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List of Top 10 Nationalised Banks in India

Do you get worried by frequent NEWS OF BANKS SCAMS?

Are you concerned that your bank may collapse, your savings will vanish and you would become a poor person overnight?

Do NOT WORRY…

These are questions that arise in the mind of every Indian who uses a nationalised bank to save money or conduct financial transactions.

Despite scams and heavy losses, India’s nationalised banks have strong financial backing.

Also, the country’s banking regulator, Reserve Bank of India provides some guarantee that at least part of the money you keep at nationalised banks will be repaid, should one ever collapse.

What are Nationalised Banks?

Nationalised banks are public sector undertakings. They are owned, operated and guaranteed by The Indian Government which is their Majority stakeholder.

India has a powerful banking industry that consists of 21 Nationalised Banks.

Unfortunately, 17 of these banks saw HUGE LOSSES during the financial year 2017-2018, due to various reasons.

Combined losses showed by nationalised banks of India during the financial year 2017-2018 stood at whopping Rs.870 billion– which is more than Gross Domestic Product (GDP) of several countries.

Sadly, scams and frauds seem to strike nationalised banks of India with amazingly alarming alacrity.

Despite, these banks continue to remain strong and provide a wide range of banking products and services. If you wish to open an account with a nationalised bank in India, consider the options I list below.

Note: The above listing of topmost Government Banks in India is based on various parameters such as profitability, foreign operations, presence in any state or region, customer friendliness and technological innovations.

List of Top 10 Nationalised Banks in India

Nationalised or Public Sector Undertaking (PSU) banks in India are an integral and important part of our national economy.

When you open an account with a nationalised bank, your money helps drive the country’s industry and economy. Here are some top nationalised banks where you may consider opening an account.

1. State Bank of India

State Bank of India logo
CEODinesh Kumar Khara
No of Branches24000
No of ATM62,617
HeadquarterMumbai
No of employees2,45,642
Revenue3.85 lakh INR (US$54 billion)
Customer Care Number1800 425 3800

If you are residing in a rural area, open an account with the State Bank of India.

It is the largest nationalised bank in India with over 24000 branches spread across the country.

It ranks among the oldest banks in India, being established in 1806 as Bank of Calcutta. Furthermore, It ranks 43rd among all the banks in the world.

SBI has headquarters in Mumbai. This top nationalised bank in India also has the highest number of accounts.

Additionally, SBI has extensive operations abroad. It has over  229 offices in some 31 countries.

Its other foreign operations include INMB Bank, Nigeria, SBI Nepal, and joint venture Commercial Bank of India with operations in Russia.

SBI holds a 76 percent stake in PT Bank Indo Monex, Indonesia, and 76 percent in Giro Commercial Bank, Kenya. SBI also operates the eponymous State Bank of India- a subsidiary exclusively for the US market.

Further, SBI Group owns and operates several NBFCs.

These include SBI Capital Markets Ltd, SBI Funds Management Pvt Ltd, SBI Factors & Commercial Services Pvt Ltd, SBI Cards & Payment Services Pvt Ltd, SBI DHFL Ltd, SBI Life Insurance Co Ltd, and SBI General Insurance Co Ltd.

Also Read: Top 10 Most Reliable Foreign Banks in India

2. Punjab National Bank

Punjab National Bank logo
CEOS.S. Mallikarjuna Rao
No of Branches10,528
No of ATM13,506
HeadquaterNew Delhi
No of employees1,03,000
Revenue94,990 crore INR (US$13 Billion)
Customer Care Number1800 180 2222

Despite being hit by major scams in 2017 and 2018, Punjab National Bank or PNB ranks as the second best nationalised bank in India.

PNB shows loss of Rs.122.82 billion during the financial year 2017-2018. However, this bank is exerting extra efforts to tighten its internal systems and prevent frauds from recurring again. PNB is one of the oldest banks in India.

