The banking industry is the most significant and dominant sector of the Indian economy. Following several changes and improvements made throughout the independence and post-independence periods, the banking industry experienced extraordinary prosperity. There are currently 45 international banks operating in the nation, along with roughly 12 public sector banks, 21 private sector banks, and a number of scheduled and cooperative banks that were amalgamated with larger public sector banks. However, public sector banks continue to dominate the Indian banking industry with an 80% market share. Here are some of the top 10 government banks in India that you must know of.
State Bank of India
The largest and one of the oldest banks still in operation in India is the State Bank of India. It was founded in 1955 and is a government-owned corporation with its corporate headquarters in Mumbai. Today it is one of the top government banks in India. SBI is a global company that provides banking and financial services. This Bank is included at number 236 on Forbes’ “Fortune Global 500” list, which includes the names of the largest companies in the world in 2017. On April 1, 2017, the bank merged with its five partner banks and Bharatiya Mahila Bank. Since then, it has served more than 45 crore people through more than 22,340 branches and more than 62,000 ATMs. The Bank has 229 offices located in 31 nations, giving it a global presence as well.
Bank of Baroda
The second-largest nationalised bank, Bank of Baroda, was founded in 1908 and has its corporate office in Mumbai and its headquarters in Gujarat’s Vadodara. The Bank offers banking and finance-related services. At the moment, it operates 8,214 branches worldwide (including 104 international branches) and more than 10,033 ATM facility centres throughout India. BOB serves more than 78 million clients in about 25 different nations worldwide. It offers loans, wealth management, and facilities for debit and credit cards. On April 1, 2019, Bank of Baroda merged with Vijaya and Dena Banks.
Punjab National Bank
As a part of the Swadeshi movement, the Punjab National Bank was founded on April 12, 1895, in Lahore, under the direction of Lala Lajpat Rai & today it is one of the top government banks in India. By using Indian capital, it became the first bank on Indian land to be exclusively run by Indians. PNB’s main office is in New Delhi. The Bank has merged with seven banks since it began operating. This bank has 10,528 branches and over 13,506 ATM locations, with 62% of those located in semi-urban and rural areas.
State-owned commercial bank Canara Bank offers banking and financial services. It was founded in 1906 and is headquartered in Bengaluru. With locations in Hong Kong, Leicester, Shanghai, London, New York, Manama, Johannesburg, and Dubai, the Bank can brag about having a global presence. There are 12,221 ATMs and 9,733 branches of Canara Bank operating around the nation. It has 8.27 crore customers, who are using it more and more. In 2014, it received the MSME Banking Excellence Award. After merging with Syndicate Bank, it rose to the position of the third-largest nationalised bank.
Bank of India
On September 7, 1906, the Bank of India was founded as a consequence of cooperation between a few eminent businessmen from Mumbai. The Bank was initially privately owned and run, but in 1969, following the nationalisation of institutions, it changed its status to become a public sector bank. With time it started growing to become one of the top government banks in India. It operates 45 branches in 22 foreign countries in addition to more than 5,500 branches across the nation. Singapore, Paris, Tokyo, Hong Kong, New York, New Jersey, and London are the bank’s major foreign hubs.
Union Bank of India
The Union Bank of India was first established on November 11, 1919, in Mumbai as a limited corporation. The Bank became a commercial bank in 1969 after being nationalised. With more than 5.7 crore customers, the Bank has a sizable customer base. More than 9100 of its branches exist in India, as well as three abroad locations in Dubai, Sydney, and Hong Kong. Around the nation, there are more than 11,400 ATM facility centres.
Central Bank of India
The Central Bank of India was founded on December 21, 1911, making it one of the country’s oldest banks. The Bank’s main office is in Mumbai. All 29 of India’s states and six of its seven Union Territories are covered by the networks of this bank. It is one of the top government banks in India today. The Bank currently operates 3656 branches, 178 extension counters, and ten satellite offices at various locations across the nation. The Bank’s offices in Nairobi and Hong Kong are both fully occupied on a global scale. Due to a joint venture they established, the Bank of Baroda, Bank of India, and the Zambian Government each own 20%, 20%, and 40% of the Central Bank of India, respectively.
One of the biggest commercial banks in India is IDBI Bank (Industrial Development Bank of India). The Bank’s head office is in Mumbai, where it was founded in 1964. Over the past 55 years, IDBI has significantly contributed to the development of the country. From July 1, 1964, to September 30, 2004, it served as an industrial sector pinnacle Development Financial Institution (DFI) and starting on October 1, 2004, it transitioned into a full-fledged commercial bank. The Bank has around 1900 branches, including one in Dubai, and about 3600 ATM locations. On June 29, 2018, the Insurance Regulatory and Development Authority of India (IRDAI) gave the Life Insurance Corporation of India (LIC) its final approval to own up to 51% of IDBI.
In 1943, Ghanshyam Das Birla established the UCO Bank in Kolkata. Nationalization took place on July 19, 1969. The Bank’s main office is in Kolkata, and it has a substantial presence across the country thanks to its 3078 branches, 2564 ATMs, and international branches in Hong Kong, Singapore, and Iran. It employs more than 23,000 devoted individuals. Today it is one of the top government banks in India.
On August 15, 1907, Indian Bank was founded as a part of the Swadeshi movement. A group of more than 20,000 workers oversee the Bank’s activities. It operates 5744 branches and 5428 ATMs in India. Singapore and Colombo also house international branches of the Bank. “IndBank Housing Ltd.” and “Indbank Merchant Banking Services Ltd.” are subsidiaries of Indian Bank.