In India, the PSBs have Played a Very Important Role in Development. Since Independence, the Public Sector Banks in India have Been Leading the Banking Revolution in India by Extending the Banking Services in Urban and Rural Areas of the Country. In this Article, We Will Know More about the Best Government Banks in India and Their Contribution to the Indian Economy.
There are 12 Public Sector Banks in India. In Financial Year 2020, the Total Asset of Public Sector Banks in Country Stood at USD 1.52 Trillion. Between FY16 to FY20, the Public Sector Bank Credit grew at a CAGR of 3.57%.
To Establish a Business the Most essential thing which is Required is Money. The Banks Raise Money From Individuals and Lend this Money to Businesses as Loans. This way Public sector Banks Directly Contribute to the Economic Growth of the Country.
The Public Sector also Supports the Agriculture sector by supporting Farmers with Loans at Minimum Interest rates. This Way the Public Banking Sector Strengthen the Economy of Country.
Top 10 Largest Government Banks in India
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1 . State Bank of India ( SBI )
State Bank of India is the Largest Public Sector Bank in India. SBI offers a Wide Range of Banking & Financial Services to its Customer including, Savings/Current Account, FD/RD, Internet banking, Mobile Banking & More.
State Bank of India has More than 24000 Branches, 59,291 ATMs with 16 Regional and 57 Zonal Offices in India. SBI has the largest Foreign Presence Amongst all the Indian Banks. SBI Has More than 191 Overseas Branches spread over 36 Countries.
Apart from Banking, The State Bank of India has Three Non-Banking Subsidries which include SBI Capital Market LTD, SBI Cards & Payment, and SBI Life Insurance company Limited. In 1960, the SBI Took Control of Seven Regional Banks which are the State Bank of Indore, Hyderabad, Mysore, Patiala, Saurashtra, and Travancore.
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In 2015 the union Cabinet Approved the Merger of these Five Banks with the State Bank of India. The merger of These Bank went into effect From 1 April 2017. All these Statis Make the SBI the Best Government Bank in India.
2 . Punjab National Bank ( PNB )
Headquartered in New Delhi, the Punjab National Bank is one of the Major Government Banks in India. Punjab national bank has More than 180 Million Customers with 10900 Branches and 13000+ ATMs in the Country.
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The Bank was established in 1894 the Punjab national Bank was Registered Under the Indian Companies Act in Lahore ( Now in Pakistan ).
In 1900 the Punjab National Bank Established its First Branch outside Lahore. At the time of the India-Pakistan Partition, the PNB Lost its Head office in Lahore but Continued with few branches.
After Partition, the PNB Moved its Registered office from Lahore, Pakistan to New Delhi, India. At Present the PNB Has More than 70,810 Employees Working in the Different States of India.
In August 2019, the Finance Miniter of India Mrs. Nirmala Sitaraman Announced the merger of PNB with Oriented Bank of Commerce & United Bank of India. This Merger Helped PNB to Be the Second Largest Government Bank in India with an Asset Value of US$250 billion.
3 . Bank of Baroda ( BOB )
The Bank of Baroda is known as India’s International Bank. BOB is the Third Largest Public Sector Bank in India. The Bank has a Valuation of More than US$218 billion with 131 Million Customers.
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Established in 1908 by Maharaja Sayajirao Gaekwad III, the Bank of Baroda has More than 9500+ Branches and 13,300 ATMs Spread over the Country. In July 1969, the Government of India Decided to Nationalized the Bank of Baroda with 13 Other Commercial Banks in the Country.
In 2018 the Government of India Announced the Merger of Bank of Baroda with Two other Bank Vijya & Dena Bank. The Merger of these Three Banks was the First-Ever Three Way Alliance of Bank in Country. The Combined Business of These Three banks which is 14.82 Trillion Makes BOB the Third Biggest Government Banks in India.
Talking about the History of BOB, In 1953, BOB Started Serving the Indian Communities in Kenya and Uganda. They Established Their First branches in Mombasa and Kampala.