PNB has over 10,528 branches, including ‘women’s branches’ which have only female staff. It was established in Lahore in 1894. Its current headquarters are in New Delhi.

PNB operates PNB International Bank that has operations in the UK, UAE and Afghanistan. PNB has representative offices in China, UAE, Norway, Kazakhstan and Australia.

Punjab National Bank holds a 51 percent stake in PNB Druk Bank of Bhutan and 20 percent stake in Everest Bank, Nepal. In Kazakhstan, it holds 84 percent stake of the JSC-PNB Bank.

PNB has two NBFCs too. They include PNB MetLife- joint venture general insurance company and Principal PNB Asset Management Co.

3. Bank of Baroda

Bank of Baroda logo
CEOSanjiv Chadha
No of Branches8,182
No of ATM9,200
HeadquaterVadodara
No of employees85,000
Revenue2,088 crores INR
Customer Care Number1800 102 4455

With over 8000 branches across the country, Bank of Baroda is one of the top nationalised banks in India.

Despite a loss of Rs.24.38 billion in the fiscal year 2017-2018, Bank of Baroda remains a formidable player in the industry and continues to offer new, innovative products.

Bank of Baroda was established in 1908 and has head offices in Vadodara, Gujarat. It also ranks as the most respected financial institutions of the country.

Bank of Baroda can be called as a multinational banking corporation of India. It has over 100 branches and representative offices across the world.

Bank of Baroda has a formidable presence in Africa and the Middle East as well as Thailand. In recent months, Bank of Baroda has sought licenses to operate in countries including Qatar and Bahrain, among others.

As a major player in India’s banking sector, Bank of Baroda also owns a couple of large NBFCs.

These include Baroda Pioneer, an asset management company that also offers Mutual Funds and IndiaFirst Life Insurance, a JV between a British company and another Indian nationalised bank.

4. Canara Bank

Canara Bank log
CEOLingam Venkat Prabhakar
No of Branches10,391
No of ATM13,423
HeadquarterBangalore
No of employees88,213
Revenue10 Lakhs crore 
Customer Care Number1800 425 0018

Canara Bank is one of the oldest nationalised banks in India.

It was established in 1906 in Mangalore city of Karnataka.

It is one of the most successful nationalised banks in India despite suffering a loss of Rs.42.22 billion during the financial year 2017-2018.

Canara Bank operates over 10,391 branches across India.

This bank also has offices and branches in various foreign countries. Canara Bank operates representative offices in the UK, Qatar, China, Hong Kong SAR, Russia, Bahrain, South Africa, UAE, US and Tanzania, among other countries.

Canara Bank is a joint stakeholder in Commercial Bank of India that operates in Russia.

The bank operates a chain of currency exchange houses in the Middle East region including Eastern Exchange Ltd, Qatar and Al Razouki International Exchange, UAE.

As one of the top nationalised banks in India, Canara Bank also has several NBFCs.

These include CanFin Hones, CanBank Factors Ltd, CanBank Venture Capital Fund Ltd, CanBank Computer Services Ltd, CanBank Bank Securities Ltd, CanBank Financial Services Ltd, Canara Robeco Asset Management Co Ltd and Canara HSBC Oriental Life Insurance Co Ltd.

Also Read: Best Non Banking Financial companies (Nbfc) in India

5. Union Bank of India

Union Bank of India logo
CEORajKiran Rai G
No of Branches9,200+
No of ATM11,600+
HeadquarterMumbai
No of employees76000+
Revenue1,510 Crores INR
Customer Care Number1800 22 2244

With more than 9000 branches across the country, Union Bank of India is a good bank if you are looking to open an account.

The bank was established in 1919 and has head offices in Mumbai.

During the fiscal year 2017-2018, Union Bank of India reported losses amounting at Rs.52.47 billion.

Though Union Bank of India is a top nationalised bank of India, it has a significant presence mainly in urban centres.

Union Bank of India has small operations abroad. These include UBI branches in UAE and China.

