A Private Bank is a bank owned and operated by private individuals or corporations, offering banking and financial services for profit.
Private Banks are part of the private sector and provide services like savings accounts, loans, credit cards, and investment products. They focus on customer service, innovation, and digital banking.
In India, private banks operate under the regulation of the Reserve Bank of India.
"A customer opens a savings account in a private bank and uses mobile banking for instant fund transfers and bill payments."