Top 10 Government Banks in India 2024

Government Banks in India

Government Banks in India: Government Banks in India, also known as Public Sector Banks (PSBs), play a crucial role in the country’s financial system and have a significant impact on its economic development. These banks are owned and operated by the Government of India, making them an essential pillar of the nation’s financial infrastructure. The primary objective behind the establishment of government banks is to ensure financial inclusion and provide banking services to various sections of society, including rural and underprivileged areas.

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Government Banks in India – Overview

With a history that dates back to the colonial era, many present banks were established in the early 20th century to cater to the needs of the masses and support India’s growing economy. Over time, these banks have evolved and expanded their services to offer a wide range of financial products and services, such as savings accounts, loans, credit facilities, and investment opportunities.

As government-owned institutions, these banks adhere to strict regulatory guidelines and are governed by the Reserve Bank of India (RBI) and other regulatory bodies. Their ownership by the government ensures stability and confidence among depositors, as the government stands as the ultimate guarantor for the safety of deposits in these banks.

Government Banks in India – Role and Responsibility

Furthermore, Government Banks have played a vital role in driving financial inclusion and socio-economic development by supporting various government schemes and initiatives, such as Jan Dhan Yojana, Mudra Yojana, and more. Through their extensive branch network, they reach even the remotest corners of the country, making banking accessible to all.

Despite facing challenges such as increased competition from private banks and the need to adopt advanced technology, government banks remain a fundamental component of India’s banking system. They continue to serve as agents of change, contributing to the country’s growth and progress by empowering individuals, businesses, and industries with financial services that fuel economic development and prosperity.

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Top 10 Government Banks in India – List

The following table gives an overall view of the top government banks in India, their taglines, and their shareholding as of March 2023. You’ll also find their year of establishment and headquarters locations.

S.No	Bank	Tagline	Government Share Holding (as of end-March 2023)	Established On	Headquarters
1	State Bank of India	Pure Banking, Nothing Else	57.59%	1955	Mumbai, Maharashtra
2	Punjab National Bank	The Name You Can Bank Upon	73.15%	1894	New Delhi, Delhi
3	Bank of Baroda	India’s International Bank	63.97%	1908	Vadodara, Gujarat
4	Bank of India	Relationship Beyond Banking	81.41%	1906	Mumbai, Maharashtra
5	Bank of Maharashtra	Ek Parivaar, Ek Bank (One Family One Bank)	90.90%	1935	Pune, Maharashtra
6	Union Bank of India	Good People to Bank with	83.49%	1919	Mumbai, Maharashtra
7	Canara Bank	Together We Can	62.93%	1906	Bengaluru, Karnataka
8	Central Bank of India	Central to You Since 1911, Build a better life around us	93.08%	1911	Mumbai, Maharashtra
9	Indian Bank	Your Own Bank, Banking That’s Twice As Good	79.86%	1907	Chennai, Tamilnadu
10	Indian Overseas bank	Good People To Grow With	96.38%	1937	Chennai, Tamilnadu
11	Punjab and Sind Bank	Where Service is a Way of Life	98.25%	1908	New Delhi
12	UCO Bank	Honors your Trust	95.39%	1943	Kolkata, WB

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Top 10 Government Banks in India

This section will give you further details about the top 10 government banks in India.

1. State Bank of India

State Bank of India (SBI) is India’s largest public sector bank, with a rich history dating back to 1955. As a key player in the country’s financial landscape, SBI offers a wide range of banking and financial services, serving millions of customers across India and abroad.

2. Punjab National Bank

Punjab National Bank (PNB) is one of India’s leading public sector banks, established in 1894. With its headquarters in New Delhi, PNB has a significant presence both nationally and internationally. Known for its customer-centric approach, PNB offers a diverse range of banking products and services to cater to the needs of its customers.

3. Bank of Baroda

Bank of Baroda (BoB) is a prominent public sector bank in India, founded in 1908. With its headquarters in Vadodara, Gujarat, BoB has established itself as India’s international bank, providing a wide array of financial services domestically and globally. The bank is known for its strong presence and commitment to customer satisfaction.

4. Bank of India

Bank of India (BoI) is one of India’s oldest public sector banks, founded in 1906. With its headquarters in Mumbai, Maharashtra, BoI has a rich heritage and a wide network of branches across the country. The bank aims to foster economic growth by providing diverse financial products and services to its customers.

5. Bank of Maharashtra

Bank of Maharashtra is a leading public sector bank in India, established in 1935. With its headquarters in Pune, Maharashtra, the bank is known for its strong regional presence and commitment to serving the financial needs of the people in the state. Bank of Maharashtra focuses on providing customer-centric banking solutions and supporting economic development in the region.

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6. Union Bank of India

Union Bank of India is a prominent public sector bank established in 1919. With its headquarters in Mumbai, Maharashtra, the bank has a significant nationwide presence. Union Bank of India is committed to providing a wide range of innovative banking products and services to cater to the diverse needs of its customers, contributing to the country’s economic growth and development.

7. Canara Bank

Canara Bank is a renowned public sector bank in India, established in 1906. Headquartered in Bengaluru, Karnataka, the bank has a long and distinguished history of serving the financial needs of millions of customers. Canara Bank is committed to fostering financial inclusion and offers a comprehensive range of banking and financial services to its diverse customer base, contributing to India’s economic progress and prosperity.

8. Central Bank of India

Central Bank of India is one of the oldest public sector banks in India, established in 1911. With its headquarters in Mumbai, Maharashtra, the bank has played a central role in the nation’s banking history. Central Bank of India is committed to empowering its customers with a wide range of financial products and services, contributing to the country’s economic growth and development.

9. Indian Bank

Indian Bank is a prominent public sector bank in India, established in 1907. Headquartered in Chennai, Tamil Nadu, the bank has a rich heritage and a strong presence across the country. Indian Bank is dedicated to providing innovative banking solutions and customer-centric services, supporting the financial aspirations of individuals, businesses, and industries across India.

10. Indian Overseas Bank

Indian Overseas Bank (IOB) is a leading public sector bank in India, established in 1937. With its headquarters in Chennai, Tamil Nadu, the bank has expanded its footprint internationally as well. Indian Overseas Bank is committed to providing efficient and reliable banking services to its customers, both in India and overseas, contributing to their financial well-being and growth.

11. Punjab and Sind Bank

Punjab and Sind Bank is a renowned public sector bank in India, founded in 1908. With its headquarters in New Delhi, the bank has a strong presence in the northern regions of India. Punjab and Sind Bank is committed to serving its customers with a wide range of banking products and services, reflecting the rich cultural and economic diversity of the region it serves.

12. UCO Bank

UCO Bank is a prominent public sector bank in India, established in 1943. With its headquarters in Kolkata, West Bengal, the bank has a significant presence across the country. UCO Bank is dedicated to upholding the trust placed in it by its customers and is committed to providing reliable banking services to meet their financial needs, fostering economic growth and prosperity.

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