The bank also operates branches in Sydney, Australia, Hong Kong SAR and Antwerpen in Belgium. In recent year, UBI opened a branch in Shanghai, China.

UBI also has an NBFC. Called Union Asset Management Ltd, this NBFC offers Mutual Funds and Exchange Traded Funds as well as gold bonds and government bonds for Indian investors.

Union Mutual Funds are much sought after as safe investment options.

6. Bank of India

Bank of India logo

Despite staggering losses of Rs.60.43 billion during the financial year 2017-2018, Bank of India remains among the top nationalised banks in India.

Bank of India (BOI) was established in Mumbai in 1906 by some prominent names in India’s financial history. BOI operates nearly 5,000 branches across the country.

Bank of India also has extensive operations abroad. It was the first Indian bank to open a foreign branch when its London office was inaugurated in 1946.

BOI spread its wings worldwide with branches in Japan, Singapore, Kenya, Uganda, Tanzania, Nigeria, France and the US.

The bank has offices in China and Vietnam. It will open offices in Tanzania, Qatar, Belgium, South Africa. BOI runs subsidiary banks in Indonesia, New Zealand, Botswana and Uganda.

Additionally, Bank of India also operates a NBFC in a joint venture with Bharti AXA Group. Known as BOI AXA Investment Managers Pvt Ltd, this NBFC offers Mutual Funds and other asset management services in the country.

7.  Indian Bank

indian bank logo
CEOShanti Lal Jain
No of Branches5759
No of ATM2,717
HeadquarterChennai
No of employees41,620
Revenue45,185.04 crores INR (US$6.3 billion)
Customer Care Number1800 4250 0000

During 2020-2021, Indian Bank reported a profit of Rs.1708.85 crores at the end of March 2021, making it the topmost nationalized bank.

Indian Bank has been operating since 1907. Its head offices are in Chennai. Indian Bank has over 6,004 branches spread across this country.

Indian Bank operates branches in Colombo, Sri Lanka, and Singapore. This top nationalized bank in India also owns two Non-Banking Financial Companies (NBFCs)– IndBank Merchant Banking Services Ltd and IndBank Housing Ltd.

Also Read: 15 Most Trusted and Leading Private Banks in India

8. Central Bank Of India

CEOM.V. Rao
No of Branches4,594
No of ATM3,481
HeadquarterMumbai
No of employees32,335
Revenue25,897.44 crores INR (US$3.6 billion)
Customer Care Number1800 22 1911

Central Bank of India was established in 1911, and it is India’s first commercial bank which was wholly owned and managed by the Indian government. 

The head office of the Central Bank of India is in Mumbai.

The function of the bank is to control the monetary policies, regulate all the banks and lend the finances to other banks, including economic resources.

The central bank of India uses various methods to control the monetary policies. Still, the bank uses three methods widely: short-term target rates, Open Market Operations, and Capital requirements. 

Also Read: 15 Most Trusted and Leading Private Banks in India

9. Indian Overseas Bank

 Indian Overseas Bank
CEOPartha Pratim Sengupta
No of Branches3,368
No of ATM2721
HeadquarterChennai
No of employees23,579
Revenue22,422.91 Crores INR (US$ 3.1 billion)
Customer Care Number1800 102 2636

M.Ct.M. Chidambaram Chettyar founded the Indian Overseas Bank on February 10, 1937.

The bank had 37 branches in India and seven branches in other countries during independence. It got nationalized in 1969 on the eve of nationalization. During the nationalization, 195 branches in India, 67.70 crores deposits, and 44.90 crores advance.

Currently, the bank has its presence abroad, such as Singapore, Hongkong, Thailand, and Srilanka. The bank also entered the Non-Life insurance Business with Universal Sompo General Insurance (USGI) Company Limited, Allahabad Bank, Karnataka Bank, and Dabur Investments, with 19% equity shares.

