Table of Contents
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 2024.
Government Banks in India 2024 (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.
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.
Below are the mergers of the public sector banks (Government Banks) as announced
|Banks to be merged
|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
The Current List of 12 Public Sector Banks in India 2024(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.
|State Bank of India
|Formerly known as Imperial Bank of India, SBI remains to date the largest public sector bank in India.
|Punjab National Bank
|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
|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
|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
|The bank was founded by V. G. Kale and D. K. Sathe and registered It was nationalized in 1969.
|Union Bank of India
|The bank has a network of 2,600 fully automated CBS branches, 3,040 ATMs
|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
|Oldest and largest commercial banks
|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
|Thiru.M. Ct. M. Chidambaram Chettiar established the Indian Overseas Bank (IOB) to encourage overseas banking and foreign exchange operations
|Punjab and Sind Bank
|Of its 1559 branches spread throughout India, 623 branches are in Punjab state.
|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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