List of Public Sector Banks in India

List of Public Sector Banks in India: Public Sector Undertakings [Banks] in the banking sector represent a significant category of government-owned banks in India, where the Ministry of Finance [India] holds a majority stake, exceeding 50%. This ownership is attributed to the Central Government or State Ministries of Finance in various Indian states.

The shares of these government-owned banks are publicly listed on stock exchanges, aligning with principles of transparency and financial market participation. The primary objective of these PSUs is to serve the cause of social welfare.

The Central Government’s foray into the banking industry began with the nationalization of the Imperial Bank of India in 1955. In this transformative step, the Reserve Bank of India acquired a 60% stake, leading to the establishment of the State Bank of India. Subsequently, in 1959, the State Bank of India [Subsidiary Banks] Act was enacted, bringing seven other state banks under the umbrella of the new entity.

A significant milestone in the government’s involvement in the banking sector occurred on July 19, 1969, when the Indira Gandhi-led government took decisive action by nationalizing an additional 14 major banks. The total deposits in these nationalized banks amounted to 50 crores. This bold move substantially increased the presence of nationalized banks in India, resulting in 84% of the total branches falling under government control.

List of Public Sector Banks in India – There are 12 public sector banks in India as of 1 March 2023.

1. Bank of Baroda

Bank of Baroda (BOB) is one of the largest and oldest public sector banks in India. It was established on July 20, 1908, by Maharaja Sayajirao Gaekwad III in Vadodara (Baroda), Gujarat. The bank’s headquarters is located in Vadodara, Gujarat, India.

Bank of Baroda has a significant international presence, with branches and offices in various countries across the globe, contributing to its status as an international bank.

In 2019, Bank of Baroda underwent a merger with Vijaya Bank and Dena Bank, making it the third-largest public sector bank in India in terms of business.

2. Bank of India

Bank of India (BOI) was founded on September 7, 1906, by a group of eminent businessmen from Mumbai. The bank’s headquarters is located in Mumbai, Maharashtra, India.

Bank of India has a significant international presence with branches and offices in various countries. It plays a vital role in facilitating international trade and financial transactions.

Bank of India was nationalized in 1969, along with several other banks, as part of the government’s efforts to bring about social control in the banking sector. The bank has a strong presence in foreign markets and has subsidiaries and branches in key financial centers globally.

3. Bank of Maharashtra

Bank of Maharashtra is a public sector bank in India with a notable presence in various parts of the country. It was founded on September 16, 1935. The bank’s headquarters is situated in Pune, Maharashtra, India.

Bank of Maharashtra is a government-owned bank, falling under the category of public sector banks. While its presence is primarily in the state of Maharashtra, the bank has expanded its operations to other states in India, contributing to its broader reach.

4. Canara Bank

Canara Bank was founded on July 1, 1906, in Mangalore, Karnataka, making it one of the oldest public sector banks in India. The bank’s headquarters is located in Bengaluru, Karnataka, India.

Canara Bank was nationalized in 1969, along with several other banks, as part of the government’s efforts to bring about social control in the banking sector.

Canara Bank has a significant international presence with branches and representative offices in various countries, contributing to its status as an international bank. In 2020, Canara Bank merged with Syndicate Bank, expanding its footprint and customer base.

5. Central Bank of India

Central Bank of India was established on December 21, 1911. The bank’s headquarters is located in Mumbai, Maharashtra, India.

Central Bank of India was nationalized in 1969, along with several other banks, as part of the government’s efforts to bring about social control in the banking sector.

6. Indian Bank

Indian Bank was established on August 15, 1907, in Chennai (formerly Madras), Tamil Nadu. The bank’s headquarters is located in Chennai, Tamil Nadu, India.

Indian Bank was nationalized in 1969, as part of the government’s initiative to bring about social control in the banking sector. Indian Bank completed its merger with Allahabad Bank in 2020, expanding its footprint and customer base.

Indian Bank has an overseas presence with branches in foreign countries, contributing to its international operations.

7. Indian Overseas Bank

Indian Overseas Bank (IOB) is a public sector bank in India. It was founded on February 10, 1937, by Shri. M. Ct. M. Chidambaram Chettyar. The bank’s headquarters is located in Chennai, Tamil Nadu, India.

Indian Overseas Bank was nationalized in 1969, along with several other banks, as part of the government’s efforts to bring about social control in the banking sector.

Indian Overseas Bank has a history of having an overseas presence, with branches in foreign countries to serve the Indian diaspora and facilitate international trade.

8. Punjab & Sind Bank

Punjab & Sind Bank was established on June 24, 1908, by Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh. The bank’s headquarters is located in New Delhi, India.

It is a government-owned bank and falls under the category of public sector banks. While Punjab & Sind Bank serves customers across the country, it has a historical and cultural connection to the state of Punjab. The bank’s focus extends to meeting the banking needs of the people in the region.

9. Punjab National Bank

Punjab National Bank (PNB) is one of the largest and oldest public sector banks in India. It was founded on May 19, 1894, in Lahore (now in Pakistan). It was established by Lala Lajpat Rai, E. C. Jessawala, and Dyal Singh Majithia. The bank’s headquarters is located in New Delhi, India.

Punjab National Bank was nationalized in 1969, along with several other banks, as part of the government’s efforts to bring about social control in the banking sector.

Punjab National Bank underwent a merger with Oriental Bank of Commerce and United Bank of India in 2020, becoming one of the largest public sector banks in India.

10. State Bank of India

State Bank of India (SBI) is the largest and one of the oldest public sector banks in India. State Bank of India was established on July 1, 1955, through the merger of the Bank of Bombay, Bank of Madras, and Bank of Calcutta.

The bank’s headquarters is located in Mumbai, Maharashtra, India. SBI is a government-owned bank and falls under the category of public sector banks.

SBI is the largest bank in India, both in terms of assets and branches. It has a vast network of branches and ATMs across the country and a significant international presence.

SBI has a strong international presence with branches and subsidiaries in various countries, contributing to its status as an international bank.

11. UCO Bank

UCO Bank, originally known as the United Commercial Bank, was established on January 6, 1943. The bank’s headquarters is located in Kolkata, West Bengal, India.

UCO Bank is a government-owned bank and falls under the category of public sector banks. UCO Bank has an international presence with branches and representative offices in several countries, contributing to its global operations.

12. Union Bank of India

Union Bank of India is one of the major public sector banks in India. Union Bank of India was established on November 11, 1919. The bank’s headquarters is located in Mumbai, Maharashtra, India.

Union Bank of India was nationalized in 1969, as part of the government’s efforts to bring about social control in the banking sector. In 2019, Union Bank of India underwent a merger with Andhra Bank and Corporation Bank, becoming one of the largest public sector banks in India.

List of Public Sector Banks in India

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