List All Govt Banks in India 2024 | As per Govt Report

Banks in India Overview

Banks in India

The Indian banking sector plays a crucial role in the economy, facilitating numerous financial transactions. The Reserve Bank of India (RBI), which serves as the nation’s central banking institution, is also the supreme monetary authority. Various types of banks operate in India, including public sector, private sector, regional rural, and foreign banks.

Public Sector Unit (PSU) Banks

Public Sector Unit (PSU) banks, where the government holds a stake of over 50%, are essential components of this system. Previously, the list of government banks in India included several prominent names like Allahabad Bank, Andhra Bank, and State Bank of India (SBI) along with its five associate banks. However, significant mergers announced in 2019 have reshaped the landscape, consequently reducing the number of public sector banks from 27 in 2017 to 12 by 2024.

Major Bank Mergers

  • Punjab National Bank: Merged with United Bank of India and Oriental Bank of Commerce, thus forming the second-largest public sector bank.
  • Canara Bank: Merged with Syndicate Bank, thereby becoming the fourth-largest public sector bank.
  • Union Bank of India: Merged with Andhra Bank and Corporation Bank, creating the fifth-largest public sector bank.
  • Indian Bank: Merged with Allahabad Bank, thus forming the seventh-largest public sector bank.
  • State Bank of India (SBI): Remains the largest public sector bank after merging with State Bank of Hyderabad, State Bank of Mysore, and others.

Current List of Public Sector Banks (2024)

  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

Detailed Profiles of Key PSU Banks

  • State Bank of India (SBI): Established in 1955, headquartered in Mumbai, it remains India’s largest public sector bank.
  • Punjab National Bank (PNB): Founded in 1894, headquartered in New Delhi, it is the second-largest following its mergers.
  • Bank of Baroda (BoB): Established in 1908, headquartered in Vadodara, it is the third-largest public sector bank.
  • Bank of India (BoI): Founded in 1906, headquartered in Mumbai, it is a commercial bank nationalized in 1969.
  • Bank of Maharashtra: Established in 1935, headquartered in Pune, it was nationalized in 1969.
  • Union Bank of India (UBI): Founded in 1919, headquartered in Mumbai, it operates a large network of branches and ATMs.
  • Canara Bank: Established in 1906, headquartered in Bengaluru, it is one of the largest nationalized banks.
  • Central Bank of India: Founded in 1911, headquartered in Mumbai, it is one of India’s oldest and largest commercial banks.
  • Indian Bank: Established in 1907, headquartered in Chennai, it is a top-performing public sector bank.
  • Indian Overseas Bank (IOB): Founded in 1937, headquartered in Chennai, it focuses on overseas banking and foreign exchange operations.
  • Punjab and Sind Bank: Established in 1908, headquartered in New Delhi, it has a significant presence in Punjab.
  • UCO Bank: Founded in 1943, headquartered in Kolkata, it was established by industrialist G. D. Birla.

Future of Indian 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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Job Opportunities in PSU Banks

For job seekers interested in this sector, various opportunities are available, and detailed information about current openings can be found on dedicated job portals. The ongoing consolidation and expansion of these banks ensure a steady demand for skilled professionals.


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