Government Banks, also referred to as Public Sector Banks, are financial institutions in which the government holds a majority stake of more than 50%. These banks operate under financial guidelines set by the government, ensuring depositors that their funds are secure. The State Bank of India is the largest public sector bank in India, prioritizing the welfare of the public by offering customer-centric services at lower service charges compared to private banks. Additionally, nationalized banks in India generate significant profits.
In India, there are 12 public sector banks, with the State Bank of India (SBI) being the largest. SBI has a total revenue of around Rs.350,844 crore. Here is a list of the largest public sector banks in India:
1. State Bank of India (SBI)
– Tagline: Pure Banking, Nothing Else
– Government Share Holding (as of March 2022): 57.59%
– Establishment Year: 1955
– Headquarters: Mumbai, Maharashtra
2. Punjab National Bank
– Tagline: The Name You Can Bank Upon
– Government Share Holding (as of March 2022): 73.15%
– Establishment Year: 1894
– Headquarters: New Delhi, Delhi
3. Bank of Baroda
– Tagline: India’s International Bank
– Government Share Holding (as of March 2022): 63.97%
– Establishment Year: 1908
– Headquarters: Vadodara, Gujarat
4. Bank of India
– Tagline: Relationship Beyond Banking
– Government Share Holding (as of March 2022): 81.41%
– Establishment Year: 1906
– Headquarters: Mumbai, Maharashtra
5. Bank of Maharashtra
– Tagline: Ek Parivar, EK Bank (One Family, One Bank)
– Government Share Holding (as of March 2022): 90.90%
– Establishment Year: 1935
– Headquarters: Pune, Maharashtra
6. Union Bank of India
– Tagline: Good People to Bank with
– Government Share Holding (as of March 2022): 83.49%
– Establishment Year: 1919
– Headquarters: Mumbai, Maharashtra
7. Canara Bank
– Tagline: Together We Can
– Government Share Holding (as of March 2022): 62.93%
– Establishment Year: 1906
– Headquarters: Bengaluru, Karnataka
8. Central Bank of India
– Tagline: Central to You Since 1911, Build a Better Life around us
– Government Share Holding (as of March 2022): 93.08%
– Establishment Year: 1911
– Headquarters: Mumbai, Maharashtra
9. Indian Bank
– Tagline: Your Own Bank, Banking That’s Twice As Good
– Government Share Holding (as of March 2022): 79.86%
– Establishment Year: 1907
– Headquarters: Chennai, Tamil Nadu
10. Indian Overseas Bank
– Tagline: Good People To Grow With
– Government Share Holding (as of March 2022): 96.38%
– Establishment Year: 1937
– Headquarters: Chennai, Tamil Nadu
11. Punjab and Sindh Bank
– Tagline: Where Service is a Way of Life
– Government Share Holding (as of March 2022): 98.25%
– Establishment Year: 1908
– Headquarters: New Delhi
12. UCO Bank
– Tagline: Honors your Trust
– Government Share Holding (as of March 2022): 95.39%
– Establishment Year: 1943
– Headquarters: Kolkata, West Bengal
The State Bank of India (SBI) is the largest public sector bank in India. It is a Mumbai-based multinational bank, ranked 48th in the world in terms of total assets. With a 23% market share in assets and a 25% share in loans and deposits, SBI has a significant presence in the Indian banking industry. It achieved a market capitalization of Rs.5 trillion in 2022, becoming the third Indian lender to reach this milestone, following HDFC Bank and ICICI Bank.
The second largest public sector bank in India is Punjab National Bank (PNB). Headquartered in New Delhi, PNB was founded in May 1894. It boasts a wide network of 12,248 branches and 13,000+ ATMs, serving 180 million customers. PNB also has an international presence with subsidiaries and branches in the UK, Hong Kong, Dubai, Kabul, and representative offices in various countries.
Bank of Baroda (BOB) is the third largest public sector bank in India. It is based in Vadodara, Gujarat, and serves 153 million customers with a total business value of $218 billion. Established in 1908, BOB was nationalized by the Government of India in 1969. It has a global presence with 100 overseas offices.
Other prominent public sector banks in India include Bank of India, Bank of Maharashtra, Union Bank of India, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab and Sindh Bank, and UCO Bank. These banks contribute to the country’s economic growth and development by providing reliable banking services and supporting customers’ financial needs.
