The Government of India has certain banks under them in which they hold more than 51% of shares. These banks are known as Public sector banks or government banks. This article talks about the list of government banks.
List of Government Banks
All the banks in India come under the Reserve Bank of India. They are of three types:
- Public or Government Banks
- Private Sector Banks
- Foreign Banks
Public sector banks India comes under Government of India and are major stakeholders. Recently a lot of banks came under the government of India:
- Oriental Bank of Commerce and United Bank of India will merge with Punjab National Bank and will become the 2nd largest Public Sector Bank in India.
- Andhra Bank and Corporation Bank will merge with Union Bank of India and will become the 5th largest public sector bank in India.
- Syndicate Bank will merge with Canara Bank and Canara Bank will become the 4th largest public sector bank in India.
- Allahabad Bank will merge with Indian Bank and will become 7th largest government bank of India.
Government Bank Name List
|United Bank of India||Mumbai||Established in 1950 and was nationalised in 1969. United Bank of India will merge with Punjab National Bank.|
|Union Bank of India||Mumbai||Established in 1919 and nationalised in 1969. it will merge with Andhra Bank and Corporation Bank.|
|UCO||Kolkata||United Commercial Bank of India was established in 1943. It was nationalised in 1969.|
|Syndicate Bank||Karnataka||The bank was established in 1925 and will merge with Canara Bank.|
|State Bank of India||Mumbai||It is the largest public sector bank of India and was established in 1955.|
|Punjab and Sind Bank||New Delhi||Established in 1908 and was nationalised in 18th April 1980.|
|Punjab National Bank||New Delhi||Founded in 1894, will merge with Oriental Bank of Commerce and United Bank will merge with PNB and will become the 2nd largest public sector bank.|
|Oriental Bank of Commerce||New Delhi||Established in 1937 and was nationalised in 1980.|
|Indian Overseas Bank||Chennai||The bank was established in 1937 and in 1969.|
|Indian Bank||Chennai||Established on 15th August 1907 and will merge will Allahabad Bank.|
|Corporation Bank||Mangalore||The bank was established in 1906 and was nationalised in 1980.|
|Central Bank of India||Mumbai||The bank was established in 1911 and was nationalised 1969.|
|Canara Bank||Bangalore||The bank was established in 1906 and was established in 1969.|
|Bank of Maharashtra||Pune||The bank was established in 1935 and nationalised in 1969.|
|Bank of India||Mumbai||The bank was established in 1906 and nationalised in 1969.|
|Bank of Baroda||Mumbai||The bank was established in 1908. Vijaya Bank and Dena Bank merged with it and become the 3rd largest public sector bank.|
|Andhra Bank||Hyderabad||Established in 1865 and will merge with Indian Bank in 2020.|