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Government Banks Lists in India 2023 | As per Govt Latest Info

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.

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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:

  1. Allahabad Bank

  2. Andhra Bank

  3. Bank of Baroda

  4. Bank of India

  5. Bank of Maharashtra

  6. Canara Bank

  7. Central Bank of India

  8. Corporation Bank

  9. Dena Bank

  10. Indian Bank

  11. Indian Overseas Bank

  12. Oriental Bank of Commerce

  13. Punjab & Sind Bank

  14. Punjab National Bank

  15. Syndicate Bank

  16. UCO Bank

  17. Union Bank of India

  18. United Bank of India

  19. Vijaya Bank

  20. IDBI Bank (77.79% government stake)

  21. SBI (State Bank of India) and its five associate banks

  22. 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:

  1. Punjab National Bank - PNB is the second-largest public sector bank after merging with UBI and Oriental Bank of Commerce.

  2. Canara Bank becomes the fourth-largest public sector bank after merging with Syndicate Bank.

  3. Union Bank creates the fifth-largest public sector bank after merging with Andhra Bank and Corporation Bank.

  4. Indian Bank formed the seventh-largest public sector bank after merging with Allahabad Bank.

  5. 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:

  1. State Bank of India

  2. Punjab National Bank

  3. Bank of Baroda

  4. Bank of India

  5. Central Bank of India

  6. Canara Bank

  7. Union Bank of India

  8. Indian Overseas Bank

  9. Punjab and Sind Bank

  10. Indian Bank

  11. UCO Bank

  12. 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.


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