Top 10 Government Banks in India 2025: Government banks in India, formally known as public sector banks (PSBs), form the backbone of the country’s banking system. Owned primarily by the Government of India, these banks play a pivotal role in advancing financial inclusion, supporting social welfare initiatives, and providing reliable banking services across the nation.
Top 10 Government Banks in India 2025
India’s public sector banking began well before independence and expanded significantly in the post-nationalization era. Over time, these banks have transformed into multi-service institutions that offer a wide spectrum of financial services, including savings and current accounts, loans, investment products, digital banking, and government-backed schemes.
Being state-owned, PSBs operate under the strict regulatory framework of the Reserve Bank of India (RBI) and other financial authorities. Government ownership not only provides stability but also strengthens public trust, especially in times of economic uncertainty.
Role and Significance
While facing increasing competition from private and digital banks, PSBs remain central to India’s development narrative by consistently serving as financial enablers for individuals, businesses, and communities. Public Sector Banks are instrumental in:
- Delivering government schemes such as Jan Dhan Yojana, Mudra Loans, and Startup India.
- Expanding banking services into rural and underserved regions.
- Supporting critical sectors like agriculture, infrastructure, and small businesses.
- Promoting digital transformation in the banking sector.
- Enhancing financial literacy and inclusion through various outreach initiatives.
Top Government Banks in India by Market Capitalization
Below is the updated ranking of India’s leading public sector banks based on their market capitalization:
| Rank | Bank Name | Market Cap (₹ Lakh Crore) | Headquarters |
| 1 | State Bank of India | 7.28 | Mumbai, Maharashtra |
| 2 | Bank of Baroda | 1.28 | Vadodara, Gujarat |
| 3 | Punjab National Bank | 1.17 | New Delhi |
| 4 | Union Bank of India | 0.98 | Mumbai, Maharashtra |
| 5 | Canara Bank | 0.89 | Bengaluru, Karnataka |
| 6 | Indian Bank | 0.78 | Chennai, Tamil Nadu |
| 7 | Indian Overseas Bank | 0.73 | Chennai, Tamil Nadu |
| 8 | Bank of India | 0.54 | Mumbai, Maharashtra |
| 9 | UCO Bank | 0.39 | Kolkata, West Bengal |
| 10 | Bank of Maharashtra | 0.39 | Pune, Maharashtra |
Detailed Insights into the Top 10 Government Banks in India
Explore key facts, financial performance, and leadership details of the top 10 government banks driving India’s public sector banking landscape.
1. State Bank of India (SBI)
- Chairman: Dinesh Kumar Khara
- Revenue (FY24): ₹4,15,130.66 crore
- SBI is India’s largest public sector bank. Founded in 1955, it serves millions of customers in India and abroad. As of September 2024, SBI reported a 28 percent year-on-year rise in net profit, reaching ₹18,331 crore.
2. Bank of Baroda (BoB)
- MD & CEO: Debadatta Chand
- Revenue (FY24): ₹1,12,605.94 crore
- Founded in 1908, BoB has a strong international presence. It made headlines for facilitating India’s first three-way bank merger. By December 2024, its global business grew to ₹25.64 lakh crore.
3. Punjab National Bank (PNB)
- MD & CEO: Atul Kumar Goel
- Revenue (FY24): ₹1,06,901.62 crore
- Established in 1894, PNB is a legacy institution with over 180 million customers. Its net profit for Q2 FY25 reached ₹4,303.5 crore, up from ₹1,756 crore year-on-year.
4. Union Bank of India
- MD & CEO: A. Manimekhalai
- Revenue (FY24): ₹99,777.96 crore
- Established in 1919 and inaugurated by Mahatma Gandhi, Union Bank continues to innovate, recently launching new debit cards tailored for women and high-net-worth individuals.
5. Canara Bank
- MD & CEO: K. Satyanarayana Raju
- Revenue (FY24): ₹1,08,687.93 crore
- Founded in 1906, Canara Bank has received regulatory approval to divest its holdings in Canara HSBC Life Insurance and Canara Robeco AMC as part of strategic restructuring.
6. Indian Bank
- MD & CEO: Shanti Lal Jain
- Revenue (FY24): ₹55,614.78 crore
- Headquartered in Chennai and established in 1907, Indian Bank combines tradition with innovation to offer digital and retail banking services across India.
7. Indian Overseas Bank (IOB)
- MD & CEO: Ajay Kumar Srivastava
- Revenue (FY24): ₹24,049.73 crore
- Founded in 1937, IOB is expanding its capital base through Qualified Institutional Placement (QIP) with a government-approved fundraising plan of ₹10,000 crore.
8. Bank of India (BoI)
- MD & CEO: Rajneesh Karnatak
- Revenue (FY24): ₹60,709.49 crore
- Established in 1906, BoI is currently planning to raise $400 million in foreign currency debt, its first such move since 2012.
9. UCO Bank
- MD & CEO: Ashwani Kumar
- Revenue (FY24): ₹21,854.34 crore
- Founded in 1943, UCO Bank operates extensively across India. Like IOB, it has received approval to raise capital via QIP in FY25.
10. Bank of Maharashtra
- MD & CEO: Nidhu Saxena
- Revenue (FY24): ₹14,525 crore
- Established in 1935, Bank of Maharashtra holds a strong regional presence and is known for its efficient service delivery and focus on SME lending.
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