List of Nationalised Bank in India 2024 | Government and Public Sector Bank

List of Nationalised Bank in India 2024:- National banks, also known as Public Sector Banks (PSBs), are pivotal in offering accessible and cost-effective banking services to the people of India. This article aims to explore all the major National Banks of India, with a high probability that you hold an account with one of them. Operated and owned by the Indian government, these banks prioritize citizen service over profit-making. They serve as vital pillars in extending banking facilities to rural areas and the underprivileged segments of society. Over time, some of these banks have flourished to become among the largest in the country, contributing significantly to the Indian economy. Let’s delve into the landscape of these national banks.

Nationalised Bank in India 2024

The nationalization of banks stands as a monumental stride in India’s economic advancement. Presently, India boasts 12 public sector banks overseen by the Reserve Bank of India (RBI), serving as the central authority governing all banking operations. Recently, 10 public sector banks underwent consolidation, resulting in the formation of 4 stronger entities. This merger is poised to invigorate the economy, especially amidst a six-year low, by enhancing productivity, efficiency, and curbing the prevalence of bad loans and NPAs. At present, the country hosts a total of 12 public sector banks. Below, you’ll find a comprehensive list of all national banks in India, along with concise introductions to each.

List of Nationalised Bank in India

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List of National Banks in India

  • State Bank of India (SBI)
  • Punjab National Bank (PNB)
  • Indian Bank
  • Canara Bank
  • Bank of Baroda
  • Indian Overseas Bank (IOB)
  • UCO Bank
  • Bank of Maharashtra
  • Punjab and Sind Bank
  • Bank of India
  • Central Bank of India
  • Union Bank of India

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State Bank of India (SBI)

SBI, with a rich history spanning over 200 years, holds the distinction of being the largest commercial bank in India. It leads in terms of assets, deposits, profits, branches, customers, and employees. The Government of India maintains a stake of over 50% in SBI.

State Bank of India (SBI)

Punjab National Bank (PNB)

Established in 1895 in Lahore, Punjab National Bank is India’s first indigenous bank. With a mission to aid Indians, it started with modest capital but has grown substantially over the years, incorporating banks like Oriental Bank of Commerce and United Bank of India.

Punjab National Bank (PNB)

Indian Bank

Founded in 1907 during the Swadeshi movement, Indian Bank expanded its presence with the merger of Allahabad Bank. It now boasts a vast network of touchpoints, including branches, ATMs, and Business Correspondents.

Indian Bank

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Canara Bank

Originating as Canara Bank Hindu Permanent Fund in 1906, it evolved into Canara Bank Limited in 1910 and later became nationalized in 1969. Following its merger with Syndicate Bank, Canara Bank solidified its position as a major banking institution.

Canara Bank

Bank of Baroda

Endorsed by Prince Sayajirao Gaekwad III in 1908, Bank of Baroda has grown into a significant state-owned international banking and financial services company based in Vadodara, Gujarat.

Bank of Baroda

Indian Overseas Bank (IOB)

Established in 1937 by Shri M.C.T.M. Chidambaram Chettiar, IOB has focused on foreign exchange trading, aiming to expand its presence globally.

Indian Overseas Bank (IOB)

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UCO Bank

Founded in 1943 as an initiative of the Government of India, UCO Bank boasts a diverse Board of Administrators and a commitment to financial inclusion and professionalism.

UCO Bank

Bank of Maharashtra

Originating from the Bank of Mumbai established in 1840, Bank of Maharashtra has contributed to the banking landscape of Maharashtra with its long-standing presence.

Bank of Maharashtra

Punjab and Sind Bank

Founded in 1908 with a vision of social commitment, Punjab and Sind Bank aimed to uplift the weaker sections of society, reflecting its founders’ noble aspirations.

Punjab and Sind Bank

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Bank of India

Established in 1906, Bank of India has grown from its humble beginnings in Bombay to become a formidable institution with a national and international presence, playing a vital role in India’s economic growth.

Bank of India

Central Bank of India

Established in 1911, Central Bank of India stands as a testament to the dreams of its founders for indigenous banking. It continues to uphold its values while adapting to modern banking practices.

Central Bank of India

Union Bank of India

Founded in 1919, Union Bank of India has expanded its footprint across the country and has recently merged with Andhra Bank and Corporation Bank, demonstrating a commitment to growth and prudent management.

Union Bank of India

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Conclusion

In 2024, India’s nationalized banks stand as pillars of the nation’s financial landscape, representing decades of growth, evolution, and service to the public. From the historic State Bank of India to newer entities like Union Bank of India, these institutions reflect the country’s journey towards economic prosperity and financial inclusion. With the government’s backing and a commitment to prudent management, these banks continue to play a vital role in India’s development, ensuring stability, accessibility, and growth in the banking sector.

FAQ’s

What are nationalized banks in India?

Nationalized banks in India refer to banks that were previously private entities but were taken over by the government to become public sector banks.

What are the 12 public sector banks?

As of 2024, the roster of public sector banks comprises the State Bank of India, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Bank of Maharashtra, Indian Bank, Indian Overseas Bank, Punjab National Bank, Punjab & Sind Bank, Union Bank of India, and UCO Bank.

How many public sector banks are there in India in 2024?

Among the 12 public sector banks, only these four lenders managed to achieve double-digit growth in deposits during the financial year 2023-24.

Which bank is 100% government bank?

The 12 public sector banks consist of the State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Union Bank of India, Indian Overseas Bank, Punjab and Sind Bank, Indian Bank, UCO Bank, and Bank of Maharashtra.

Are nationalized banks safe and reliable?

Yes, nationalized banks are considered safe and reliable institutions as they are backed by the government and adhere to strict regulatory standards set by the Reserve Bank of India (RBI).

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