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

Government banks play a crucial role in India's financial system, serving as pillars of stability and support for the country's economy. A company is said to be a public sector enterprise when the government owns at least 51% of stakes. Such banks are owned and operated by the government, aiming to provide essential financial services to individuals, businesses, and various sectors of the economy. 

In this article, we will discuss public sector banks in India in detail. Read along to get further insights about the same.

What are the Government Banks In India?

In India, nationalised banks are public sector banks which are commonly known as government banks. A public sector bank in India refers to a bank in which the government owns at least 51% of its stakes.

In India, the nationalisation of banks took place in two phases. The first phase was in 1969 when Indian PM Indira Gandhi announced the nationalisation of 14 large private-sector banks. The second phase was in 1980, in which the government acquired 6 more private banks. There were also 7 subsidiaries of SBI, which were nationalised in 1959. However, after the recent major bank mergers, there are currently 12 public sector banks in India.

Largest Government Bank In India

In India, there are some of the largest government banks including State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Central Bank of India, Bank of India, etc.

State Bank of India is currently the largest bank in the country, which was founded in 1806 as Bank of Calcutta. SBI offers a wide range of financial services to individuals across the country with more than 22,500 branches, 63,580 ATMs and 82,900 business correspondence outlets. It is also the oldest commercial bank in India.

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

Currently, there are 12 nationalised banks in the country. Here is the list of government banks in India in 2024: 

1. State Bank of India
2. Bank of Baroda
3. Punjab National Bank
4. Bank of India
5. Union Bank of India
6. Canara Bank
7. Bank of Maharashtra
8. Central Bank of India
9. Indian Overseas bank
10. Indian Bank
11. UCO Bank
12. Punjab and Sind Bank

Top 10 Government Banks in India Based On Market Capitalisation

Here are the top ten public sector banks in India in terms of their market capitalisation:

*Data is as of 02 July 2024 sourced from BSE India 

Overview of Top 10 Government Banks In India

Here is the overview of the top 10 public sector banks in India:

• State Bank of India

State Bank of India (SBI) is currently the largest Indian bank and has acquired the most prestigious position in the history of the Indian banking industry. It was established in the year 1806 as the Bank of Calcutta. Later, it was merged with the Bank of Madras and the Bank of Bombay to form the Imperial Bank of India, which was nationalised and named the State Bank of India.

Moreover, the bank offers a diverse range of financial services to its customers, from retail banking solutions like fixed deposit and savings accounts to corporate banking solutions such as working capital loans, project financing, etc.

• Bank of Baroda

Bank of Baroda (BOB), incorporated in 1908, has emerged as one of the largest and globally recognised banking companies. Over time, BOB has expanded its operations within the country and abroad, contributing to the banking sector to a huge extent. 

It has various financial product offerings such as savings accounts, fixed deposits, credit cards, personal loans, home loans, etc. BOB has its head office in Baroda, Gujarat and has a nationwide presence with more than 8,243 branches and 11,000 ATMs

• Punjab National Bank

Punjab National Bank (PNB) was originally established in Lahore, which is now in Pakistan. It also played a crucial role in the economy of India's pre-independence. PNB caters to multiple segments, such as retail banking, corporate banking, wealth management, etc.

The bank has its headquarters in New Delhi and has a massive presence across the world, with more than 12,248 branches and more than 13,000 ATMs.

• Bank of India

Bank of India (BOI) is amongst the most popular public sector banks in India. It offers a spectrum of products and services catering to the diverse requirements of its customers, from retail banking products like savings accounts, fixed deposits, personal loans, and credit cards to corporate banking solutions such as project financing, working capital loans, etc.

BOI’s headquarters is situated in Bandra, Mumbai, and it has over 5,100 branches and 69 zonal offices.

• Union Bank of India

Union Bank of India has experienced significant transformations, shaping its current structure and positioning it strategically for growth and expanded service offerings. 

It has a wide spectrum of financial services catering to diverse customers. Its headquarters is in Mumbai, with over 8,400 domestic branches, 9,300 ATMs, and 75,000 employees.

• Canara Bank

Canara Bank was founded in 1906 in Mangalore. The bank caters to the financial requirements of numerous customers, from retail banking products like savings accounts, fixed deposits, and personal loans to corporate banking such as project financing, working capital loans, etc.

It has its headquarters in Bangalore, and the bank has been scaling up its market position over the years to emerge as a major financial conglomerate in India and abroad. It has 9,604 branches and 12,155 ATMs spread across India.

• Indian Overseas Bank

Indian Overseas Bank (IOB) was incorporated in 1937 and established with a vision to cater to the Indian overseas community and encourage international trade. Over the years, it has evolved as one of the biggest public sector banks in India. It has a rich history marked by global outreach, economic development, and financial inclusion.

Moreover, IOB is fully committed to providing international trade solutions that form part of its global banking solutions. Apart from its retail banking solution, the bank also offers corporate banking solutions such as project financing, working capital loans and more.

• Indian Bank

Indian Bank was incorporated back in 1907 and played a vital role in the Indian financial landscape. Over the years, it has diversified its product offerings and incorporated technology to provide people with a seamless banking experience. The bank has a presence across the nation, with more than 5,847 branches, 4,937 ATMs and BNAs (Branch note acceptors).

• Central Bank of India

The Central Bank of India was incorporated in 1911 and is among the top 10 public sector banks in India. It offers its customers a spectrum of financial services, from deposits, retail loans, agricultural schemes, MSME credit facilities and solutions, government scheme services, corporate lending, etc. It has a prominent presence across India, with more than 4,500 branches spread over 28 states and 7 union territories.

• UCO Bank

UCO bank was established in 1943, primarily focussing on financial inclusion to encourage banking services and solutions in the marginal sections of society. The bank's commitment also extends beyond the financial services to corporate social responsibility initiatives. 

It also promotes financial literacy in rural and semi-rural areas, supporting lives with microfinance and other required assistance. Moreover, it has a nationwide presence with over 4,000 branches, 43 zonal offices, and an international presence in Hong Kong and Singapore.

Public sector banks in India play a vital role in the country's financial system. It provides a wide spectrum of financial services to people to cater for their diverse service requirements.

 As India continues its journey towards becoming a global economic powerhouse, the role of government banks remains crucial. It ensures quick access to banking services and fosters inclusive growth for all segments of society.

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