4 . Canara Bank
Canara Bank is of the Important Government Banks in India. It was Established in 1906 at Mangalore by Ammembal Subba Rao Pai. The Bank was First Founded under the Name of Canara Hindu Permanent Fund But Later the name is Changed to Canara Bank.
In July 1969 the government of India Nationalised the Canara Bank with 13 other commercial banks in the Country. Canara Bank Was Awarded As First Bank with ISO Certification for “Total Branch Banking” for the Seshadripuram branch in Bangalore.
The Finance Minister of India Mrs. Nirmala Sitaraman Announced the Merger of Syndicate bank with Canara Bank. This Merger has resulted in a Total Business of US$210 billion. The Board of Directors of Canara Bank has Announced The Approval for the merger on 13 September 2019 & the Merger was completed on 1 April 2020.
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5 . Union Bank of India
Union Bank of India is one of the Oldest government Banks in India. It was Established in 1919 as a Limited company in Mumbai. The Bank has a Total Business of US$106 billion with 120+ Million Customers in the Country.
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Union Bank was Inaugurated by Mahatma Gandhi in 1919 and at the Time of Independence, the Bank has only 4 Branches which includes 3 in Mumbai and 1 in Saurashtra. The Indian Government Nationalized Union Bank of India in 1969. Union Bank of India Acquired Belgaum Bank 1975 which was a Private sector Bank Founded in the 1930s.
In 2007 the Union bank of India Grew its Services Internationally by Opening its offices in Abu Dhabi, United Arab Emirates, and Shanghai. Later the Bank Also Established its first international branch in Hong Kong.
In the Year 2019, the Indian Finance minister Smt Nirmala Sitaraman Announced the Merger of the Union Bank of India with Andhra Bank & Corporation Bank. The total valuation of this Merger is US$200 billion.
6 . Punjab & Sindh Bank
The Punjab & Sindh Bank is one of the Major Public Sectors banks in India. The Bank has More than 526 branches Spread over the Country.
Established in 1908 the Punjab & Sindh Bank was founded to help the weaker Section of Indian Society. On 15th April 1980, the Government of India Nationalized the Punjab & Sindh Bank with other Six commercial Banks in the Country.
In the 1960s Punjab & Sindh Bank Opened their First-Ever International Branch in London. Above all, The Net worth of the Bank has Recorded Rs. 2917 crore on 31.3.2020. Since 2004, Punjab & Sindh Bank Has Shown the Growth of 40% Per Year.
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7 . Indian Bank
Headquatered in Chennai, India the Indian Bank is one of the Prime Banks in India. Indian Bank was Established in 1907 as a Financial Services Company. In the Last Quater of 1906, Chennai Was Hit by one of the Worst Crises. One of the Three Commercial names in British was Crashed and the other Two Need to be Rescued.
When the British Arbuthnot Bank collapsed Mr. V. Krishnaswamy Iyer has Laid Down the Foundation of Indian Bank. The Bank started its operation on 15 August 1907 with Its Headquatered in Parry Corner, Madras.
Indian Bank has More than 100 Million Customers with 6,089 branches and 5,022 ATMs Spread all over the Country. More than 20,924 employees Working Effectively in Different Areas of Country to Serve the Best Services to these Customers.
On 31 March 2019, the total Business Valuation of Indian Bank has Touched ₹430,000 crores, Mark. Indian Bank has an ISO27001:2013 standard Certification. In addition, Very few Banks Worldwide this Certification.
On 30 August 2019, the Indian Bank was Merged with Allahabad Bank Making it the Seventh Largest Government banks in India.
8 . Bank of Maharashtra
Establish on 16 September 1935 the Bank of Maharashtra is one of the Major Government Banks in India. The Bank has 15 Million Customers with 1,897 branches Across the Country.
Founded by V. G. Kale and D. K. Sathe in Pune, the Bank of Maharashtra Provides Financial Helps to Small Scale Industries in Different Areas of Maharashtra. The Government of India Nationalized the Indian Bank in 1969. Since then the bank Has Expanded its Services in Different Parts of the Country.
