Want to know about top 10 government banks in india 2022? Well you have landed on the right article. The Indian banking sector is the most powerful and dynamic industry in the country’s economy.
Post so many reforms and revolutions before and after independence, the Indian banking sector has drastically changed.
Presently, there are 12 public sector banks, 21 private sector banks, 45 international banks, and many scheduled/ co-operative banks in India.
Still, the public sector banks hold most of the market share (almost 80%) and lead the Indian banking sector. Beneath, we have mentioned the list of the top 10 largest public sector banks in India in 2022 based on their market capitalization.
Also Read: best bank accounts in india/best bank for savings account, best power bank brands in india & best books for english for bank exams
List of Top 10 government banks in India
Want to jump straight to my top picks? My favorite top 12 government banks in india is Punjab National Bank and Indian Bank.
1. State Bank of India
The State Bank of India (SBI) is one of the top government banks in India and the largest Public sector Government bank in India.
SBI is an Indian multinational, public sector banking and financial services statutory organization.
It is the largest bank in the country in regard of Deposits, Advances, Customers, and Banking Outlets.
Headquartered in Mumbai, the bank offers a wide spectrum of products and services to individuals, commercial enterprises, large corporates, public bodies, and institutional customers.
The bank operates through its different branches and outlets, JVS, subsidiaries, and associate companies. Forbes has ranked SBI at the 236th position in its “Fortune Global 500” list, including the names of the largest corporations worldwide in 2017.
After collaborating with its 5 associate banks and Bharatiya Mahila Bank on April 1, 2017, SBI Bank has served more than 45 crore customers. The bank has 22,340 branches and more than 62,000 ATMs located at different locations.
SBI is considered one of the best government bank in india.
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2. Bank of India
Established on September 7, 1906; the Bank of India was founded by a group of eminent businessmen from Mumbai.
Initially, the bank was under private ownership and control till July 1969, post it come under top nationalised banks in india along with 13 other banks.
The bank has more than 5000 branches in India located all over the country, including specialized branches.
All the branches are managed and controlled through 54 Zonal Offices and 8 NBG Offices. Presently the Bank of India has an international presence in 18 foreign countries spread over 5 continents.
The offices are located in Tokyo, Singapore, London, Paris, New York, and Hong Kong.
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3. Canara Bank
Established as ‘Canara Bank Hindu Permanent Fund’ in 1906, the bank turned into a limited company as ‘Canara Bank Ltd.’
In the year 1910 and finally became Canara Bank in 1969 after nationalization.
The bank now has a presence all over the country with 6305 branches spread across different states and cities.
In addition, with the main focus on customer satisfaction, the bank offers a wide array of alternative delivery channels via 8801 ATMs.
In 2014, the Canara Bank was honored with the MSME Banking Excellence award and became the third-largest nationalized bank post its merger with Syndicate bank.
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4. Bank of Baroda
Founded by Maharaja Sayajirao Gaekwad III in July 1908, the Bank of Baroda is an Indian state-owned International banking and financial services company with a head office in Vadodara, Gujarat.
Presently, it is the second-largest bank in India, next to the State Bank Of India.
The corporate office is located in Mumbai.
Along with 13 other leading Indian commercial banks, the bank was nationalized on 19 July 1969, by the Indian Government of India and has been designated as a profit-making public sector undertaking (PSU).
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5. Punjab National Bank
Punjab National Bank started operating in April 1895 from Lahore under the guidance of Lala Lajpat Rai as a part of the Swadeshi movement.
So far, seven different banks have collaborated with PNB.
PNB has 2 overseas branches in Hong Kong, and Dubai and one Offshore Banking Unit located in Mumbai.
Also, it has a Representative Office in Dubai (UAE). The bank operates two overseas subsidiaries including
- PNB International Ltd. (which is a 100% owned subsidiary in the UK with 7 branches)
- Druk PNB Bank Ltd. – Bhutan (51% shareholding with 7 branches)
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6. Union Bank of India
The Union Bank of India came into inception on November 11, 1919, in Mumbai.
Initially, the bank started operating as a limited company but post nationalization in 1969, it became a commercial bank.
The bank has a huge clientele base of more than 5.7 crore clients.
Also, it has 9100 branches all over the country, including three overseas branches in Dubai, Sydney, and Hong Kong.
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7. Central Bank of India (CBI)
Central Bank of India is named among the oldest banks in the country, the bank came into operations on December 21, 1911.
