Banks In India

Government Banks in India in 2021

Government sector banks also known as Public Sector banks are those in which the Government of India has the maximum share. Take a look at the number of banks that belong to Government sector in India in 2021.

Every economy is based on spending and saving for which only one institution is responsible and that is the Bank. It is the place where all transactions legitimately take place. India's economy is managed by the Finance Ministry along with the Reserve Bank of India. Then there are 3 categories of banks, namely, Public or Government Bank, Private Banks, Foreign or International banks.

The Minister of Finance, Nirmala Sitharaman announced the mergers of Public sector banks as well as conversion of various public sector banks to private sectors. In the article below, know about various Public Sector banks of India and how the conversion would affect the Indian economy. Take a look at the Public Sector Banks in India in the picture below.

 

Public Sector Banks in India

The Privatization of banks in India is in itself a big topic of discussion as many bankers showed their unhappiness over the issue along with many economists un-supportive of the Government's move. Take a look at the details below.

 

What is a Public Sector Bank in India?

Public Sector Bank is the bank owned by the Government or in which the Government is the major shareholder (of more than 51% in the bank). In 2020 more than 10 public sector banks were merged to make 4 major banks in India.

The table below mentions the banks that belong to the government sector in 2021:

 

SNo                                   Public Sector Bank                                                 Headquarters

1              Punjab National Bank ( Merged with Oriental Bank Of Commerce and United Bank Of                          India)                                                                                                      New Delhi

2              Indian Bank( Merged with Allahabad Bank)                                         Chennai

3              State Bank of India                                                                                 Mumbai

4              Canara Bank( Merged with Syndicate Bank)                                         Bangalore

5              Union Bank of India

( Merged with Andhra Bank and Corporation Bank)                                  Mumbai

6              Indian Overseas bank                                                                              Chennai

7              UCO Bank                                                                                               Kolkata

8              Bank of Maharashtra                                                                               Pune

9              Punjab and Sind Bank                                                                             New Delhi

10           Bank of India                                                                                            Mumbai

11           Central Bank of India                                                                                Mumbai

12           Bank of Baroda Gujarat

 

Amazing Facts about Banks:

Central Bank of India is the largest and the oldest commercial bank in India.It was established in 1911.

Canara Bank is one of the largest nationalized public sector banks established in 1906.

Punjab National Bank's establishment goes way back to 1894.

State Bank of India generated a revenue of 2110 billion rupees in the past financial year.

Punjab and Sind Bank has 1559 branches across India out of which 623 branches are in Punjab state.

Government Banks in India: Old List

Take a look at the banks that were previously nationalized Government sector banks.

 

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+and its five associate banks

22           Bharatiya Mahila Bank

 

 

Details about Government Banks:

Punjab National Bank: PNB is the first Bank to be called Swadeshi (out of the Swadeshi movement).Its operations were started on April 12, 1985. The bank was first established in Lahore with the authorised capital of 2 lacs.

Now Oriental Bank of Commerce and United Bank of India have been merged with PNB.

 

State Bank of India:

SBI is the largest commercial bank of India. It has the maximum asset, deposit and profits among the banks in India.

 

Canara Bank:

It was called the ‘Canara Bank Hindu Permanent Fund’. It was nationalised in 1969 making it Canara Bank and was merged with Syndicate Bank last year.

  

Central Bank of India

It was established in 1911. This was the financial organization of India or the primary Indian bank that was closely-held and managed by Indians.  It was founded by Sir Sorabji Pochkhanawala.