10 Best Private Sector Banks in India

    Banking in India has been traditionally dominated by the public sector banks. Though the major public sector banks still rule the roost in the banking space in India, private sector banks have been growing in leaps and bounds during the last 3 decades and are now primed to challenge the dominance of the public sector banks. The Nedungadi Bank was the first private sector bank in India which was founded in 1899 by Rao Bahadur TM in Kozhikode, Kerala. With the emergence of new private sector banks post the liberalisation of 1991, not only have new private sector banks emerged but the old private sector banks which were languishing and ailing for quite some time got a new lease of life. Private sector banks have been at the forefront of innovation and technology in the Indian banking space and have been able to grow much faster than the public sector banks who have been second best in leading the charge. We have put together a list of the 10 Best Private Sector Banks in India.

    1
    2828

    10IndusInd Bank

    IndusInd Bank is one of the recently launched, new age private banks in India. It was established in 1994 and was inaugurated by the then Union Finance Minister, Manmohan Singh. IndusInd Bank derives its name from the Indus Valley Civilisation. IndusInd Bank caters to individuals and corporates alike. It offers commercial, transactional and electronic banking products and services.

    IndusInd Bank kicked off its operations in Mumbai with a capital of INR 1 billion. Out of the starting capital of INR 1 billion, INR 600 million was raised by the resident Indians while INR 400 million was raised by the Non-Resident Indians. The bank began its operations on 17th April 1994 under the chairmanship of S.P. Hinduja with the primary objective of serving the NRI community. The core competency of IndusInd Bank is retail banking and is well known in the Indian banking space for innovating and coming up with newer and more technology savvy services for its customers.

    It has more than 2000 branches along with 3000+ ATMs spread across 900+ geographical locations throughout the country. It also has representative offices in London, Dubai and Abu Dhabi. Being originally from Mumbai, Maharashtra IndusInd Bank has the highest density of its branches in Mumbai followed by New Delhi and Chennai. Mr Ramesh Sobti is the Chief Operating Officer as well as the Managing Director of the bank.

    Back

    1 COMMENT

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here