India is constantly heading towards digital growth and development in almost every field. One of the most important sectors in our Indian economy is the banking sector which is constantly heading towards growth after Independence. Various measures have been taken by the government to improve this sector to bring financial stability to our country. Measures taken in the new economic policy 1991 has been one of the major reason behind the growth of India’s banking industries. We have listed down the largest banks of India of both public and private sectors considering various factors like facilities provided, revenue generation, no of customers, etc.
List of Top 10 largest Public Sector Banks in India (Government Banks)
1. State Banks of India
State Bank of India is a multinational public banking corporation which has its headquarters in Mumbai. It is the largest banking corporation in India having a 23% market share by overall assets and also one of the world’s largest corporations securing 236th place in the fortune 500 list. State Bank of India has over 24000 branches all over India helping the bank in carrying out its wide range of banking operations across the country. SBI is currently the most trusted bank of India and is also number 1 commercial public bank as per the current trends.
2. Punjab National Bank
Punjab National Bank is the second largest bank of India after SBI, in terms of Business as well as network. It is owned by the Government of India and plays a crucial role in the financial and banking sector of the country. The bank has around 11,000 branches all over the country with over 180 million customers inside and outside the country. Recently from 1st April 2020, PNB has merged with United Bank of India and Oriental Bank of Commerce, this decision was taken to enhance the roots of PNB all over India.
3. Bank of Baroda
Bank of Baroda is an Indian multinational banking corporation with a total of 131 million customers across the world making it the third-largest bank of India. The headquarters are located in Vadodara, Gujarat and it has a total of 9482 branches inside and outside the country. After its merger with Vijaya Bank and Dena Bank in September 2018 by the government of India, it has become the third-largest bank with the combined business of Rs14.82 Trillion.
4. Union Bank of India
Union Bank is another government-owned bank of India headquartered in Mumbai. On 1 April 2020, the bank got amalgamated with Corporation Bank and Andhra Bank making it the 4th largest bank as per the number of combined branches and 5th largest bank of India in terms of business. The bank has a total of 9500 branches inside and outside India with a total staff of 75000 people working in relation to Union Bank of India.
5. Canara Bank
Canara Bank is also one of the largest public sector units owned by the Government of our country, the bank has its headquarters in Bengaluru. This bank has merged with Syndicate Bank of India with effect from 1st April 2020. The bank has 10,403 branches with a staff of 90,000 professionals. It got nationalized on the 19th of July 1969 along with 13 other commercial banks of India.
6. Bank of India
Bank of India is another a very popular Public Sector bank owned by the Indian Government. It was founded by the group of Businessmen from Mumbai on 7 September 1906, from then till 1969 the bank wholly run under the private ownership and after getting its nationalized status from the government it became one of the government-owned property. The bank has a total of 5316 branches including 56 offices that are outside the country. The bank of India is also one of the founder members of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications).
7. Indian Bank
Indian Bank is a state-owned financial service institution that started in 1907, headquartered in Chennai India. The bank has a total of 6089 branches serving 100 Million customers with 20924 employees worldwide. On 1st of April 2020, the finance minister of the country took the decision to merge Allahabad Bank with the Indian Bank making it the seventh-largest bank of the country.
8. Central Bank of India
Central Bank is yet another one the largest bank of India owned by the Indian Government. This bank claims to have been the first commercial bank owned and managed by Indians. The Government owns 92.39% od the total share within the total capital of the bank. Despite his name as the Central Bank of India, it is only a public bank with no direct relations with Central Government accounts.
9. Indian Overseas Bank
It is one of the major public sector banks of India with 3400 Indian branches and about 6 foreign branches. Currently, the Government of India is the owner of the bank holding majority shares. It was the first bank to initiate consumer credit by introducing a personal loan scheme in our country.
10. United Commercial Bank
United Commercial Bank popularly known as UCO Bank is a public financial banking institution serving across different countries. The Government hols 94.44% shares from the total capital of the bank. This bank also got its nationalized status in 1969 along with some other public sector banks.