The banking sector in India is probably the most prosperous sector. It is also referred to as the leading and most powerful industry of the Indian economic system. In this system, more than 75% of market share is enjoyed by the public sector banks. There are 22 public sector banks in India, as of 2019.
Public Sector Banks in India – Complete List
Read on to know more about the public sector banks in India:
- Andhra Bank – Andhra Bank was established on 20 November 1923 in Hyderabad, Telangana. Genius and freedom fighter, Pattabhi Sitaramayya, founded this bank.
- Allahabad Bank– Allahabad Bank was established on 24 April 1865 in Kolkata, West Bengal.
- Bank of India– Established on 7 September 1906 in Mumbai, Maharashtra. The government has a stake of 64.4% in this bank.
- Bank of Baroda– This bank was established on 20 July 1908 in Vadodara Gujarat. The Maharaja of Baroda, Maharaja H.H. Sir Sayajirao Gaekwad III, founded this bank.
- Bank of Maharashtra– The Bank of Maharashtra was started on 16 September 1935 in Pune, Maharashtra.
- Corporation Bank– Corporation Bank was set up on 12 March 1906, in Mangalore, Karnataka. The government of India has a 100% stake in this bank.
- Central Bank of India– Established on 21 December 1911 in Mumbai, Maharashtra.
- Canara Bank– Canara Bank was set up on 1 July 1906 in Mangalore, Karnataka.
- Dena Bank– This bank was established on 26 May 1938 in Mumbai, Maharashtra.
- Indian Overseas Bank– Indian Overseas Bank was set up on 10 February 1937 in Chennai, Tamil Nadu.
- Indian Bank– Established on 15 August 1907 in Chennai Tamil Nadu, the government has a share of 81.51% in this bank.
- Oriental Bank of Commerce– Oriental Bank of Commerce was established on 19 February 1943 in Gurgaon, Haryana.
- Punjab National Bank– Punjab National Bank or PNB as popularly known amongst people was set up on 19 May 1894 in New Delhi. Lala Lajpat Rai and Dyal Singh Majhithia founded Punjab National Bank.
- Punjab & Sind Bank- This respective bank was established on 24 June 1908 in New Delhi.
- Syndicate Bank- Established in 1925 in Bengaluru, Karnataka, the Syndicate Bank is considered as one of the most trustworthy banks in this country.
- State Bank of India- State Bank of India is the oldest bank in this country and the name says it all. Almost every Indian citizen has an account is this bank which was established on 2 June 1806 in Mumbai, Maharashtra. Rajnish Kumar is currently serving as the chairperson.
- United Bank of India- Set up on 1950 in Kolkata, West Bengal.
- Union Bank of India– Union Bank of India was set up on 11 November 1919 in Mumbai, Maharashtra.
- UCO Bank– This bank was established on 6 January 1943 in Kolkata, West Bengal. It was founded by Ghanshyam Das Birla.
- Vijaya Bank– Established on 23 October 1931 in Bengaluru, Karnataka.
- India Post Payments Bank– This bank was set up on 1 September 2018 in New Delhi, and the government has a 100% stake in it.
Public sector banks are the more popular option amongst people and naturally so. They enjoy a lot of trust from the citizens of this country owing to them being owned by the government.