List of Government Banks in India in 2021
Government Banks in India: Update
Every economy is based on spending and saving for which only one institution is responsible and that is the Bank. It is the place where all transactions legitimately take place. India's economy is managed by the Finance Ministry along with the Reserve Bank of India. Then there are 3 categories of banks, namely, Public or Government Bank, Private Banks, Foreign or International banks.
The Minister of Finance, Nirmala Sitharaman announced the mergers of Public sector banks as well as conversion of various public sector banks to private sectors. In the article below, know about various Public Sector banks of India and how the conversion would affect the Indian economy. Take a look at the Public Sector Banks in India in the picture below.
The Privatization of banks in India is in itself a big topic of discussion as many bankers showed their unhappiness over the issue along with many economists un-supportive of the Government's move. Take a look at the details below.
Public Sector/ Government Banks in India:
What is a Public Sector Bank in India?
Public Sector Bank is the bank owned by the Government or in which the Government is the major shareholder (of more than 51% in the bank). In 2020 more than 10 public sector banks were merged to make 4 major banks in India.
The table below mentions the banks that belong to the government sector in 2021:
|SNo||Public Sector Bank||Headquarters|
|1||Punjab National Bank ( Merged with Oriental Bank Of Commerce and United Bank Of India)||New Delhi|
|2||Indian Bank( Merged with Allahabad Bank)||Chennai|
|3||State Bank of India||Mumbai|
|4||Canara Bank( Merged with Syndicate Bank)||Bangalore|
|5||Union Bank of India( Merged with Andhra Bank and Corporation Bank)||Mumbai|
|6||Indian Overseas bank||Chennai|
|8||Bank of Maharashtra||Pune|
|9||Punjab and Sind Bank||New Delhi|
|10||Bank of India||Mumbai|
|11||Central Bank of India||Mumbai|
|12||Bank of Baroda||Gujarat|
Amazing Facts about Banks:
- Central Bank of India is the largest and the oldest commercial bank in India.It was established in 1911.
- Canara Bank is one of the largest nationalized public sector banks established in 1906.
- Punjab National Bank's establishment goes way back to 1894.
- State Bank of India generated a revenue of 2110 billion rupees in the past financial year.
- Punjab and Sind Bank has 1559 branches across India out of which 623 branches are in Punjab state.
Government Banks in India: Old List
Take a look at the banks that were previously nationalized Government sector banks.
|3||Bank of Baroda|
|4||Bank of India|
|5||Bank of Maharashtra|
|7||Central Bank of India|
|11||Indian Overseas Bank|
|12||Oriental Bank of Commerce|
|13||Punjab & Sind Bank|
|14||Punjab National Bank|
|17||Union Bank of India|
|18||United Bank of India|
|20||IDBI Bank((77.79% government stake)|
|21||SBI+and its five associate banks|
|22||Bharatiya Mahila Bank|
Details about Government Banks:
Punjab National Bank:
PNB is the first Bank to be called Swadeshi (out of the Swadeshi movement).Its operations were started on April 12, 1985. The bank was first established in Lahore with the authorised capital of 2 lacs.
Now Oriental Bank of Commerce and United Bank of India have been merged with PNB.
State Bank of India:
SBI is the largest commercial bank of India. It has the maximum asset, deposit and profits among the banks in India.
It was called the ‘Canara Bank Hindu Permanent Fund’. It was nationalised in 1969 making it Canara Bank and was merged with Syndicate Bank last year.
Central Bank of India
It was established in 1911. This was the financial organization of India or the primary Indian bank that was closely-held and managed by Indians. It was founded by Sir Sorabji Pochkhanawala.