PUBLIC SECTOR BANKS IN INDIA
PUBLIC SECTOR BANKS IN INDIA 2020
When it comes to Indian Public Sector Banks, they have a long history, from there emergence with the nationalization of the Imperial Bank of India, now, the State bank Of India, in 1955, to today, when they are the major bank of India with majority stake held by the government. On 30 August 2019, 10 PSBs were merged, six of which were with four better performing anchor banks to streamline their operation and size, two banks were amalgamated to strengthen the national presence and four were amalgamated to strengthen regional focuses.
After these came effective on 1st April 2020, there are a total of 12 PSBs in the country, which is:
- State Bank Of India: As mentioned, the Imperial Bank of India was the first one to be formed and this was also what the SBI or State Bank Of India known before 1955 when the Indian government took control of it with the Central Bank RBI. Throughout decades from its foundation, the bank’s name has changed, it remains the largest public sector bank in India.
- Punjab National Bank: Founded in 1894, with headquarters in the capital of India, New Delhi, the name now represented amalgamated 3 PSBs including Punjab National Bank, Oriental Bank, Commerce and United Bank. It is the second-largest public sector bank in India with 70.22% government share, 1 over 115 million customers, 11,000+ branches and 13,000+ ATMs post-merger. The branches of PNB is not only in India but abroad too, in countries including in the UK, Hong Kong, Kowloon, Dubai, and Kabul.
- Bank of Baroda: More than a century old, Bank of Baroda was founded in 1908 and is headquartered in Vadodara, Gujarat. According to a recent merger, it was merged with Dena Bank and Vijaya Bank making it the third-largest public sector bank by loans in the country. BOB is a multinational bank with its overseas branches are ones in the world’s major financial centres (e.g., New York, London, Dubai, Hong Kong, Brussels and Singapore), as well as a number in other countries.
- Bank of India: Well, it was founded in 1906, but this Mumbai, Maharashtra headquartered commercial bank was nationalised in July 1969 along with 13 other banks. An initiative of a group of eminent businessmen from Mumbai has 5316 branches as of 31 March 2019, including 56 offices outside India, which includes five subsidiaries, five representative offices, and one joint venture. This 113-year-old bank is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications), which facilitates the provision of cost-effective financial processing and communication services.
- Bank of Maharashtra: As the name suggests, headquartered in Pune, Maharashtra, the bank of Maharashtra was founded in 1935 by V. G. Kale and D. K. Sathe and registered It was nationalised in 1969. The major bank of India offers consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management, credit cards and other products.
- Union Bank of India: Fourth largest bank post the amalgamation Corporation Bank and Andhra Bank, which came into effect on 1 April 2020, Union Bank of India founded in 1919 headquartered in Mumbai, Maharashtra has a network of 2,600 fully automated CBS branches, 3,040 ATMs. This bank has 90% of its share owned by the central government of India.
- Canara Bank: Headquartered in Bengaluru, Karnataka, Canara Bank is one of the largest nationalised public sector banks established at Mangalore by AmmembalSubba Rao Paiand and, like most PSBs in India, nationalised in 1969. With the tagline, “Together We Can”, the bank has grown and has 10400 branches and more than 10000 ATMs which are spread across 4467 centres including offices abroad in London, Hong Kong, Moscow, Shanghai, Dubai, Tanzania and New York.
- Central Bank of India: 1911 founded the oldest and largest commercial banks in India. Despite its name,e, the bank is a public bank and a merging initiative of the NDA government, Central Bank of India is kept as a separate entity owing to its pan-India presence.
- Indian Bank: 1907 founded, a state-owned bank headquartered in Chennai, Tamilnadu, Indian bank has 20,924 employees, 2900 branches with 2861 ATMs and 1014 cash deposit machines and is one of the top-performing public sector banks in India.
- Indian Overseas Bank: Established in 1937 during pre-world war II time by Thiru.M. Ct. M. Chidambaram Chettiar) to encourage overseas banking and foreign exchange operations. The bank started with three branches and today it is available in 3000+ locations,
- Punjab and Sind Bank: Headquartered in New Delhi, this government-owned bank with 80% owned by the government, the 111-year-old bank has 1559 branches spread throughout India, 623 branches are in Punjab state.
- UCO Bank: Last in the list of PSBs in India, UCO bank was formed in 1943. This Kolkata, WB headquartered UCO Bank, formerly United Commercial Bank is a major government-owned commercial bank of India. G. D. Birla, an eminent Indian industrialist was the architect of this organisation.