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List of Government Banks in India 2023: All you need to know

by Uma Varier
August 18, 2023
in Articles, Banking
Government Banks in India
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Table of Contents

  • Government Banks in India 2023 (Public Sector Banks)
  • The Future of the Banks

The Banks play an important role in the economy of our country like any other country as most of the transactions take place through the banks. The Reserve Bank of India is India’s central banking institution and the supreme monetary authority. There are 3 types of commercial banks, the Public/ Government bank, the Private sector bank, Regional Rural Banks, and the Foreign sector bank. The announcement of a series of mergers involving public sector banks by Finance Minister Nirmala Sitharam was made on 30th August 2019. Check the complete list of Government banks in India to date 2023.

 

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Government Banks in India 2023 (Public Sector Banks)

These banks in which the government stake is more than 50% and there is no difference between the Nationalised Bank and Public Sector Bank.  Both have the same meaning.

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The former list of Government banks in India was

  • Allahabad Bank
  • Andhra Bank
  • Bank of Baroda
  • Bank of India
  • Bank of Maharashtra
  • Canara Bank
  • Central Bank of India
  • Corporation Bank
  • Dena Bank
  • Indian Bank
  • Indian Overseas Bank
  • Oriental Bank of Commerce
  • Punjab & Sind Bank
  • Punjab National Bank
  • Syndicate Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • Vijaya Bank
  • IDBI Bank((77.79% government stake)
  • SBI+and its five associate banks
  • Bharatiya Mahila Bank

With the announcement made on 30th August 2019, the number of public sector banks (government banks) has come down from 27 in 2017 to 12.

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Below are the mergers of the public sector banks (Government Banks) as announced

Banks to be merged Rank
Punjab National Bank, Oriental Bank of Commerce, and United Bank 2nd largest Public Sector Bank
Canara Bank and Syndicate Bank 4th largest Public sector Bank
Union Bank, Andhra Bank, and Corporation bank 5th largest Public Sector Bank
Indian Bank and Allahabad Bank 7th largest Public sector Bank

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The Current List of 12 Public Sector Banks in India 2023(Government Banks)

State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Union Bank of India, Indian Overseas Bank, Punjab and Sind Bank, Indian Bank, UCO Bank, and Bank of Maharashtra.

Bank Name Revenues Established Headquarters Information
State Bank of India ₹2,110 billion 1955 Mumbai, Maharashtra Formerly known as Imperial Bank of India, SBI remains to date the largest public sector bank in India.
Punjab National Bank

 

₹774.22 billion 1894 New Delhi, Delhi The new name of the amalgamated 3(Punjab National Bank, Oriental Bank of Commerce, and United Bank).
2nd largest public sector bank in India.
Bank of Baroda

 

₹422 billion 1908 Vadodara, Gujarat Dena Bank and Vijaya Bank merged with Bank of Baroda, creating the third-largest public sector bank by loans in the country.
Bank of India ₹418 billion 1906 Mumbai, Maharashtra BOI is a commercial bank nationalized in July 1969 along with 13 other banks.
founded by a group of eminent businessmen from Mumbai, Maharashtra
Bank of Maharashtra ₹130.53 billion 1935 Pune Maharashtra The bank was founded by V. G. Kale and D. K. Sathe and registered It was nationalized in 1969.
Union Bank of India ₹696.39 billion 1919 Mumbai, Maharashtra The  bank has a network of 2,600 fully automated CBS branches, 3,040 ATMs
Canara Bank ₹558.30 billion 1906 Bengaluru, Karnataka Canara Bank is one of the largest nationalized public sector banks

Established at Mangalore by Ammembal Subba Rao Paiand and nationalized in 1969

Central Bank of India ₹259 billion 1911 Mumbai, Maharashtra Oldest and largest commercial banks
Indian Bank ₹405.74 billion 1907 Chennai, Tamilnadu It has 20,924 employees, 2900 branches with 2861 ATMs, and 1014 cash deposit machines and is one of the top-performing public sector banks in India
Indian Overseas bank ₹235.2 billion 1937 Chennai, Tamilnadu Thiru.M. Ct. M. Chidambaram Chettiar established the Indian Overseas Bank (IOB) to encourage overseas banking and foreign exchange operations

 

Punjab and Sind Bank ₹87.44 billion 1908 New Delhi Of its 1559 branches spread throughout India, 623 branches are in Punjab state.
UCO Bank ₹185.61 billion 1943 Kolkata, WB UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is a major government-owned commercial bank of India. G. D. Birla, an eminent Indian industrialist was the architect of this organization

The Future of the Banks

The landscape of India’s financial sector is changing and the current merger plans hope to bring stability. Larger banks will have more stability and strength making the job of the regulators easier. These major reforms in the banking sector are part of the government’s efforts to revive the economy, build a robust banking system, enable the banks to compete globally, and increase their operational efficiency by reducing their cost of lending.

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Digital Banking Units in India – Key Facts List of 28 States of India and their Capitals and Languages
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