Banks are the most significant components of the Indian financial system. There are typically two major types of banks in India, e.g., public sector banks and private sector banks.
Content Recap:
Public sector banks are also known as “government banks.” Hence, this article will provide a complete list of government banks in India.
Government Bank – Definition
Government banks are those financial institutions whose majority of shares are held by the government of India. The majority of shares means that “51% or more” shares of the bank are owned by the central government or state government. The shares of public sector banks are also traded publicly at major stock exchanges such as NSE, and BSE.
12 Best Government Banks in India [As of September 2024]
| Sr. | Bank’s Name | HeadQuater | Establishment | Government Shareholding (September, 2024) |
Market Capital (Rs. Crore) (September, 2024) |
|---|---|---|---|---|---|
| 1. | Bank of Baroda | Baroda, Gujrat | 1908 | 63.97% | 36,509 |
| 2. | Bank of India | Mumbai, Maharashtra | Sep 7, 1906 | 89.1% | 22,561 |
| 3. | Bank of Maharashtra | Mumbai, Maharashtra | Sep 16, 1935 | 93.33% | 16,203 |
| 4. | Canara Bank | Banglore, Karnatka | July, 1906 | 69.33% | 23,573 |
| 5. | Central Bank of India | Mumbai, Maharashtra | 1911 | 89.78% | 9,812 |
| 6. | Indian Bank | Chennai, Tamilnadu | Mar 5, 1907 | 88.06% | 12,795 |
| 7. | Indian Overseas Bank | Chennai, Tamilnadu | Feb 10, 1937 | 95.84% | 26,134 |
| 8. | Punjab & Sind Bank | New Delhi | 1908 | 97.07% | 7,659 |
| 9. | Punjab National Bank | Dwarka, New Delhi | May 19, 1894 | 76.87% | 37,981 |
| 10. | State Bank of India | Mumbai, Maharashtra | 1955 | 57.63% | 317,046 |
| 11. | UCO Bank | Kolkata, West Bengal | 1943 | 94.44% | 11,257 |
| 12. | Union Bank of India | Mumbai, Maharashtra | 1919 | 89.07% | 22,808 |
List of Government Banks in India—Brief Introduction
1) Bank of Baroda
The Bank of Baroda was founded in 1908 and is headquartered in Baroda, Gujrat. Vijaya Bank and Dena Bank were merged with Bank of Baroda (BOB) on April 1, 2019. It is now the third-largest public sector bank in India.
- Headquarters – Baroda, Gujarat, India.
- Government Shareholding (as of September 2024) – 63.97%
- Toll Free: 1800 258 44 55, 1800 102 44 55
- Official Website: www.bankofbaroda.com
- Branches: 8581+
- Market Capital (Rs. Crore) – 36,509
2) Bank of India
- Headquarters – Mumbai, Maharashtra, India.
- Government Shareholding (as of September 2024) – 63.97%
- Toll free: 1800 220 229, 1800 103 1906
- E-mail ID: [email protected]
- Official Website: www.bankofindia.co.in
- Branches: 5000+
- Market Capital (Rs. Crore) – 22,561
3) Bank of Maharashtra
- Headquarters: Pune, Maharashtra, India.
- Government shareholding (as of September 2024) – 93.33%
- Toll Free: 1800 233 4526, 1800 102 2636
- E-mail ID: [email protected]
- Official Website: www.bankofmaharashtra.in
- Branches: 1800+
- Market Capital (Rs. Crore) – 16,203
4) Canara Bank
Syndicate Bank has merged with Canara Bank and has become the fourth largest government bank in India. Canara Bank was established in July, 1906.
- Headquarters: Bangalore, India
- Government shareholding (as of September 2024) – 69.33%
- Toll-Free: 1800 425 0018
- Official Website: canarabank.com
- Branches: 6300+
- Market Capital (Rs. Crore) – 23,573
5) Central Bank of India
- Headquarters: Mumbai, India
- Government shareholding (as of September 2024) – 89.78%
- Toll-Free: 1800 22 1911
- E-mail ID: [email protected]
- Official Website: www.centralbankofindia.co.in
- Branches: 4600+
- Market Capital (Rs. Crore) – 9,812
6) Indian Bank
Indian Bank and Allahabad Bank were merged together and have branches outside India as well. It was founded in 1907.
- Headquarters: Chennai, India.
- Government shareholding (as of September 2024) – 88.06%
- Toll Free: 1800 425 00 000, 1800 425 4422
- Official Website: www.indianbank.in
- Branches: 2900
- Market Capital (Rs. Crore) – 12,795
7) Indian Overseas Bank
- Headquarters: Chennai, India.
- Government shareholding (as of September 2024) – 95.84%
- Toll-Free: 18004254445
- Official Website: www.iob.in
- Branches: 3400
- Market Capital (Rs. Crore) – 26,134
8) Punjab and Sind Bank
Punjab and Sind Banks have the highest stakes owned (97.07%) by the government of India. It was founded in 1908.
- Headquarters: Rajendra Place, New Delhi, India.
- Government shareholding (as of September 2024) – 97.07%
- Toll-Free: 1800 419 8300
- Official Website: www.psbindia.com
- Branches: 1500+
- Market Capital (Rs. Crore) – 7,659
9) Punjab National Bank
Oriental Bank of Commerce (OBC) and United Bank of India have been merged into Punjab National Bank (PNB). This is because it has become the second-largest public sector bank in India after the State Bank of India (SBI). It was established on May 19, 1894.
- Headquarters: New Delhi, India.
- Government shareholding (as of September 2024) – 76.87%
- Toll Free: 1800 180 2222, 1800 103 2222
- E-mail ID: [email protected]
- Official Website: www.pnbindia.in
- Branches: 7000+
- Market Capital (Rs. Crore) – 37,981
10) State Bank of India
State Bank of India (SBI) ranks on 236th position in the list of Goble Fortune 500 companies and is the biggest bank in India with a market capitalization of Rs. 317,046 crores.
- Headquarters: Mumbai, Maharashtra, India.
- Government shareholding (as of September 2024) – 57.63%
- Toll Free: 1800 11 2211, 1800 425 3800, 080-26599990
- Official Website: www.sbi.co.in
- Branches: 22000+
- Market Capital (Rs. Crore) – 317,046
11) UCO Bank
UCO Bank was founded in 1943 and is also one of the major government-owned commercial banks in India.
- Headquarters: Kolkata, West Bengal, India.
- Government shareholding (as of September 2024) – 94.44%
- Toll-Free: 1800 274 0123
- E-mail ID: [email protected]
- Official Website: www.ucobank.com
- Branches: 4000+
- Market Capital (Rs. Crore) – 11,257
12) Union Bank of India
Andhra Bank and Corporation Bank were merged with Union Bank of India. However, UBI was founded in 1919.
- Headquarters: Mumbai, India.
- Government shareholding (as of September 2024) – 89.07%
- Toll Free: 1800 22 22 44, 1800 208 2244
- Official Website: www.unionbankofindia.co.in
- Branches: 9600+
- Market Capital (Rs. Crore) – 22,808
Conclusion –
I hope this article would be useful for you. There are only 12 Government banks in India as of March 31, 2021, wherein 6 merged and 6 independent banks remain.