In 2024, aspiring candidates preparing for bank exams may find valuable information regarding government banks in India. These financial institutions, licensed to lend money and accept deposits, play a crucial role in the country’s financial system. Government banks, also known as public sector banks, are primarily owned by the Government of India or state governments, with the government holding more than 51% of their shares. The Reserve Bank of India acts as the top banking regulator and central banking institution in India.
For candidates seeking details on the top 10 government banks in India, both before and after mergers, this article provides comprehensive insights. It covers aspects such as the list of government banks in India 2024, nationalized banks, and related topics essential for static GK and current affairs preparation. Aspirants can access information on government bank names, the best banks in India, and more, ensuring they are well-prepared for banking examinations.
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The public sector banking system forms the foundation of India’s economy. This article delves deeply into the landscape of government banks in India, covering various types of banks, bank mergers, nationalized banks, and more. Initially comprising 27 public sector banks as of 2017, the sector saw a significant transformation following Finance Minister Nirmala Sitharaman’s announcement on August 30, 2019. This led to the consolidation of public sector banks, reducing their number to 12. The current roster of government banks in India for 2024 reflects this consolidation, providing a comprehensive overview of these institutions. For detailed insights, refer to the updated government banks in India list 2024.
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List of Government Banks In India 2024
Candidates preparing for competitive exams can access the 2024 listing government banks in India here. This comprehensive resource is essential for banking awareness and static GK preparation, crucial for bank exams. Download the for details on national banks in India and stay updated with the latest information on government banks for effective exam readiness.
Names of Government Banks List in India 2024
Here is a comprehensive detailing the current roster of government banks in India for 2024, including both nationalized banks and other government-operated financial institutions. This resource provides an extensive list of national banks, government banks, and nationalized bank entities, offering detailed insights into the banking landscape of India.
Here is a list of government banks in India for 2024, including those that emerged after significant mergers. As of now, there are a total of 12 public sector banks operating in 2024.
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Government Banks In India Names / Indian Government Banks List
- State Bank of India
- Punjab National Bank
- Bank of Baroda
- Canara Bank
- Union Bank of India
- Bank of India
- Indian Bank
- Central Bank of India
- Indian Overseas Bank
- UCO Bank
- Bank of Maharashtra
- Punjab & Sindh Bank
12 Public Sector Banks in India 2024 – India’s All Bank List
Below, we’ve compiled essential information from the updated 2024 list of government banks in India. It includes details such as the names of 12 public sector banks, accompanied by their respective taglines, headquarters locations, establishment years, and the extent of government ownership. This comprehensive table serves as a valuable resource for competitive exam candidates seeking to prepare effectively.
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| Government Banks List in India 2024 – List of 12 Public Sectors Banks in India 2024 | |||||
| S.No | Public Sector Banks | Tagline | Government Share Holding | Established On | Headquarters |
| 1 | State Bank of India | Pure Banking, Nothing Else | 57.59% | 1955 | Mumbai, Maharashtra |
| 2 | Punjab National Bank | The Name You Can Bank Upon | 73.15% | 1894 | New Delhi, Delhi |
| 3 | Bank of Baroda | India’s International Bank | 63.97% | 1908 | Vadodara, Gujarat |
| 4 | Bank of India | Relationship Beyond Banking | 81.41% | 1906 | Mumbai, Maharashtra |
| 5 | Bank of Maharashtra | Ek Parivaar, Ek Bank (One Family One Bank) | 86.46% | 1935 | Pune Maharashtra |
| 6 | Union Bank of India | Good People to Bank with | 83.49% | 1919 | Mumbai, Maharashtra |
| 7 | Canara Bank | Together We Can | 62.93% | 1906 | Bengaluru, Karnataka |
| 8 | Central Bank of India | Central to You Since 1911, Build a better life around us | 93.08% | 1911 | Mumbai, Maharashtra |
| 9 | Indian Bank | Your Own Bank, Banking That’s Twice As Good | 79.86% | 1907 | Chennai, Tamilnadu |
| 10 | Indian Overseas bank | Good People To Grow With | 96.38% | 1937 | Chennai, Tamilnadu |
| 11 | Punjab and Sind Bank | Where Service is a Way of Life | 98.25% | 1908 | New Delhi |
| 12 | UCO Bank | Honours your Trust | 95.39% | 1943 | Kolkata, WB |
Indian Government Banks List: Government Banks in India Before Merger (Public Sector Banks)
As of 2024, prior to the merger announced on August 30, 2019, India had a total of 27 public sector banks, commonly referred to as government banks. Following the merger, the number of such banks has been reduced to 12.
