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List of Government Banks in India

Banks are the backbone of any country as it is a financial institution on which all kinds of money transactions depend. It plays a very important role in our day-to-day life. Banks provide us several facilities like; saving and withdrawing money which is the most basic and essential facility. Apart from these, banks also provide us various kinds of loans like home loans, car loans, education loans, etc. when we deposit our money in the banks, we get some interest. Banks used our deposited money for giving loans, and from there, they collect interest. In the modern age, E-banking, as well as ATMs, made banking more easy and convenient for us as we can withdraw money from any nearby ATM at any time. We can do all kinds of transactions or bill payments from home through E-banking as we don’t need to go bank for that.

Four main categories of Banks

Now basically, Indian banks are divided into four categories.

1. Commercial banks: These banks are further divided into four categories; i) Public Sector Banks ii) Private Sector Banks iii) Regional Rural Banks or iv) Foreign Banks.
2. Small Finance Banks
3. Payment Banks
4. Co-operation Bank: it divided into two categories; i) Urban Co-operation Bank and ii) Rural Co-operation Bank.

Government banks are also known as Public sector bank is basically a type of Commercial Bank. These banks are governed by the Government of India as well as the majority of bank’s shares (more than 50%) belong to the central and State Governments. Earlier, there was a total of 27 government bank in our country, but after the announcement of finance minister Nirmala Sitharaman in August 2019, some banks were merged into a larger one, and after merging, the total number of government banks become 12. All the banks of India are directed by the Reserve Bank of India (RBI), which has the central authority for managing all the banks.

Currently, there are 12 government banks in India. State Bank of India, Central Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India, Bank of Maharashtra, Indian Overseas Bank, Indian Bank, UCO Bank, Bank of India, and Punjab and Sind Bank.

Let’s discuss about these government banks in detail.

1. State Bank of India

In public sector banks, the State Bank of India is considered the best and the largest bank. The Government holds the 56.92% share of this bank. The bank was founded in 1955, and its total branches across the country are 22141, with 58555 ATMs by 2021. Its headquarters is in Mumbai, Maharashtra. SBI holds the rank 221^st in the list of 500 biggest corporations of the world by fortune global in 2020, as well as it is the 43^rd largest bank in the world. As of 2021, its total wealth is $680 billion, and in Indian currency, it is Rs 4845619 crore. The net income of the bank is $3.1 billion in Indian Rs 22405 crore in 2021. The bank has 245642 employees, according to March 2021 survey, which makes it the 5^th largest employer in the banking sector in India. Dinesh Kumar Khara is the chairman of the State Bank of India. The official website of SBI is www.onlinesbi.com. After the announcement, several banks were merged in State Bank of India like; State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Indore, State Bank of Mysore, State Bank of Patiala, State Bank of Saurashtra, State Bank of Travancore, and Bhartiya Mahila Bank.

2. Central Bank of India

The Government of India holds 93.08% shares of the Central Bank of India. It was a nationalized bank and was founded on the 21st December 1911. Mamta Venkata Rao is the MD and CEO of the bank. The bank has 4608 branches and 3644 ATMs across the country by March 2021. Its headquarters is in Mumbai, Maharashtra and its total wealth is $52 billion in Indian currency Rs 369214.99 crore according to the 2021 survey. The net income of the bank is $120 million in Indian currency Rs 888 crore in 2021. By 2021 the bank has 323335 employees. The website of the bank is www.centralbankofindia.co.in. CBI is also one of the first banks which issued credits cards.

3. Bank of Baroda

63.97% share of this bank belongs to the Government of India. Bank of Baroda is the 3^rd largest nationalized bank in the country. It has 132 million customers. It was founded on 20th July 1908 by Sayajirao Gaekwad III. Hasmukh Adhia is the chairman of the bank, and Sanjiv Chadha is the MD & CEO of the bank. It has 8214 branches with 10033 ATMs across the country. The headquarter of the Bank of Baroda is in Vadodara, Gujarat. Bank’s total wealth is $170 billion in Indian RS 1202676 crore by 2021. The net income of the bank is $220 million in Indian currency Rs 1548 crore in 2021. The bank has 84283 employees. Two banks, Vijaya Bank and Dena bank, are merged in bank of Baroda. The website of the bank is www.babnkofbaroda.com.

4. Punjab National Bank

Punjab National Bank is the second-largest as well as a nationalized bank government bank in India. The Government holds its 76.87% share. The bank was founded on 12th April 1894 by Dyal Singh Majithia Lala Lajpat Rai. CH S. S. Mallikarjuna Rao is the MD and CEO of Punjab national bank. The bank has 12248 branches with 13000+ ATMs across the country. The number of employees in the bank is 103000, and the headquarter of PNB is in Dwarka, New Delhi. The total assets of bank are $180 billion in Indian RS 1279725 crore by 2021. Bank’s net income of 2021 is $300 million in Indian currency Rs 2152 crore. It has more than 180 million customers. The banks like Oriental Bank of Commerce and United Bank of India merged in Punjab National Bank. The website of the bank is www.pnbindia.in.

