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List of Government Banks in India 2022

In this article, we have an updated list of Government banks in India along with a merged banks list as of 2022.

Banking in India can be traced back to Ancient India where the Vedas Text mentions a system very similar to the bank which is called “Usury”. In the modern era, banking started in the colonial period with the establishment of the Bank of Hindustan which was established in the year 1770.

After Independence, the banking sector was regulated by the Reserve Bank of India which is the central authority. By this time only the State Bank of India was a major government bank and the rest were private-owned. To meet the need of the Indian economy, the banks were nationalized in the years 1969 and 1980.

List of Government Bank in India
Government Banks in India 2022

In the year 2019, RBI announced three major updates in the public sector bank, the first being the merger of Dena Bank, and Vijaya Bank into the Bank of Baroda. With the merger of the two banks, Bank of Baroda has become the third-largest bank in India.

The other update was the privatization of IDBI Bank, now a private sector bank, acquired by the LIC of India. Third and major announcement from RBI was of the merger of several public sector banks which reduced the PSU Banks count to 12 now with effect from 1st April 2020. Check below the list of 12 public sector banks in India.

What is a Government Bank?

The Government Bank or the Public Sector Bank is the bank that is owned by the Government or is the major shareholder of more than 51% of the bank. It can be both the State Government and Central owned government bank. For example, India’s largest Public Sector bank is the State Bank of India with a 52% Government share.

List of 12 Government Banks in India 2022

Below is the list of updated 12 Government banks in India after the mega-merger. You can also find merged banks in the brackets for reference.

  1. State Bank of India
  2. Punjab National Bank (With Merger of Oriental Bank of Commerce and United Bank of India)
  3. Bank of Baroda
  4. Canara Bank (With Merger of Syndicate Bank)
  5. Union Bank of India (With Merger of Andhra Bank and Corporation Bank)
  6. Bank of India
  7. Indian Bank (With Merger of Allahabad Bank)
  8. Central Bank of India
  9. Indian Overseas Bank
  10. UCO Bank
  11. Bank of Maharashtra
  12. Punjab & Sind Bank

You may also check the list of all Indian banks, from both the private and public sectors. Let’s have a look at each Public Sector bank individually.

Bank of Baroda

Bank of Baroda is an Indian multinational bank that is the third-largest public sector bank in the country established in 1908. Bank of Baroda has been merged with Vijaya Bank and Dena Bank to create the country’s third-largest lender with a combined business of Rs. 14.82 lakh crore. It also has a large international presence with 107 branches/offices in 27 countries.

Bank of Baroda New logo
  • Headquarters: Gujarat, India
  • Toll Free: 1800 258 44 55, 1800 102 44 55
  • Official Website: bankofbaroda.in
  • Branches: 9500+
  • Revenue: ₹82,859.5 crore (US$10 billion)
  • Capital Ratio: 14.99%

Bank of India

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. It was nationalized in the year 1969 and ever since the bank has expanded across the world. The Bank of India has 24 overseas branches making it a multi-national bank.

  • Headquarters: Mumbai, India
  • Toll free: 1800 220 229, 1800 103 1906, 022-4091 9191
  • E-mail ID: [email protected]
  • Official Website: bankofindia.co.in
  • Branches: 5300+
  • Revenue: ₹45,955 crore (US$5.8 billion)
  • Capital Ratio: 14.93%

Bank of Maharashtra

Bank of Maharashtra is a major public sector bank with 87.74% shares of the Government of India. It is founded in 1935 V.G.Kale and D. K. Sathe in Pune, India.

  • Headquarters: Pune, India
  • Toll Free: 1800 233 4526, 1800 102 2636
  • E-mail ID: [email protected]
  • Official Website: bankofmaharashtra.in
  • Branches: 1800+
  • Revenue: ₹13,144.67 crore (US$1.6 billion)
  • Capital Ratio: 13.65%

Canara Bank

Canara Bank is one of the oldest public sector banks in India. The bank was founded in 1906 by the name Canara Hindu Permanent Fund but later changed its name to Canara Bank Limited in 1910. Canara Bank will merge with Syndicate Bank to become the fourth largest Public Sector Bank in the country. The total business of the bank will be Rs.15.2 lakh crore. It will also become the third-largest bank branch network in India.

canara bank new logo
  • Headquarters: Bangalore, India
  • Toll Free: 1800 425 0018/ 1800 103 0018/ 1800 208 3333/ 1800 3011 3333
  • Official Website: canarabank.com
  • Branches: 6300+
  • Revenue: ₹84,525 Crores (US$11 billion)
  • Capital Ratio: 13.36%

Central Bank of India

Central Bank of India was one of eighteen public sector banks that get recapitalized in 2009. It is founded in 1911 by Sir Sorabji Pochkhanawala and is one of the first banks which was completely owned by the Indians during the British colonial era.

  • Headquarters: Mumbai, India
  • Toll Free: 1800 22 1911
  • E-mail ID: [email protected]
  • Official Website: centralbankofindia.co.in
  • Branches: 4600+
  • Revenue: ₹25,897.44 crore (US$3.2 billion)
  • Capital Ratio: 14.81%

Indian Bank

Indian Bank is a nationalized bank under the undertaking of the Ministry of Finance. It was founded in the year 1907 by Sri V. Krishnaswamy Iyer and Mr. Ramasamy Chettiar. It have overseas branches as well in Colombo and Singapore.