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The government banks list in India before merger was
- Allahabad Bank
- Andhra Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- Indian Bank
- Indian Overseas Bank
- Oriental Bank of Commerce
- Punjab & Sind Bank
- Punjab National Bank
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
- IDBI Bank (77.79% government stake)
- SBI+and its five associate banks
- Bharatiya Mahila Bank
Bank Mergers – Largest Public Sector Banks After Merger
Here is the list of the largest nationalized banks in India in 2024 after the merger. In this merger, the 6 banks merged with 6 independent public sector banks.
- Six merged banks – SBI, Bank of Baroda, Punjab National Bank, Canara Bank, Union Bank of India, and Indian Bank.
- Six independent banks – Indian Overseas Bank, Uco Bank, Bank of Maharashtra, Punjab and Sind Bank, Bank of India, and Central Bank of India.
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Banks Merged – Government Banks List In India After Merger
In 2019, Union Finance Minister Nirmala Sitharaman oversaw a significant consolidation of banks. These mergers aimed to streamline operations, enhance risk management practices, and elevate professional standards within the banking sector.
| List of Government Banks in India After Merger | |
| Punjab National Bank, Oriental Bank of Commerce, and United Bank | 2nd largest Public Sector Bank |
| Canara Bank and Syndicate Bank | 4th largest Public sector Bank |
| Union Bank, Andhra Bank, and Corporation Bank | 5th largest Public Sector Bank |
| Indian Bank and Allahabad Bank | 7th largest Public sector Bank |
Largest Public Sector Banks After Merger
The following table lists the largest government banks in India as of 2024, following recent mergers. This article also features a highlighting the top 10 government banks in India based on their market capitalization.
| Largest Public Sector Banks After Merger | |
| Bank | Rank |
| State Bank of India | 1 |
| Bank of Baroda | 2 |
| Punjab National Bank | 3 |
| Union Bank Of India | 4 |
| Indian Overseas Bank | 5 |
| Canara Bank | 6 |
| Indian Bank | 7 |
| UCO Bank | 8 |
| Bank of India | 9 |
| Central Bank of India | 10 |
| Bank of Maharashtra | 11 |
| Punjab & Sind Bank | 12 |
Top 10 Government Banks In India 2024: Updated List
Here is a list of the top 10 government banks in India for 2024, based on their assets. Leading the list is State Bank of India, holding assets worth ₹5,00,179.88 crore (INR). These banks, owned by the Government of India, are commonly referred to as nationalized or public sector banks. For those seeking information specifically on the top 5 and top 10 nationalized banks in India, please consult the table provided below.
Banks & Their Types
- Central Bank: Oversees monetary policy and regulates the banking system.
- Cooperative Banks: Operate on a cooperative basis, serving members and local communities.
- Commercial Banks: Provide financial services to businesses, individuals, and institutions.
- Regional Rural Banks (RRB): Focus on rural areas, providing banking services to farmers and small businesses.
- Local Area Banks (LAB): Serve specific localities, catering to localized banking needs.
- Specialized Banks: Offer specific services like industrial finance, development banking, etc.
- Small Finance Banks: Focus on financial inclusion, serving underserved sections with small loans and savings accounts.
- Payments Banks: Facilitate digital payments and remittances, but do not offer credit services.
Government Banks List – Commercial Banks
Commercial banks are categorized into several types: Public or Government banks, Private sector banks, Regional Rural Banks (RRBs), and Foreign sector banks. Governed by the Banking Companies Act of 1956, these banks operate with a profit-oriented approach. Their main objective is to generate profits through commercial activities. The principal funding source for commercial banks stems from deposits made by the public.
FAQs: Government Banks in India List 2024
Q: How many public sector banks operate in India?
A: India has a total of 12 public sector banks. You can find the complete list of government banks in India for 2024 in this article.
Q: Which is the top public sector bank in India?
A: State Bank of India is ranked as the leading nationalized bank in India for 2024. Refer to our article for details on the government banks in India list for 2024.
Q: What defines a public sector bank in India?
A: A public sector bank in India is government-owned, with the government holding a majority stake of over 51%.
Q: Which bank ranks third among government banks in India?
A: According to the 2024 list of government banks in India, Bank of Baroda holds the third position.
Q: What is the second largest public sector bank in India post-merger?
A: Following a merger, Punjab National Bank, Oriental Bank of Commerce, and United Bank together form the second largest public sector bank in India.
Q: Which are the 12 public sector banks in India for 2024?
A: The 12 public sector banks in India for 2024 include: 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.