Top 12 Government Banks in India – (Updated for May 2024)

India Government Owned Banks
India Government Owned Banks

Banks are the most significant components of the Indian financial system. There are typically two major types of banks in India, e.g., public sector banks and private sector banks.

Public sector banks are also known as “government banks.” Hence, this article will provide a complete list of government banks in India.

Government Bank – Definition

Government banks are those financial institutions whose majority of shares are held by the government of India. The majority of shares means that “51% or more” shares of the bank are owned by the central government or state government. The shares of public sector banks are also traded publicly at major stock exchanges such as NSE, and BSE.

12 Best Government Banks in India [As of May 2024]

Sr. Bank’s Name HeadQuater Establishment Government Shareholding
(May, 2024)
Market Capital (Rs. Crore)
(May, 2024)
1. Bank of Baroda Baroda, Gujrat 1908 63.97% 36,509
2. Bank of India Mumbai, Maharashtra Sep 7, 1906 89.1% 22,561
3. Bank of Maharashtra Mumbai, Maharashtra Sep 16, 1935 93.33% 16,203
4. Canara Bank Banglore, Karnatka July, 1906 69.33% 23,573
5. Central Bank of India Mumbai, Maharashtra 1911 89.78% 9,812
6. Indian Bank Chennai, Tamilnadu Mar 5, 1907 88.06% 12,795
7. Indian Overseas Bank Chennai, Tamilnadu Feb 10, 1937 95.84% 26,134
8. Punjab & Sind Bank New Delhi 1908 97.07% 7,659
9. Punjab National Bank Dwarka, New Delhi May 19, 1894 76.87% 37,981
10. State Bank of India Mumbai, Maharashtra 1955 57.63% 317,046
11. UCO Bank Kolkata, West Bengal 1943 94.44% 11,257
12. Union Bank of India Mumbai, Maharashtra 1919 89.07% 22,808

List of Government Banks in India—Brief Introduction

1) Bank of Baroda

The Bank of Baroda was founded in 1908 and is headquartered in Baroda, Gujrat. Vijaya Bank and Dena Bank were merged with Bank of Baroda (BOB) on April 1, 2019. It is now the third-largest public sector bank in India.

  • Headquarters – Baroda, Gujarat, India.
  • Government Shareholding (as of May 2024) – 63.97%
  • Toll Free: 1800 258 44 55, 1800 102 44 55
  • Official Website: www.bankofbaroda.com
  • Branches: 8581+
  • Market Capital (Rs. Crore) – 36,509

2) Bank of India

  • Headquarters – Mumbai, Maharashtra, India.
  • Government Shareholding (as of May 2024) – 63.97%
  • Toll free: 1800 220 229, 1800 103 1906
  • E-mail ID: boi.customerservice@oberthur.com
  • Official Website: www.bankofindia.co.in
  • Branches: 5000+
  • Market Capital (Rs. Crore) – 22,561

3) Bank of Maharashtra

  • Headquarters: Pune, Maharashtra, India.
  • Government shareholding (as of May 2024) – 93.33%
  • Toll Free: 1800 233 4526, 1800 102 2636
  • E-mail ID: mahaconnect@mahabank.co.in
  • Official Website: www.bankofmaharashtra.in
  • Branches: 1800+
  • Market Capital (Rs. Crore) – 16,203

4) Canara Bank

Syndicate Bank has merged with Canara Bank and has become the fourth largest government bank in India. Canara Bank was established in July, 1906.

  • Headquarters: Bangalore, India
  • Government shareholding (as of May 2024) – 69.33%
  • Toll-Free: 1800 425 0018
  • Official Website: canarabank.com
  • Branches: 6300+
  • Market Capital (Rs. Crore) – 23,573

5) Central Bank of India

  • Headquarters: Mumbai, India
  • Government shareholding (as of May 2024) – 89.78%
  • Toll-Free: 1800 22 1911
  • E-mail ID: cbsnethelp@centralbank.co.in
  • Official Website: www.centralbankofindia.co.in
  • Branches: 4600+
  • Market Capital (Rs. Crore) – 9,812

6) Indian Bank

Indian Bank and Allahabad Bank were merged together and have branches outside India as well. It was founded in 1907.

  • Headquarters: Chennai, India.
  • Government shareholding (as of May 2024) – 88.06%
  • Toll Free: 1800 425 00 000, 1800 425 4422
  • Official Website: www.indianbank.in
  • Branches: 2900
  • Market Capital (Rs. Crore) – 12,795

7) Indian Overseas Bank

  • Headquarters: Chennai, India.
  • Government shareholding (as of May 2024) – 95.84%
  • Toll-Free: 18004254445
  • Official Website: www.iob.in
  • Branches: 3400
  • Market Capital (Rs. Crore) – 26,134

8) Punjab and Sind Bank

Punjab and Sind Banks have the highest stakes owned (97.07%) by the government of India. It was founded in 1908.

  • Headquarters: Rajendra Place, New Delhi, India.
  • Government shareholding (as of May 2024) – 97.07%
  • Toll-Free: 1800 419 8300
  • Official Website: www.psbindia.com
  • Branches: 1500+
  • Market Capital (Rs. Crore) – 7,659

9) Punjab National Bank

Oriental Bank of Commerce (OBC) and United Bank of India have been merged into Punjab National Bank (PNB). This is because it has become the second-largest public sector bank in India after the State Bank of India (SBI). It was established on May 19, 1894.

  • Headquarters: New Delhi, India.
  • Government shareholding (as of May 2024) – 76.87%
  • Toll Free: 1800 180 2222, 1800 103 2222
  • E-mail ID: care@pnb.co.in
  • Official Website: www.pnbindia.in
  • Branches: 7000+
  • Market Capital (Rs. Crore) – 37,981

10) State Bank of India

State Bank of India (SBI) ranks on 236th position in the list of Goble Fortune 500 companies and is the biggest bank in India with a market capitalization of Rs. 317,046 crores.

  • Headquarters: Mumbai, Maharashtra, India.
  • Government shareholding (as of May 2024) – 57.63%
  • Toll Free: 1800 11 2211, 1800 425 3800, 080-26599990
  • Official Website: www.sbi.co.in
  • Branches: 22000+
  • Market Capital (Rs. Crore) – 317,046

11) UCO Bank

UCO Bank was founded in 1943 and is also one of the major government-owned commercial banks in India.

  • Headquarters: Kolkata, West Bengal, India.
  • Government shareholding (as of May 2024) – 94.44%
  • Toll-Free: 1800 274 0123
  • E-mail ID: uco.custcare@ucobank.co.in
  • Official Website: www.ucobank.com
  • Branches: 4000+
  • Market Capital (Rs. Crore) – 11,257

12) Union Bank of India

Andhra Bank and Corporation Bank were merged with Union Bank of India. However, UBI was founded in 1919.

  • Headquarters: Mumbai, India.
  • Government shareholding (as of May 2024) – 89.07%
  • Toll Free: 1800 22 22 44, 1800 208 2244
  • Official Website: www.unionbankofindia.co.in
  • Branches: 9600+
  • Market Capital (Rs. Crore) – 22,808

Conclusion –

I hope this article would be useful for you. There are only 12 Government banks in India as of March 31, 2021, wherein 6 merged and 6 independent banks remain.

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