Nationalized Banks in India 2023: A bank acts as a financial institute that is approved to receive money and offer loans to its customers. Indian Banking System bounce back during the British period. During their starting period, the bank offered just the basic services such as sending and receiving money, however, now you can avail various other services too such as- Wealth management, Currency exchange, Savings account,, Financial services, Safeguarding money and Investing the deposits in funds.
The nationalized banks are basically the banks that were once owned by the private department but due to the financial or socio-economic conditions, the ownership was acquired by the government. The list of nationalized banks is necessary for the aspirants who are preparing for competitive exams. At present, there are 12 nationalized banks in India (the list for the same is given below). Keep on reading this article to know more about the Nationalized Banks in India and other related details.
List of Nationalized Banks in India
Types of Banks in India
The Banks in India are classified according to:
1. Commercial Banks:
These banks are further divided into 4 categories:
- Private Sector Banks
- Public Sector Banks (or Nationalized Banks)
- Regional rural banks
- Foreign banks
2. Small Finance Banks
3. Payments Banks
4. Co-operative Banks
List of Nationalized Banks in India
State Bank of India
The State of Bank of India or SBI was formerly the Imperial Bank of India. It was nationalized and renamed as the State Bank of India in July 1955 after the Indian government acquired 60% stake in Imperial Bank of India. The headquarters of State Bank of India is based in India. SBI is known to be the biggest public-sector based bank in India as it has an overall of 23% of market share concerning assets and holds 1/4th share in the total loans markets and deposits.
Punjab National Bank
PNB was instituted on April 12, 1895, in Lahore. The bank got nationalized in year 1969 and is headquartered in Delhi.
They render a no. of financial services such as current and savings accounts, all types of loans, credit and debit cards, trading, Investment, and so on. They have 180 million customers, over 13000 ATMs across country and 10910 branches.
Bank of Baroda
In the year 1908, Bank of Baroda came into existence under the leadership of Maharaja Sayajirao Gaekwad III, Maharaja of Baroda. In the year 1969, it was nationalized by the government of India and at present, it is headquartered in Vadodara, Gujarat. While, its corporate office is based in Mumbai, Maharashtra. Currently, the CEO and Managing Director of Bank of Baroda is Shri Sanjiv Chadha. The bank offers services such as personal banking, corporate banking, business banking, various loan and investment services, etc.
This bank was formed on 15th August, 1907 as a government bank in India. The headquarters for the same is located in Chennai, and its present CEO is Padmaja Chunduru. It comprises of two subsidiary companies that are IndBank Merchant Banking Services Ltd. and IndBank Housing Ltd.
Indian Bank is offering services to more than 100 million customers and have 20924 employees. It has 6000+ branches and 5428 ATMs spread across India. They offer various banking services to their customers for instance credit cards, debit cards, net banking, deposit accounts, loans, Investment, and more.
Bank of Maharashtra
Bank of Maharashtra was formed in the year 1935 in Pune city by V.G. Kale and D.K. Sathe. Its headquarters is based in Pune. As of now the managing director and CEO of Bank of Maharashtra is Shri A S Rajeev. Major services offered by Bank of Maharashtra include savings account, term deposits, savings deposits, current account, cards ( credit, debit, etc.), deposits, mobile and internet banking, loans (corporate, education, agriculture, etc.), online trading, and so on.
Canara Bank is another one of the most oldest government banks in India. It was formed as Canara Hindu Permanent Fund in around 1906 by Ammembal Subba Rao Pai in Mangalore. After that, the bank was renamed Canara Bank Limited in the year 1910. Canara Bank was nationalized by govt. of India in 1969. Its CEO is Lingam Venkat Prabhakar. Apart from India, it has branched in Tanzania, Moscow, Hong Kong, Dubai, South Africa, etc.
Central Bank of India
The Central Bank of India was introduced by Sir Sorabji Pochkhanawala in the year 1911. Later on, it opened its branch in Hyderabad city. It has created the first Indian exchange bank known as Central Exchange Bank of India in the year 1936 in London. It got nationalized in 1969 and comprises of 195 branches.
Punjab & Sind Bank
Bhai Vir Singh, Sardar Tarlochan Singh and Sir Sunder Singh Majitha were the ones behind the formation of Punjab & Sind Bank. It was formed on June 24, 1908.
The bank has a total number of 1554 branches in India and 623 bank branches based in Punjab itself. Its headquarters are located in Delhi and were nationalized in the year 1980. The major services that they offer are mobile banking, internet banking, corporate banking, investments, deposits, personal banking, retail banking, and so on.
UCO was established in 1943 by Ghanshyam Das Birla. Initially. Its headquarters is in BTM Sarani, Kolkata. Moreover, this bank also operates in Singapore and Hong Kong.
In total, they have more than 22000 employees and 2100 ATMs. Some of the major financial services they offer are wealth management, private banking, mortgage loans, investment banking, insurance, consumer banking, corporate banking, finance and so on.
Union Bank of India
UBI established in 1907 and inaugurated by Mahatama Gandhi. It got nationalized in the year 1969 with the other banks. It comprises of 4000+ bank branches and 4411 ATMs spread in India. In the year 2021, it got merged with Corporation Bank and Andhra Bank which has played a great role in increasing its assets and profit as well. The major services they provide are wealth management, private banking, mortgage loans, investment banking, corporate banking, finance and insurance and more.
Indian Overseas bank
This bank came into existence on February 10, 1937, by Thiru M. Chidambaram Chettiar. It was formed with the main motive of promoting foreign exchange operations and increase foreign banking transactions.
Indian Bank offers a wide range of general banking services for instance deposit accounts, net banking, debit and credit cards, investment, loans, and more.
Its overseas branches are based in Colombo, Singapore, etc. Moreover, Indian Bank also offers various other services by its Subsidiary companies that are IndBank Merchant Banking Services Ltd and IndBank Housing Ltd and IndFund Management Ltd.