Indian Bank new logo
  • Headquarters: Chennai, India
  • Toll Free: 1800 425 00 000
  • Official Website: indianbank.in
  • Branches: 2900
  • Revenues: ₹45,771 crores (US$5.7 billion)
  • Capital Ratio: 15.71%

Indian Overseas Bank

Indian Overseas Bank is a nationalized bank with 3,214 domestic branches, about 4 foreign branches, and a representative office. It was founded in 1937 by M. Ct. M. Chidambaram Chettiar.

  • Headquarters: Chennai, India
  • Toll Free: 1800 890 4445, 1800 425 4445
  • Official Website: iob.in
  • Branches: 3400
  • Revenue: ₹22,422.91 crore (US$2.8 billion) 
  • Capital Ratio: 10.32%

Punjab and Sind Bank

Punjab and Sind Bank was founded in the year 1908 by Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh. In the year 1980, the bank was nationalized by the Government of India, and ever since, the bank is one of the public sector banks in India.

  • Headquarters: Rajendra Place New Delhi, India
  • Toll Free: 1800 419 8300
  • Official Website: punjabandsindbank.co.in
  • Branches: 1500+
  • Revenue: ₹8,826.92 crores (US$1.1 billion)
  • Capital Ratio: 12.76% 

Punjab National Bank

Punjab National Bank is a banking and financial services bank owned by the Government of India. The bank was established in 1894. PNB bank is going to be merged with OBC Bank and United Bank. The new bank will become the second-largest Public Sector Bank of India with 18 Lakh crore rupees and the second largest in terms of branch network across the country.

  • Headquarters: New Delhi, India
  • Toll Free: 1800 180 2222, 1800 103 2222, 0120-2490000
  • E-mail ID: [email protected]
  • Official Website: pnbindia.in
  • Branches: 7000+
  • Revenue: ₹88,339 crores (US$11 billion) 
  • Capital Ratio: 14.14%

State Bank of India

State Bank of India is the largest bank in India. SBI is ranked 236th on the Fortune Global 500 list. The bank was founded in 1955. With the merger with its 5 associates banks, SBI has the largest branches network in India.

  • Headquarters: Mumbai, India
  • Toll Free: 1800 1234,1800 2100, 1800 11 2211, 1800 425 3800, 080-26599990
  • Official Website: sbi.co.in
  • Branches: 22000+
  • Revenue: ₹406,973 crores (US$51 billion)
  • Capital Ratio: 15.90%

UCO Bank

UCO Bank is one of the major government-owned commercial banks in India. It was founded in 1943. UCO bank recently launched its Whatsapp banking feature using which you can use various banking services using the Whatsapp.

  • Headquarters: Kolkata, India
  • Toll Free: 1800 274 0123
  • E-mail ID: [email protected]
  • Official Website: ucobank.com
  • Branches: 4000+
  • Revenue:  ₹18,166.42 crore (US$2.3 billion)
  • Capital Ratio: 13.74%

Union Bank of India

Union Bank of India is one of the largest public sector banks in India. The government holds 90% of its share capital. The bank was founded in 1919.

union bank of india new logo
  • Headquarters: Mumbai, India
  • Toll Free: 1800 22 22 44 / 1800 22 22 43 / 1800 208 2244 / 1800 425 1515
  • Official Website: unionbankofindia.co.in
  • Branches: 9600+
  • Revenue: ₹80,104.19 crore (US$10 billion)
  • Capital Ratio: 12.56%

Nationalized Banks in India’s History

Banking is one of the major sectors of a country as it is the deciding factor of country’s performance in the Economic area. To meet the need of the growing economic need Government of India nationalized the bank which was previously owned privately.

Nationalization is the process of acquiring major shares in the banks and converting them into Government banks. The following is the list of banks that were nationalized in India-

Nationalized bank in 1969

  • Allahabad Bank
  • Bank of Baroda
  • Bank of India
  • Bank of Maharashtra
  • Central Bank of India
  • Canara Bank
  • Dena Bank
  • Indian Bank
  • Indian Overseas Bank
  • Punjab National Bank
  • Syndicate Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India

Nationalized bank in 1980

  • Punjab and Sind Bank
  • Vijaya Bank
  • Oriental Bank of India
  • Corporate Bank
  • Andhra Bank
  • New Bank of India

Public Sector Banks in India-Download in PDF and Excel

PDF ICON AskBankIFSCCode
Download Government Banks Excel

The above link provided can be used to download the List of Government Banks in India 2022 in both Excel and PDF format. All banks listed in the PDF and Excel format are Government-owned banks and constitute 12 Public Sector banks. These banks participate in the NEFT System and have different IFSC Codes that enables the bank to transfer fund.

FAQ on Government Bank

What happens to my old account number after the Bank merger?

Customers who belong to old Government banks might face some issues depending on your bank. Your bank might change your bank account number and in some cases, your account number can remain the same. You have to check your account details from the bank and your bank will convey any changes made to your bank account via message, email, or any other means.

How many Government Banks are left after the merger?

After some Government bank mergers, there are a total of 12 Government banks left with seven large public sector banks (PSBs) and five smaller banks.

What is a Government Bank?

When both Central or State Governments have more than 51% of shares in any bank then that bank is called a public sector bank.

What will happen to my account in case the bank amalgamated into another bank?

In case, your bank has been amalgamated into any other bank then your bank account will be transferred into the newly formed bank and the operations might take some time. Till then you might face some network issues with your digital banking products. After the completion of the amalgamation, your account will be hosted on the newly formed bank with an up-to-date balance. Your old products like debit cards/credit cards can still be used however, it is recommended to change them as they might face certain issues.

Last Updated: 3 October 2022

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