Do you get worried by frequent NEWS OF BANKS SCAMS?
Are you concerned that your bank may collapse, your savings will vanish, and you will 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, the 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 for various reasons.
Combined losses shown by nationalised banks of India during the financial year 2017-2018 stood at a whopping Rs.870 billion– which is more than the Gross Domestic Product (GDP) of several countries.
Sadly, scams and frauds seem to strike nationalised banks of India with amazingly alarming alacrity.
Despite this, 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
| CEO | Dinesh Kumar Khara |
| No of Branches | 24000+ |
| No of ATM | 62,617 |
| Headquarter | Mumbai |
| No of employees | 250,033 |
| Net profit of Dec 2022 | Rs 14,205.3 crore |
| Customer Care Number | 1800 425 3800 |
If you reside 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 the 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 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
| CEO | S.S. Mallikarjuna Rao |
| No of Branches | 12,248 |
| No of ATM | 13,000+ |
| Headquarter | New Delhi |
| No of employees | 1,03,144 |
| Net profit of Dec 2022 | Rs 629 crore |
| Customer Care Number | 1800 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 a 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 fraud from recurring again. PNB is one of the oldest banks in India.
PNB has over 12,248 branches, including ‘women’s branches’ with only female staff. It was established in Lahore in 1894. Its current headquarters are in New Delhi.
PNB operates PNB International Bank, which operates 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 a 20 percent stake in Everest Bank, Nepal. In Kazakhstan, it holds an 84 percent stake in the JSC-PNB Bank.
PNB has two NBFCs too. They include PNB MetLife- a joint venture general insurance company, and Principal PNB Asset Management Co.
3. Bank of Baroda
| CEO | Sanjiv Chadha |
| No of Branches | 8,526 |
| No of ATM | 9,200+ |
| Headquater | Vadodara |
| No of employees | 85,000 |
| Net profit of Dec 2022 | Rs 3,853 crores |
| Customer Care Number | 1800 102 4455 |
With over 8000+ branches across the country, the 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, the 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 institution in the country.
Bank of Baroda can be called 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, the 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, the Bank of Baroda also owns a couple of large NBFCs.
These include Baroda Pioneer, an asset management company offering Mutual Funds.
4. Union Bank of India
| CEO | RajKiran Rai G |
| No of Branches | 9,316 |
| No of ATM | 12,957 |
| Headquarter | Mumbai |
| No of employees | 76000+ |
| Net profit of Dec 2022 | Rs 2,245 crore |
| Customer Care Number | 1800 22 2244 |
With more than 9,316 branches across the country, Union Bank of India is a good bank if you want to open an account.
The bank was established in 1919 and has head offices in Mumbai.
During the fiscal year 2017-2018, the Union Bank of India reported losses amounting to Rs.52.47 billion.
Though the 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 years, 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.
5. Canara Bank
| CEO | Lingam Venkat Prabhakar |
| No of Branches | 9,877 |
| No of ATM | 13,124 |
| Headquarter | Bangalore |
| No of employees | 88,213 |
| Net profit of Dec 2022 | Rs 2,882 crore |
| Customer Care Number | 1800 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 9,877 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, the US and Tanzania, among other countries.
Canara Bank is a joint stakeholder in the 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.
6. Indian Bank
| CEO | Shri Shanti Lal Jain |
| No of Branches | 5,721 |
| No of ATM | 5,428 |
| Headquater | Chennai |
| No of employees | 39,734 |
| Net profit of Dec 2022 | Rs 1,396 crore |
| Customer Care Number | 1800 4250 0000 |
With over 5,721+ branches across the country, Indian Bank is one of the top nationalised banks in India.
Indian Bank was founded in the year 1907 and has head offices in Chennai. It also ranks as the most respected financial institution in the country.
Finance Minister Nirmala Sitharaman announced on 30 August 2019 that Allahabad Bank would be merged with an Indian bank.
The proposed union would create the 7th biggest public sector bank in the country with the support of ₹8.08 lakh crore (US$100 billion).
7. Bank of India
| CEO | Atanu Kumar Das |
| No of Branches | 5,430 |
| No of ATM | 5,551 |
| Headquarter | Mumbai |
| No of employees | 51,459 |
| Net profit of Dec 2022 | Rs 1,151 crore |
| Customer Care Number | 1800 220 229 |
Despite staggering losses of Rs.60.43 billion during the financial year 2017-2018, the 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 5,430 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, and South Africa. BOI runs subsidiary banks in Indonesia, New Zealand, Botswana and Uganda.
Additionally, the Bank of India also operates an NBFC in a joint venture with Bharti AXA Group.
8. Central Bank of India
| CEO | Shri M. V. Rao |
| No of Branches | 3,656 |
| No of ATM | 1,804 |
| Headquarter | Mumbai |
| No of employees | 37,162 |
| Net profit of Dec 2022 | Rs 458 crore |
| Customer Care Number | 1800 22 1911 |
Central Bank of India was established in Mumbai in 1911 by some prominent names in India’s financial history. Central Bank of India operates nearly 3,656 branches across the country.
Central Bank of India is determined to provide high-quality banking services to its consumers across the country.
Central Bank of India can be called a multinational banking corporation of India and one the best international banks in India. It has over 3,656 branches and representative offices across the world.
9. Bank of Maharastra
| CEO | A. S. Rajeev |
| No of Branches | 2,150 |
| No of ATM | 9,200+ |
| Headquater | Pune |
| No of employees | 13,048 |
| Net profit of Dec 2022 | Rs. 775.03 crore |
| Customer Care Number | 1800 233 4526 |
With over 2,150 branches across the country, the Bank of Maharastra is one of the top nationalised banks in India.
Bank of Maharastra was established in 1935 and has head offices in Shivajinagar, Pune, Maharashtra India. It also ranks as the most respected financial institution in the country.
Bank of Maharastra is one of the oldest banks and is respected in the industry for its continuous customer base growth and advanced banking services.
On 31 December 2021, the total business of the bank crossed ₹ 3,15,620 lakh crore.
10. Indian Overseas Bank
| CEO | Partha Pratim Sengupta |
| No of Branches | 3,217 |
| No of ATM | 5,551 |
| Headquarter | Mumbai |
| No of employees | 1,927 |
| Net profit of Dec 2022 | Rs 1,151 crore |
| Customer Care Number | 1800 425 4445 |
Indian Overseas Bank was established10 February 1937, Chennai by some prominent names in India’s financial history. Indian Overseas Bank operates nearly 3,217 branches across the country.
It has branches in Bangkok, South Korea, Hong Kong, etc. it got nationalised in 1969. The ultimate aim of the bank was to encourage overseas banking and attract foreign investments.
On 5 Dec 2021, IOB received the Degidhan Award 2020–21 by the Ministry of Electronics & Information Technology for achieving 2nd highest percentage of digital payment transactions among public sector banks. As on march 31, 2022, IOB’s total business stands at ₹417,960 crores (US$52 billion).
India Post Payments Bank
India Post Payments Bank got a license to operate as a full-fledged non-lender bank in 2016.
Before, it was simply called the Department of Post Bank and has been operating for nearly 120 years.
India Post Payments Bank has the largest number of branches in India.
- IPPB operates over 155,000 post offices in India- the largest in India.
- More than 350 million Indians have savings and other 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 the lion’s share of pensions and senior citizen benefits paid by various state governments to eligible persons above 58.
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.
For those using IPPB, the app can opt for a QR-code-operated card that is useful for making 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.
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