Government Banks in India

• State Bank of India

State Bank of India (SBI) is currently the largest Indian bank and has acquired the most prestigious position in the history of the Indian banking industry. It was established in the year 1806 as the Bank of Calcutta. Later, it was merged with the Bank of Madras and the Bank of Bombay to form the Imperial Bank of India, which was nationalised and named the State Bank of India.

Moreover, the bank offers a diverse range of financial services to its customers, from retail banking solutions like fixed deposit and savings accounts to corporate banking solutions such as working capital loans, project financing, etc.

• Bank of Baroda

Bank of Baroda (BOB), incorporated in 1908, has emerged as one of the largest and globally recognised banking companies. Over time, BOB has expanded its operations within the country and abroad, contributing to the banking sector to a huge extent. 

It has various financial product offerings such as savings accounts, fixed deposits, credit cards, personal loans, home loans, etc. BOB has its head office in Baroda, Gujarat and has a nationwide presence with more than 9,693 branches and 10,033+ ATMs

• Punjab National Bank

Punjab National Bank (PNB) was originally established in Lahore, which is now in Pakistan. It also played a crucial role in the economy of India’s pre-independence. PNB caters to multiple segments, such as retail banking, corporate banking, wealth management, etc.

The bank has its headquarters in New Delhi and has a massive presence across the world, with more than 10,108 branches and more than 12,455 ATMs.

• Bank of India

Bank of India (BOI) is amongst the most popular public sector banks in India. It offers a spectrum of products and services catering to the diverse requirements of its customers, from retail banking products like savings accounts, fixed deposits, personal loans, and credit cards to corporate banking solutions such as project financing, working capital loans, etc.

BOI’s headquarters is situated in Bandra, Mumbai, and it has over 5,100 branches and 69 zonal offices.

• Union Bank of India

Union Bank of India has experienced significant transformations, shaping its current structure and positioning it strategically for growth and expanded service offerings. 

It has a wide spectrum of financial services catering to diverse customers. Its headquarters is in Mumbai, with over 8,500 domestic branches, More than 10,000 ATMs, and 76,700 employees.

• Canara Bank

Canara Bank was founded in 1906 in Mangalore. The bank caters to the financial requirements of numerous customers, from retail banking products like savings accounts, fixed deposits, and personal loans to corporate banking such as project financing, working capital loans, etc.

It has its headquarters in Bangalore, and the bank has been scaling up its market position over the years to emerge as a major financial conglomerate in India and abroad. It has 9,604 branches and 12,155 ATMs spread across India.

• Indian Overseas Bank

Indian Overseas Bank (IOB) was incorporated in 1937 and established with a vision to cater to the Indian overseas community and encourage international trade. Over the years, it has evolved as one of the biggest public sector banks in India. It has a rich history marked by global outreach, economic development, and financial inclusion.

Moreover, IOB is fully committed to providing international trade solutions that form part of its global banking solutions. Apart from its retail banking solution, the bank also offers corporate banking solutions such as project financing, working capital loans and more.

• Indian Bank

Indian Bank was incorporated back in 1907 and played a vital role in the Indian financial landscape. Over the years, it has diversified its product offerings and incorporated technology to provide people with a seamless banking experience. The bank has a presence across the nation, with more than 5,847 branches, 4,937 ATMs and BNAs (Branch note acceptors).

• Central Bank of India

The Central Bank of India was incorporated in 1911 and is among the top 10 public sector banks in India. It offers its customers a spectrum of financial services, from deposits, retail loans, agricultural schemes, MSME credit facilities and solutions, government scheme services, corporate lending, etc. It has a prominent presence across India, with more than 4,500 branches spread over 28 states and 7 union territories.

• UCO Bank

UCO bank was established in 1943, primarily focusing on financial inclusion to encourage banking services and solutions in the marginal sections of society. The bank’s commitment also extends beyond the financial services to corporate social responsibility initiatives. 

It also promotes financial literacy in rural and semi-rural areas, supporting lives with microfinance and other required assistance. Moreover, it has a nationwide presence with over 4,000 branches, 43 zonal offices, and an international presence in Hong Kong and Singapore.

Public sector banks in India play a vital role in the country’s financial system. It provides a wide spectrum of financial services to people to cater for their diverse service requirements.

 As India continues its journey towards becoming a global economic powerhouse, the role of government banks remains crucial. It ensures quick access to banking services and fosters inclusive growth for all segments of society.