The nationalisation of banks in India began in 1969 when 14 banks were brought under government control, followed by the nationalisation of 6 more banks in 1980. The primary objective of nationalising banks was to ensure that the banking system was used to meet the country’s developmental needs, including expanding access to credit in rural areas, promoting small-scale industries, and directing credit to priority sectors like agriculture and exports. In this blog, you’ll find a list of nationalised banks in India, what they mean, and how they work. Continue reading to know more!
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What is Nationalised Bank in India?
A nationalised bank in India is a financial institution that was previously privately owned but has been taken over by the government through an act of nationalisation. This process allows the government to own a majority stake i.e. over 51%, in the bank which makes it a public sector entity. Nationalised banks, such as the State Bank of India (SBI) and Punjab National Bank (PNB), are aimed at providing accessible banking services to the public to support economic development and ensure financial inclusion across the country.
List of Nationalised Banks in India
Here is the list of nationalized banks in India as of 2021:
- Indian Bank
- Andhra Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Indian Overseas Bank
- Punjab & Sind Bank
- Punjab National Bank
- UCO Bank
- Union Bank of India
Detailed Information About Nationalised Banks
You can read in detail about the nationalized bank. Here is the detailed information given about Nationalised banks in Indian
State Bank Of India
| Headquarters | Headquarters | CEO |
| Mumbai, India | Pure Banking, Nothing Else | Dinesh Kumar Khara. |
The biggest bank in India is the State Bank of India. According to the Fortune Global 500 report, SBI is placed 236. In 1955, the bank was established. SBI now has the largest branch network in India thanks to the merger with its five partner banks.
Punjab National Bank
| Headquarters | Tagline | CEO |
| New Delhi, India | The name you can Bank Upon | Atul Kumar Goel. |
The Indian government owns the banking and financial services company Punjab National Bank. In 1894, the bank was started. OBC Bank and United Bank are combined with PNB Bank. With 18 lakh crore rupees in assets and the second-largest branch network in the nation, the new bank will overtake the Public Sector Bank of India.
Must Read- EDUCATION LOAN INTEREST FOR DIFFERENT BANKS FOR EDUCATION ABROAD
Bank Of Baroda
| Headquarters | Headquarters | CEO |
| Vadodara, Gujarat | India’s International Bank | Sanjiv Chadha |
An international bank from India is called the Bank of Baroda. It was founded in 1908 and is currently the third-largest public sector bank in the nation. With a combined business of Rs. 14.82 lakh crore, Bank of Baroda, Vijaya Bank, and Dena Bank would become the third-largest lender in the nation.
Canara Bank
| Headquarters | Headquarters | CEO |
| Bengaluru, Karnataka | Together We Can | Lingam Venkat Prabhakar |
One of India’s oldest public sector banks is Canara Bank. Canara Hindu Permanent Fund, the name under which the bank was created in 1906, was later changed to Canara Bank Limited in 1910. The merger of Canara Bank and Syndicate Bank will create the fourth-largest Public Sector Bank in the nation. The bank’s overall revenue will be Rs. 15.2 lakh crore. Additionally, it will grow to be India’s third-largest bank branch network.
Union Bank
| Headquarters | Headquarters | CEO |
| Mumbai, India | Good People to Bank With | Rajkiran Rai G. |
One of India’s largest public sector banks is the Union Bank of India. 90% of the company’s share capital is owned by the government. In 1919, the bank was established. with the merger of Corporation Bank and Andhra Bank.
Bank Of India
| Headquarters | Headquarters | CEO |
| Mumbai, India | Relationship Beyond Banking | Atanu Kumar Das |
Bank of India is the founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications) and one of the top 5 banks in India.
Indian Bank
| Headquarters | Headquarters | CEO |
| Chennai, India | Your Own Bank | Shri Shanti Lal Jain. |
Indian Bank has overseas branches in Colombo and Singapore. It was founded in 1907. With Merger of Allahabad Bank.
The nationalised banks in India operate as per the guidelines of the Reserve Bank of India (RBI). For any kind of banking and financial services, refer to the official websites of these banks. Check some FAQs based on nationalised banks in India below.
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FAQs
There are 12 Public Sector Banks in India as of 2024.
After the massive merger, the total number of Public Sector Banks (PSBs) in India has come down from 27 banks in 2017 to 12 in 2021.
There are currently 12 nationalised banks operating in India. They are 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.
SBI or the State Bank of India is the largest public sector bank in India. It has over 22,542 branches (as of October 2024) and one of the largest network of ATMs.
Among many banks, SBI, Bank of Baroda and Union Bank are some of the best banks for education loans with interest rates ranging between 8.05% p.a. to 11.75% p.a.