Till May 2021, the Indian Overseas Bank tied up with Apollo Munich Health Insurance and served the health and personal accident products.

The IOB has currently tied up with Max Bhupa from June 2021 and serves specialized health products.

10. Bank of Maharashtra

Bank of Maharashtra logo
CEOA.S. Rajeev
No of Branches1964
No of ATM1305
HeadquarterPune
No of employees13,048
Revenue13,144.67 Crores INR (US$ 1.7 billion)
Customer Care Number1800 233 4526

Established in 1935, the Bank of Maharashtra has the largest network of branches in its home state.

Its head offices are located in Pune.

The bank has over 15 million customers across India, which it serves through nearly 1,964 branches. During the fiscal year 2017-2018, the Bank of Maharashtra suffered losses amounting to Rs.11.45 billion.

Bank of Maharashtra does not have any presence in foreign countries. Instead, it focuses on operations in India by expanding its branch network and ATM points.

Nor does the Bank of Maharashtra own any NBFCs. Despite its loss-making operations, the Bank of Maharashtra continues to launch high-tech banking services for its customers.

Special Mention:

If you are looking for the safest, scam-free bank in India, visit your nearest post office and open an account there.

India Post Payments Bank

INDIA POST PAYMENT BANKS LOGO

India Post Payments Bank got a license to operate as a full-fledged non-lender bank in 2016.

Before, it was simply called Department of Post Bank and has been operating since nearly 120 years.

India Post Payments Bank has the largest number of branches in India.

  • IPPB operates from more than 155,000 post offices in India- the largest in India.
  • More than 350 million Indians have savings and other bank accounts with India Post Bank. This makes it the largest Indian state-owned bank by any measure.
  • The first branded branch was opened on August 31, 2018 by Prime Minister Narendra Modi in New Delhi.
  • It is the largest channel for disbursing benefits under the Mahatma Gandhi National Rural Employment Guarantee scheme.
  • IPPB also handles a lion’s share of pensions and senior citizen benefits paid by various state governments to eligible persons above 58 years of age.

You can bank online with IPPB, through their mobile app.

IPPB has two types of ATM cards. For account holders in urban centres, IPPB issues Rupay branded ATM cards from select post offices that are connected to India’s Core Banking System.

Those using IPPB app can opt for a QR-code operated card that is useful to make instant payments.

In case you are unaware, an IPPB passbook bearing your name, address and a photograph signed and stamped by the postmaster is acceptable as legally valid proof of identity and address while applying for the passport or other services.

IPPB has zero losses since it is not a lender bank and does not provide loans.

It only accepts cash deposits and allows customers to conduct regular transactions such as withdrawals and money transfers.

It is the bank of choice among senior citizens and rural people of India.

Other Nationalised Banks of India:

  • Allahabad Bank
  • Andra Bank
  • UCO Bank
  • Dena Bank
  • Central Bank of India
  • United Bank of India
  • Oriental Bank of Commerce
  • Punjab and Sind Bank
  • Syndicate Bank
  • Cooperation Bank
  • Indian Overseas Banks

Wrap Up

While top nationalized banks in India have adopted various latest technologies, they lag in comparison with their counterparts from the private sector.

However, in recent years, nationalised banks have realized the need to stay abreast with technology and are introducing several new web-based services.

They are also helping India’s state-owned enterprises to do business with foreign countries and providing vital services to Non-Resident Indians.

Other Important Articles Related to Banking & Finance:

Top 10 Banks With the Highest Interest Rate on Saving Account
13 Key Difference Between NBFC and Banks
List of Top 18 Leading Private Banks in India
Top 10 Most Reliable and Leading Foreign Banks in India
How to Invest in Mutual Funds: Simple 24-Step Guide
Top 10 Best Life Insurance Companies in India
How to Withdraw EPF Online – Eligibility & Process Explained
24 Different Types of Bank Accounts in India
Top 20 Non Banking Financial Companies (NBFC) in India

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