In Financial Year 2019-20, the total Revenue of the Bank was US$1.8 billion. Bank of Maharashtra Has Largest Network of Branches in Maharashtra Compared to other Government Banks in India.
9 . Bank of India
Up Next on the list of Top Government Banks of India is the Bank of India. The Bank of India is one of the oldest Public Sector Bank Currently Operating in Our Country. Above all, The Bank was originally founded in 1906 by the Group of Few esteemed Businessmen in Mumbai.
Started with 50 Employees and one Single office in Mumbai, the Bank of India has Made Fast Growth in Financial Sector. Above all, the Indian Bank has More than 5,100 branches Specialised Branches Spread Across the Country.
In Past Years the Bank has Increased Its International Presence by opening 60 branches with 5 Subsidiaries and 1 Joint venture. Above all, The Indian bank’s Total Asset Valuation in FY2020 Was ₹656,995.48 crore. With such Great Numbers, the Bank of India Grabs the Position of Ninth Largest Public Sector Banks in India. With News about the Bank of India, They the examining the Opportunities of Merger with other Public Sector Bank in Country.
10 . Central Bank of India
Central Bank of India is one of the Oldest and Largest commercial Banks in India. Headquatered in Mumbai, Maharashtra the Bank was founded in 1911. The Bank has a network of 4,651 branches and 3,642 ATMs Spread all over India.
Founded by sir Sorabji Pochkhanawala with Sir Pherozeshah Mehta, the Central Bank of India was the first-ever Indian commercial Bank which was completely owned and managed by Indian Citizens.
In Financial Year 2020 the Central Bank of India has a total asset of ₹356,435.85 crores with ₹27,199.29 crore Revenue Making it the tenth Largest Public Sector bank in India.
11 . Indian Overseas Bank
Headquatered in Chennai, India the Indian overseas Bank is one of the Major Public Sector Banks in India. The Bank has 3400 National Branches with 6 International Branches. The main objective of an Indian overseas Bank was to Encourage Foreign Exchange.
Indian overseas Bank started with 3 Branches in Karaikudi, Madras, and Yangon. Later the Bank Started growing its Services Internationally and Opened its Branches in Srilanka, Burma, Sumatra Etc.
Indian Overseas Bank is Known for Their In-house IT Experts. Almost 80% of their Banking software is Build by Their team. The Indian overseas Bank’s IT Team has Coded one of the Lightest, CLI based Core Banking Solution software which was Running till 2015.
As of Financial Year 2020, The total Asset Valuation of the Company was ₹260,726.83 crore.
12 . UCO Bank
The last Bank in our List of the Largest Government Banks in India is UCO Bank. Formerly known as United Commercial Bank it was First Established in 1943 in Kolkata. G. D. Birla an Industrialist came up with the idea of an Indian commercial bank. The UCO Bank was Incorporated to form that Idea. The Bank Started with 14 New branches Across the Country.
Post World War 2, the UCO Bank Increased their Foreign Presence by Opening Branches in Singapore, Hong Kong, London, and Malaysia. The Government of India Nationalised UCO bank on 19 July 1969.
UCO Bank has Keeping Pace with the new Digital Banking System in India. They Have been providing Different Services Like online Banking & Mobile Banking to Enhance their Customers Banking Experience.
Currently, UCO bank has a Large Network of 3,078 branches and 2564 ATMs spread all over the Country. Beside Banking, Th UCO Bank has a Good Presence in Financial Market outside India. In the Financial year 2020, the Bank has a Net income of ₹−2,436.83 crore.
Public Sector Banks Contributes to the economy by Lending Money to Small and Large Scale Industries in India. The task of Controlling and Monitoring the Risk Linked with Loans are also Crucial to Public Sector Banks.
We Hope this Article Helped You to Know More about the top 10 Largest Government Banks in India. If You have any Queries related to Public or Private Sector Bank in India, Make sure to share them with us in the comments below.
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