The Indian banking sector plays a vital role in the Indian economy, facilitating numerous financial transactions. The well-known Reserve Bank of India (RBI) is India's central banking institution and the supreme monetary authority. In India, there are different types of banks, including public sector, private sector, regional rural, and foreign sector banks. This page lets you know about a comprehensive list of government banks in India as of 2023.
Government Banks in India (PSU Banks) 2023
Public Sector Unit (PSU) sector banks are those where the govt holds a stake of more than 50%. "Nationalised Bank" and "Public Sector Bank" are used interchangeably, as they have the same meaning. Previously, the list of government banks in India included several prominent names:
Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Corporation Bank
Dena Bank
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab & Sind Bank
Punjab National Bank
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank
IDBI Bank (77.79% government stake)
SBI (State Bank of India) and its five associate banks
Bharatiya Mahila Bank
However, with the announcement on August 30, 2019, the number of public sector banks reduced from 27 in 2017 to 12. Several banks underwent mergers to form larger entities. Let's take a look at the merged public sector banks:
Punjab National Bank - PNB is the second-largest public sector bank after merging with UBI and Oriental Bank of Commerce.
Canara Bank becomes the fourth-largest public sector bank after merging with Syndicate Bank.
Union Bank creates the fifth-largest public sector bank after merging with Andhra Bank and Corporation Bank.
Indian Bank formed the seventh-largest public sector bank after merging with Allahabad Bank.
State Bank of India (SBI) is the number one Public Bank Unit (PSU) Bank after merging with the following six banks:
State Bank of Hyderabad - SBH
State Bank of Mysore - SBM
SBBJ - State Bank of Bikaner & Jaipur
State Bank of Patiala - SBP
State Bank of Travancore - SBT
Bharatiya Mahila Bank
Recently merged banks are:
As of 2023, the current list of 12 public sector banks in India includes:
State Bank of India
Punjab National Bank
Bank of Baroda
Bank of India
Central Bank of India
Canara Bank
Union Bank of India
Indian Overseas Bank
Punjab and Sind Bank
Indian Bank
UCO Bank
Bank of Maharashtra
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Some Details about the PSU Banks
Now, let's let you know about some Bank names and Established years and Location and basic info given below:
State Bank of India (1955)
Revenues: ₹2,110 B
Headquarters: Mumbai, Maharashtra
Information: Formerly known as the Imperial Bank of India, SBI remains India's largest public sector bank.
Punjab National Bank (1894)
Revenues: ₹774.22 B
Headquarters: New Delhi, Delhi
Information: Punjab National Bank, Oriental Bank of Commerce, and United Bank merged to form the new Punjab National Bank, the second-largest public sector bank in India.
Bank of Baroda (1908)
Revenues: ₹422 B
Headquarters: Vadodara, Gujarat
Information: Dena Bank and Vijaya Bank merged with Bank of Baroda, creating the country's third-largest public sector bank in terms of loans.
Bank of India (1906)
Revenues: ₹418 B
Headquarters: Mumbai, Maharashtra
Information: Bank of India (BOI) is a commercial bank nationalized in July 1969. A Group of eminent Business people from Mumbai, Maharashtra, founded it.
Bank of Maharashtra (1935)
Revenues: ₹130.53 B
Headquarters: Pune, Maharashtra
Information: Bank of Maharashtra was founded by V. G. Kale and D. K. Sathe. It was registered and later nationalized in 1969.
Union Bank of India (1919)
Revenues: ₹696.39 B
Headquarters: Mumbai, Maharashtra
Information: Union Bank of India has a network of 2,600 fully automated CBS branches and 3,040 ATMs.
Canara Bank (1906)
Revenues: ₹558.30 B
nationalized on 1969
Headquarters: Bengaluru, Karnataka
Information: Canara Bank is one of the largest nationalized public sector banks established by Ammembal Subba Rao Paiand (Mangalore).
Central Bank of India (1911)
Revenues: ₹259 B
Headquarters: Mumbai, Maharashtra
Information: Central Bank of India is one of India's oldest and largest commercial banks.
Indian Bank (1907)
Revenues: ₹405.74 B
Headquarters: Chennai, Tamil Nadu
Information: Indian Bank is one of India's top-performing public sector banks, with a large network of branches and ATMs.
Indian Overseas Bank (1937)
Revenues: ₹235.2 B
Headquarters: Chennai, Tamil Nadu
Information: IOB Bank was established to encourage overseas banking and foreign exchange operations. Thiru.M. Chidambaram Chettiar establishes it.
Punjab and Sind Bank (1908)
Revenues: ₹87.44 B
Headquarters: New Delhi
Information: Punjab and Sind Bank have 1,559 branches throughout India, with 623 branches in Punjab state.
UCO Bank (1943)
Revenues: ₹185.61 B
Headquarters: Kolkata, West Bengal
Information: UCO Bank, formerly United Commercial Bank, was established in 1943 by G. D. Birla, a prominent Indian industrialist.
Bank Merger List 2023:
The Central government Recently Published a capital infusion worth more than 55K crore into public sector Unit (PSU) banks. Check the table below details:
PSBs Capital Infusion (In ₹) (in Crore)
Punjab and national bank(PNB) 16,000
Union Bank of India(UBI) 11,700
Bank of Baroda(BOB) 7,000
Indian Bank 2,500
Indian Overseas Bank(IOB) 3,800
Central Bank of India(CBI) 3,300
UCO Bank 2,100
United Bank of India(UBI) 1,600
Punjab and Sind Bank 750
The Future of the Banks
The financial sector in India is undergoing significant changes, and the current merger plans aim to bring stability. The consolidation of banks into larger entities enhances stability and strength, making it easier for regulators to oversee their operations. These reforms are part of the government's efforts to revive the economy, build a robust banking system, enable banks to compete globally and increase operational efficiency by reducing the cost of lending.