5. Canara Bank

Canara bank’s 69.33% share belongs to the Government of India. It is also a nationalized bank. The bank had founded on 1^st July 1906 by Ammembal Subbu Rao Pai. T.N Manoharan is the chairman and lingam Venkat Prabhakar is the CEO and MD of the bank. As of 2021 bank has 10416 branches with 12272 ATMs all over the country. Its total wealth is $160 billion in Indian currency; it is Rs 1153657 crore by 2021. The net income of the bank in 2021 is $360 million in Indian currency Rs 2557 crore. The bank has its headquarter in Bangalore, Karnataka. Syndicate bank merged with the Canara Bank, which made it the third-largest bank in the country. The website of the bank is www.canarabank.com.

6. Union Bank of India

The bank’s 86.75% shares belong to the Government. It was founded on 11th November 1919. Shri Rajkiran Rai G. is the MD and CEO of the bank. Gopal Singh Gusain, Manas Rajan Biswal, Dinesh Kumar Garg are the EDs. It has 9609 branches across the country as well as overseas. The total wealth of the Union Bank of India has $78 billion in Indian currency; it is RS 555509 crore. The net income of the bank is $74 million in Indian currency, 531 crores. The bank has 75000 employees and 120+ million customers. Its headquarter is in Mumbai, Maharashtra. The banks like Andhra bank and corporation bank merged in union bank of India. The website of the bank is www.unionbankofindia.co.in.

7. Bank of Maharashtra

The Government holds 92.49% shares of this bank. It is a nationalized bank. It was founded on 16^th September 1935. A.S.Rajeev is the MD and CEO of the bank, and Hemant Kumar Tamta and A.B Vijayakumar is the executive director. By 2021 The bank has 1900 branches and 15 million customers all over the country. It has 13048 employees. The bank’s headquarter is in Pune, Maharashtra. The total wealth of the bank is $26 billion in Indian currency Rs 184082 crore. The net income of the bank is $54 million in Indian currency 385 crores.

8. Indian Overseas Bank

Its 95.84% shares belong to the Government. It is a nationalized bank. The bank was founded on 10th February 1937 by M.CT.M.Chidambaram Chettiar. Partha Pratim Sengupta is the MD and CEO of the bank. It has 3557 branches all over the country as well as overseas. The bank has 23579 employees as of 2021. The total wealth of the bank is $38 billion in Indian currency RS 831.47 by 2021. The net income of the bank is $120 million in Indian currency Rs 831.81 crore in 2021. The headquarter of the bank is in Chennai, Tamilnadu and its website is www.iob.in.

9. Indian bank

The Government holds Indian Bank’s 79.09% shares. It is also a nationalized bank. The bank was founded on 15th August 1907 by S. RM. M. Ramaswami Chettiar. Ms. Padmaja Chuduru is the MD and CEO of the bank. The bank has 6004 branches with 5428 ATMs across the country. It also has some overseas branches. It has more than 100 million customers and 41620 employees as of 2021. The total wealth of the bank is $88 billion in Indian currency, its Rs 626,005 crore by 2021. The net income of the bank in 2021 is $420 million in Indian currency 3004.67 crores. Its headquarter is in Chennai, Tamilnadu. The Allahabad bank is merged in Indian bank and after merging, it became the 7^th largest public bank in the country. The website of the bank is www.indianbank.in.

10. UCO Bank

UCO bank is a nationalized bank, and 94.44% share belongs to the Government of India. Atul Kumar Goel is the MD and CEO of the company. It was founded on 6th January 1943, and now its total branches across the country are 4000. The bank has 22012 employees as of 2021. The total wealth of the bank is $36 billion, and in Indian currency, it is RS 253336.1092 crore as of 2021. The net income of the bank in 2021 is $23 million in Indian currency, 167.03 crores. The bank’s headquarter in Kolkata, West Bengal, and the website is www.ucobank.com.

11. Bank of India

90.34% shares of this bank belong to the Government, and it is a nationalized bank. Bank of India was founded on 7^th September 1906. Atanu Kumar Das is the MD and CEO of the bank. As of 2021, the bank has 5108 branches, of which some are overseas branches and 5551 ATMs across the country. Its total wealth is $100 billion in Indian currency; it is Rs 725856.45 crore by 2021. The net income of the bank in 2021 is $300 million in Indian currency, which is 2160 crore. The headquarter of bank of India is in Mumbai, Maharashtra. The website of the bank is www.bankofindia.co.in.

12. Punjab and Sind Bank

The Government holds 83.06% share of this bank, and it is a nationalized bank. It was founded in June 1908. S Krishnan is the MD and CEO of the bank, and Shri Kollegal V Raghavendra is the executive director. The bank has 1526 branches all over the country, in which 635 branches are in Punjab. It has 8862 employees. The total wealth of the bank is $14 billion, and in Indian currency, it is Rs 100503.80 crore. The net income of the bank is $140 million in Indian currency 990.80 crores. Its headquarter is in New Delhi. The website of the bank is www.punjabandsindbank.co.in.

Apart from these, there is one more public sector bank; Jammu & Kashmir Bank. It is also nationalized bank. Its 68.18% shares belong to the Government of India. It was founded on 1^st October 1938 by Maharaja Hari Singh. Rajesh Kumar Chhibber is the chairman and MD of the bank. The bank has 1038 branches across the country. Its headquarter is in Srinagar, Jammu & Kashmir. The total wealth of the bank is $17 billion in Indian currency; it is 120291.95 crore. The net income of the bank in 2021 is $61 million in Indian currency; it is Rs 432.121 crore. The bank has 12307 employees as of 2021. The website of the bank is www.jkbank.com.

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