top private banks in India

Kotak Mahindra, HDFC and ICICI are commonly recognised as the top private banks in India.

In February 2018, Kotak Wealth Management (KWM) announced the launch of the seventh edition of Top of the Pyramid (TOP 2017) report

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The report highlighted the optimistic long-term outlook India’s ultra high net-worth individuals (UHNWIs) have in the Indian economy on the back of government’s landmark reforms such as digital and less cash economy, and Goods Services Tax (GST).

The survey revealed that the number of UHNHs in India increased by 10% to approximately 160,600 in 2017 – at a compounded annual growth rate of 12% over the previous five years. While 56% of the UHNHs hailed from the four metro cities, 18% of the UHNHs were based in the next top six cities: Bengaluru, Ahmedabad, Pune, Hyderabad, Nagpur and Ludhiana.

HDFC Bank

HDFC Bank Private Banking Group, meanwhile, is another one of the best private banks in India.

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The bank says to meet the expectations and retain the trust of over 16,000 High Net Worth families, its ensures that asset allocation is aligned to meet your investment needs and tailored to your risk profile-ranging from debt, equity, to venture capital, private equity and real estate funds. We also offer custody solutions to simplify your portfolio administration.

ICIC Bank

Finally, ICICI Bank’s private banking unit is perceived as a top private bank in India. It offers non-traditional asset classes such as private equity and structured products – investment options not typically available to the average retail investor.

This is attractive to HNW investors in the country, as access to more sophisticated investment options prompts many Indian investors to seek out professional wealth management in the first place.

Overall, in terms of private banking, from 2016 the Reserve Bank of India (RBI) has allowed for more competition in the banking industry, ending the custom of only issuing bank licences during sporadic windows.

GlobalData Financial Services says a more liberal recapitalization of the nationalized banks, whereby private investors are allowed to contribute substantial sums, has boosted the number of HNW individuals in India emerging from the finance sector, meaning the industry needs to be monitored closely by prospecting wealth managers.