Government Banks, also known as Public Sector Banks, are financial institutions in which the government holds more than a 50% stake. These banks adhere to financial guidelines set by the government, instilling trust in depositors that their funds are secure. State Bank of India stands as the largest public sector bank in India and these institutions are consistently prioritize the welfare of the public by offering customer-centric services at lower service charges compared to private banks. In addition to serving the public’s interests, nationalized banks in India also generate substantial profits.
Largest Public Sector Banks in India
In India, there are total 12 public sector banks among these State Bank of India (SBI) stands as the largest public sector bank in India with the total revenue of around Rs.350,844 crore.
Here is the list of largest public sector banks in India:
|Largest Public Sector Banks in India|
|S. No.||Bank Name||Tagline||Government Share Holding (as of March 2022)||Establishment Year||Headquarters|
|1.||State Bank of India||Pure Banking, Nothing Else||57.59%||1955||Mumbai, Maharashtra|
|2.||Punjab National Bank||The Name You Can Bank Upon||73.15%||1894||New Delhi, Delhi|
|3.||Bank of Baroda||India’s International Bank||63.97%||1908||Vadodara, Gujarat|
|4.||Bank of India||Relationship Beyond Banking||81.41%||1906||Mumbai, Maharashtra|
|5.||Bank of Maharashtra||Ek Parivar, EK Bank (One Family, One Bank)||90.90%||1935||Pune, Maharashtra|
|6.||Union Bank of India||Good People to Bank with||83.49%||1919||Mumbai, Maharashtra|
|7.||Canara Bank||Together We Can||62.93%||1906||Bengaluru, Karnataka|
|8.||Central Bank of India||Central to You Since 1911, Build a Better Life around us||93.08%||1911||Mumbai, Maharashtra|
|9.||Indian Bank||Your Own Bank, Banking That’s Twice As Good||79.86%||1907||Chennai, Tamil Nadu|
|10.||Indian Overseas Bank||Good People To Grow With||96.38%||1937||Chennai, Tamil Nadu|
|11.||Punjab and Sindh Bank||Where Service is a Way of Life||98.25%||1908||New Delhi|
|12.||UCO Bank||Honors your Trust||95.39%||1943||Kolkata, WB|
Largest Public Sector Bank in India – State Bank of India (SBI)
State Bank of India (SBI) is a Mumbai-based multinational public sector bank, ranked 48th in the world in terms of total assets. As India’s largest public sector bank, it holds a 23% market share in assets and a 25% share in loans and deposits. With nearly 250,000 employees, SBI became the third Indian lender to reach a Rs.5-trillion market capitalization in 2022, following HDFC Bank and ICICI Bank.
Second Largest Public Sector Bank – Punjab National Bank
Punjab National Bank (PBI) is an Indian public sector bank headquartered in New Delhi, founded in May 1894. It is the second largest public sector bank in India in business volume and network, serving 180 million customers through 12,248 branches and 13,000+ ATMs. PNB also has an international presence with subsidiaries and branches in the UK, Hong Kong, Dubai, Kabul and representative offices in various countries, including Bhutan and Nepal.
Third Largest Public Sector Bank – Bank of Baroda
Bank of Baroda (BOB), an Indian public sector bank based in Vadodara, Gujarat, is the third largest in India, serving 153 million customers with a total business of $218 billion. Established by Maharaja Sayajirao Gaekwad III in 1908, it was nationalized by the Government of India in 1969 and continues to thrive as a profit-making PSU with a global presence of 100 overseas offices.
Bank of India
Bank of India (BOI), an Indian public sector bank headquartered in Mumbai’s Bandra Kurla Complex, was established in 1906. Since its nationalization in 1969, BOI has been government-owned and is a founding member of SWIFT, offering cost-effective financial processing and communication services.
Bank of Maharashtra
Bank of Maharashtra, an Indian public sector bank headquartered in Pune, boasts 30 million customers and 2,263 branches as of June 2023, making it the nationalized bank with the most extensive branch network in Maharashtra. In 2022-23, it outperformed other public sector banks in terms of loan and deposit growth percentage, along with a remarkable 126% increase in profitability, reaching Rs.2,602 crore.
Union Bank of India
Union Bank of India (UBI), an Indian public sector bank headquartered in Mumbai, has over 120 million customers and a business of US$106 billion. Following its merger with Cooperation Bank and Andhra Bank in April 2020, it boasts a network of 8,700+ branches and operates internationally with four branches and representative offices. UBI also has a subsidiary in the United Kingdom and a workforce of 75,000+ employees.
Canara Bank, founded by Ammembal Subba Rao Pai in 1906 in Mangalore, India, became a nationalized public sector in 1969. It has international offices in London, Dubai and New York.
Central Bank of India
Central Bank of India, founded on December 21, 1911, by Sir Sorabji Pockanawala with Sir Pherozeshah Mehta as Chairman, was India’s first commercial bank owned and managed by Indians. With its headquarters in Mumbai, Maharashtra, the bank has played a central role in the nation’s banking history. Central Bank of India is committed to empowering its customers with a wide range of financial products and services, contributing to the country’s economic growth and development.
Indian Bank, established in 1907 and headquartered in Chennai, is a prominent Indian public sector bank with over 100 million customers, 5,814 branches and a total business exceeding Rs.1,094,752 crore as of March 2023. The bank’s government ownership dates back to 1969 and it became the seventh largest bank in India after merging with Allahabad Bank on 1st April 2020.
Indian Overseas Bank
Indian Overseas Bank, headquartered in Chennai, is a significant Indian public sector bank with around 3,220 domestic branches and a history dating back to its founding in February 1937. Specializing in foreign exchange and overseas banking. In 2021, IOB received the Degidhan Award for its high percentage by the Indian Government.
Punjab and Sindh Bank
Punjab and Sindh, established in 1908 and headquartered in New Delhi, is a well-known Indian public sector bank that predominately serves northern India. It is dedicated to providing a diverse array of financial services that mirror the cultural and economic diversity of the region.
UCO Bank, founded in 1943 and headquarter in Kolkata, West Bengal, is a well-regarded public sector bank with a widespread national presence. The bank is resolute in maintaining the trust of its customers and delivering dependable banking services to support their financial requirements, thereby contributing to economic growth and prosperity.