The bank has a presence in 29 Indian states and 6 of the 7 Union Territories of India through its 3656 branches, 178 extension counters, and ten satellite offices.
The bank enjoys worldwide occupancy with its offices in Hong Kong and Nairobi.
The banks and other bodies holding a stake in CBI include the Bank of Baroda(20% stake); Bank of India(20%); and the Zambian Government (40% stake).
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8. Indian Overseas Bank
Established in 1937, IOB is listed among the leading commercial banks of India.
The bank operates under the ownership of the Ministry of Finance, Government of India with close to 3,214 domestic branches, 4 foreign branches, and representative offices.
At the time of nationalization, IOB was among 14 major banks taken over by the Indian government.
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9. UCO Bank
UCO Bank was established in 1943 by Ghanshyam Das Birla in Kolkata. The bank became a public sector bank in July 1969, after nationalization.
The bank has a strong nationwide presence in different states, cities, etc.
Via 3078 branches and 2564 ATMs. The bank’s overseas branches are located in Hong Kong, Singapore & Iran.
The bank has Rs 8,635 crores with the RBI and paid taxes worth Rs 47 crores in the last financial year.
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10. Indian Bank
As a part of the Swadeshi movement, on August 15, 1907, the Indian Bank emerged.
The Indian Bank is a leading nationalized bank operating under the ownership of the Ministry of Finance, Government of India.
All the bank’s operations are managed and taken care of by a team of more than 20,000 employees.
Indian Bank has almost 5744 branches functioning all over the country with 5428 ATMs. In addition, the bank has various international branches in countries including Colombo and Singapore.
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11. Punjab & Sindh Bank
Punjab & Sind Bank is an Indian nationalized bank doing operations under the ownership of the Ministry of Finance, Government of India.
The bank has its head office in New Delhi.
On 15 April 1980, the bank along with other banks was nationalized by the Government of India.
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12. Bank of Maharashtra
Bank of Maharashtra is a nationalized bank operating under the ownership of the Ministry of Finance, Government of India.
The bank has 29 million customers in India with 2022 branches.
It is among the largest network of branches of any nationalized bank in Maharashtra.
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Conclusion
Certainly, the Public Sector Banks are the backbone of the Indian economy and hold a significant market share.
From introducing various government schemes to allowing customers to maintain zero balance accounts, PSBs have always been at the forefront post-nationalization.
Even during pandemics, PSBs made digital transactions smoother helping the government transfer money directly to the people under various schemes.
The public sector banks play a crucial role in the betterment of the economy and will continue to work for the advancement of people and the economy as a whole.
We hope this informative article on India’s top 10 Government Banks has helped you know more about the leading Indian government banks based on their market capitalization, number of branches, total assets, etc.
I hope you liked our article on top 10 government banks in india 2022, if you have any comments or suggestions do share them in the comments below.
Frequently Asked Question
Q1. Which is the No 3 government bank in India?
The list of the top government banks in India includes
- State Bank of India
- Punjab National Bank
- Bank of Baroda
- Canara Bank
- Union Bank of India
- Bank of India
- Indian Bank
- Central Bank of India
- Indian Overseas Bank
- UCO Bank
- Bank of Maharashtra
- Punjab & Sindh Bank
Q2. Who are the top 10 banks in India?
Various government banks operate in India out of which we have mentioned the top ones:
- State Bank of India (SBI)
- Punjab National Bank
- Bank of Baroda
- Canara Bank
- Union Bank of India
- Bank of India
- Indian Bank
- Central Bank of India
- Indian Overseas Bank
- UCO Bank, etc.
Q3. Which banks are the government?
The leading Public Sector Banks in India include State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Union Bank of India, Indian Overseas Bank, Punjab and Sind Bank, Central Bank of India, Canara Bank, Indian Bank, UCO Bank, and Bank of Maharashtra.
Q4. Which government bank is best?
The best government banks’ in India include:
- Union Bank of India
- Canara Bank
- Bank of Baroda
- Bank Of India
- Indian Bank
- Central Bank of India
- Indian Overseas Bank
- Bank of Maharashtra
Q5. Which is the best bank in India?
The leading banks (both public and private) in India include:
- HDFC Bank.
- State Bank of India (SBI)
- ICICI Bank.
- Axis Bank.
- Kotak Mahindra Bank.
- IndusInd Bank.
- Yes Bank.
- Punjab National Bank (PNB)
Here are my best picks:
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