Government Banks in India: List of Public Sector Banks in India 2024

In India's financial system, government banks play a crucial role since they support and stabilize the nation's economy. A corporation is considered a public sector enterprise if at least 51 percent of its shares are owned by the government. And Govt banks in India fall under this category. These banks are government-owned and run, with the goal of offering vital financial services to people, companies, and other economic sectors.

What are Indian Government Banks?

Public sector banks, also referred to as government banks, are nationalized banks in India. In India, a bank that has at least 51% of its shares owned by the government is referred to as a public sector bank.

There were two stages to the nationalization of banks in India. The first stage began in 1969 when Indian Prime Minister Indira Gandhi declared that 14 sizable private banks would be nationalized. The government purchased six additional private banks in the second phase, which took place in 1980. Additionally, SBI had seven subsidiaries that were nationalized in 1959. However, there are currently 12 public sector banks in India as a result of significant bank mergers that happened recently.

India's largest government bank

State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Central Bank of India, Bank of India, and others are some of the major government banks in India.

Originally established as the Bank of Calcutta in 1806, the State Bank of India is today the biggest bank in the nation. With over 22,500 branches, 63,580 ATMs, and 82,900 business correspondence locations, SBI provides a broad range of financial services to people nationwide. Additionally, it is India's oldest commercial bank that has earned the highest trust among residents.

2024 List of Government Banks in India

At present, there are only 12 nationalized banks in India which are listed below:

• State Bank of India
• Central Bank of India
• Bank of Baroda
• Punjab National Bank
• Bank of India
• Indian Bank
• UCO Bank
• Union Bank of India
• Canara Bank
• Punjab and Sind Bank
• Bank of Maharashtra
• Indian Overseas Bank

Top 10 Government Banks in India

State Bank of India (SBI)

• It is the largest Indian bank, established in 1806.
• Offers a range of financial services from retail to corporate banking.
• Offers a variety of financial products including savings accounts, fixed deposits, credit cards, personal loans, and home loans.

Bank of Baroda (BOB)

• Established in 1908, one of the largest and globally recognized banking companies.
• Offers a variety of financial products including savings accounts, fixed deposits, credit cards, personal loans, and home loans.
• Headquartered in Baroda, Gujarat, with over 8,243 branches and 11,000 ATMs

Punjab National Bank (PNB)

• Originally established in Lahore, now Pakistan, and caters to multiple segments and has a huge hand in the Indian economy before independence.
• Has a global presence with over 12,248 branches and 13,000 ATMs and has headquarters in Delhi.

Offers multiple services like corporate banking, retail banking, wealth management, etc.

Bank of India (BOI)

• Offers a wide variety of products and services from retail to corporate banking.
• Headquartered in Bandra, Mumbai, with over 5,100 branches and 69 zonal offices.

Union Bank of India (UBO)

• Has experienced significant transformations, positioning it strategically for growth and expanded service offerings.
• Has over 8,400 domestic branches, 9,300 ATMs, and 75,000 employees.

Canara Bank

• Founded in 1906, caters to various financial requirements.
• Headquartered in Bangalore, has 9,604 branches and 12,155 ATMs across India.

It offers both retail banking and corporate banking products.

Indian Overseas Bank (IOB)

• Established in 1937 to cater to the Indian overseas community and encourage international trade.
• Offers international trade solutions and corporate banking solutions.

Indian Bank

• Incorporated in 1907, has diversified its product offerings and incorporated technology for a seamless banking experience.

It has more than 5847 branches and 4937 ATMs.

Central Bank of India

• Incorporated in 1911, offers a spectrum of financial services that includes both retail and corporate segments.

It has more than 4500 branches across India.

UCO Bank

• Established in 1943, focuses on financial inclusion and corporate social responsibility initiatives.

It has more than 4000 branches and 43 zonal offices and also has offices in Hong Kong & Singapore.

It encourages financial literacy in rural and semi-rural areas.

Top 10 Government Banks in India on the basis of Market Capitalisation:

• State Bank of India: 7,43,509.42
• Bank of Baroda: 1,38,644.22
• Punjab National Bank: 1,33,838.89
• Indian Overseas Bank: 1,19,652.27
• Canara Bank: 1,06,217.33
• Union Bank of India: 1,03,130.01
• Indian Bank: 72,271.35
• UCO Bank: 64,980.63
• Bank of India: 54,438.17
• Central Bank of India: 54,222.27

*The above figures are in crores and the data is from the FY 2024 taken from the BSE website.

India's public sector banks are crucial in the country's financial system, providing diverse financial services and fostering inclusive growth for all segments of society. The role of these banks is still crucial as India strives to become a major economic force in the world.