5,659 branches and 15,953 ATMs nationwide, the bank has flourished. Employing more than 91,898 individuals, Axis Bank reported a revenue of ₹106,155 crores and a net income of INR 10,818 crores in 2023.
