Within the varied landscape of India’s financial sector, government banks assume a crucial responsibility in upholding the steadiness and availability of banking services for citizens across the entire nation. These banks, often recognized as public sector banks (PSBs), are under the ownership and operation of the Indian government.
This article delves into the foremost 9 government banks in India, casting illumination on their historical significance, array of services, and their role in propelling the country’s economic progress.
List of Top 9 Government Banks in India:
Bank of Baroda:
Maharaja Sayajirao Gaekwad III, known as the Maharaja of Baroda, laid the foundation for the Bank of Baroda on July 20, 1908. Its nationalization followed on July 19, 1969, propelling it to its current stature as India’s second-largest bank. Over its century-spanning journey, the bank has garnered numerous distinctions, including the esteemed title of Best Bank (Public Sector) in 2014.
Notably, the year 2017 saw the Bank of Baroda becoming the pioneering National Supporter (Indian sponsor) for the FIFA U-17 World Cup—an event that marked India’s debut as a host for a football World Cup. A 2019 report positions the bank at 1145th on the Forbes Global 2000 list, reflecting its enduring prominence.
- Head office: Vadodara, Gujarat
- Customer care no. 18002584455/18001024455
- Official Website: www.bankofbaroda.in
- Branches: 9000+
Bank of India:
On September 7, 1906, a consortium of distinguished Mumbai-based entrepreneurs established the Bank of India as a private endeavor. This initiative saw fruition when the bank was subsequently nationalized in 1969, along with a select few other banks.
Positioned within the upper echelons of Indian banking, it ranks among the country’s top five financial institutions. A noteworthy accolade is that it stands as a foundational participant in SWIFT (Society for Worldwide InterBank Financial Telecommunications), an institution that facilitates the provision of economically efficient financial processing and communication services.
- Head office: Mumbai, Maharashtra
- Customer care no. 1800 103 1906 / 1800 220 229 / 022 – 40919191
- Official Website: www.bankofindia.co.in
- Branches: 5000+
Bank of Maharashtra:
Mr. V. G. Kale and D. K. Sathe founded the Maharashtra Bank on September 16, 1935, in Pune, Maharashtra. It presently holds the position of being the prominent bank in Maharashtra, boasting the most extensive branch network among all public sector banks in the state.
The bank attained independent status in 1998, resulting in minimal involvement of governmental bureaucracy in its internal affairs and decision-making procedures.
- Head office: Pune, Maharashtra
- Customer care no. 1800 233 4526
- Official Website: www.bankofmaharashtra.in
- Branches: 1900+
Canara Bank:
In 1906, Mr. Ammembal Subba Rao Pai established Canara Bank in Mangalore as a private-sector institution. In 1969, it transformed into a public sector entity. Mr. Rao Pai initially named it Canara Permanent Hindu Fund, which was later changed to Canara Bank Limited in 1910, all under his guidance.
The bank also maintains international offices in London, Hong Kong, Moscow, Shanghai, Dubai, Tanzania, and New York. It comes in the list of the best government banks in India.
As part of the amalgamation, Canara Bank absorbed Syndicate Bank. The share swap ratio for the Syndicate Bank and Canara Bank merger is set at 158 equity shares of Canara Bank for every 1,000 equity shares of Syndicate Bank.
- Head office: Bangalore, Karnataka
- Customer care no. 1800 425 0018
- Official Website: www.canarabank.com
- Branches: 6000+
Central Bank of India:
In partnership with Sir Pherozeshah Mehta, Sir Sorabji Pochkhanawala founded the Central Bank of India on December 21, 1911. With a century-long history, the bank boasts numerous pioneering accomplishments. Notably, in 1921, it launched the Home Savings Safe Deposit Scheme to foster saving habits across all societal segments.
The bank also established an All Exclusive Lady’s Department that same year to serve its female clientele. Beyond its standard offerings, the Central Bank of India significantly contributes to advancing critical sectors such as agriculture and small-scale industries.
- Head office: Mumbai, Maharashtra
- Customer care no. 1800 22 1911
- Official Website: www.centralbankofindia.co.in
- Branches: 4681
Indian Bank:
The inception of the Indian Bank dates back to August 15, 1907, aligning with the Swadeshi Movement. Notably, all of the bank’s branches are seamlessly integrated into a Core Banking Solution framework. The bank maintains global ties, collaborating with 277 correspondent banks across 75 countries. Noteworthy subsidiaries include Ind Bank Housing Limited and Indbank Merchant Banking Services Limited.
Recognition highlights encompass diverse honors, such as the prestigious “Makers of Excellence Leadership Award” bestowed by PFRDA in the 2017-18 fiscal cycle. The consolidation with Allahabad Bank marks a significant development in Indian Bank’s trajectory. It is one of the top government banks in India.
- Head office: Chennai, Tamil Nadu
- Customer care no. 1800 425 00 000 / 1800 425 4422
- Official Website: www.indianbank.in
- Branches: 3000+
Indian Overseas Bank:
Shri M. Ct. M. Chidambaram Chettiar was the visionary behind the establishment of the Indian Overseas Bank (IOB) on February 10, 1937. IOB’s primary aim was to specialize in the realm of foreign exchange within the banking industry. The bank initiated its branches simultaneously in Karaikudi, Chennai, and Rangoon, Burma, followed by an expansion into Penang, Malaysia.
Currently, IOB maintains its international presence across five countries: Singapore, Hong Kong, Thailand, Sri Lanka, and South Korea. Additionally, the bank takes pride in its sponsorship of two Regional Rural Banks: Pandiyan Grama Bank in Tamil Nadu and Odisha Gramya Bank in Odisha.
IOB’s accomplishments have been widely recognized, including the distinguished IBA Award for its exemplary utilization of data during the financial year 2015-16. It comes in the list of the best government banks in India.
- Head office: Chennai, Tamil Nadu
- Customer care no. 1800 425 4422
- Official Website: www.iob.in
- Branches: 3000+
Punjab and Sind Bank:
In 1908, Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh joined forces to create the Punjab and Sind Bank. Their united vision is aimed at upholding a social commitment to empower the marginalized strata of society, aiding them in their financial pursuits to elevate their quality of life.
A significant turning point occurred on April 15, 1980, when Punjab & Sind Bank underwent nationalization, becoming part of the second wave of nationalizations along with six other banks. It is one of the top government banks in India.
- Head office: Rajendra Place, New Delhi
- Customer care no. 1800 419 8300
- Official Website: www.psbindia.com
- Branches: 1500+
Punjab National Bank:
Shri Dyal Singh Majithia along with Lala Lajpat Rai founded Punjab National Bank (PNB) in 1894 in Lahore, now situated in present-day Pakistan. The bank’s current main office is in New Delhi, India, and it maintains a network of 7001 branches as well as 10681 ATMs spanning 764 cities.
PNB holds the distinction of being the pioneer Indian bank that was initiated exclusively with domestic capital, a legacy that has endured till the current period.
- Head office: Delhi
- Customer care no. 1800 180 2222, 1800 103 2222
- Official Website: www.pnbindia.in
- Branches: 11000+:
Conclusion:
Government banks in India have undergone transformations over time, adjusting to shifting economic scenarios and technological progress. Their resolute dedication to fostering financial inclusivity, fostering innovation, and participating in nation-building renders them an integral element of India’s narrative of growth.
As these top 9 banks persist in modernizing and extending their services, they play a substantial role in boosting the nation’s economic prosperity and the financial empowerment of its populace.
see also: Top 10 Private Banks in India 2023
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