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\u2019s nationalised banks have strong financial backing. Also, the country\u2019s 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\u2019s industry and economy. Here are some top nationalised banks where you may consider opening an account. 1. Indian Bank During the financial year 2017-2018, Indian Bank reported a profit of Rs.12.59 billion, making it the topmost nationalised bank. Indian Bank has been operating since 1907. Its head offices are in Chennai. Indian Bank has over 2,550 branches spread across this country. Indian Bank operates branches in Colombo, Sri Lanka and Singapore. This top nationalised 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 2. Vijaya Bank Vijaya Bank deserves the second rank as a top nationalised bank in India. During the financial year 2017-2018, Vijaya Bank made a profit of Rs.7.27 billion. Vijaya Bank was established in 1931. Its headquarters are in the coastal city of Mangalore, Karnataka. Vijaya Bank has over 2,030 branches located across India. Though Vijaya Bank is relatively smaller compared to other PSU giants in the banking sector, it is a formidable player in executing Corporate Social Responsibility (CSR) initiatives. Vijaya Bank has built sanitation facilities at some 60 rural schools in India. It has a program to adopt girl child and provide education. Under this program, it has adopted nearly 1,500 girls below the age of five years from rural areas. Also Read: Top 10 Best Cooperative Banks in India 3. Punjab National Bank Despite being hit by major scams in 2017 and 2018, Punjab National Bank or PNB ranks as the third 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 7,000 branches, including \u2018women\u2019s branches\u2019 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. 4. State Bank of India If you are residing in a rural area, open an account with State Bank of India. It is the largest nationalised bank in India with nearly 19,000 branches spread across the country. During the financial year 2017-2018, SBI incurred losses of Rs.65.47 billion. It ranks among the oldest banks in India, being established in 1806 as Bank of Calcutta. 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 200 offices in some 40 countries. SBI (Mauritius) Ltd, is an offshore bank operated by SBI. Its other foreign operations include INMB Bank, Nigeria, SBI Nepal and joint venture Commercial Bank of India with operations in Russia. SBI holds 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 5. Bank of India 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\u2019s 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. 6. Bank of Baroda With over 5,500 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 125 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\u2019s 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. 7. Canara Bank 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 6,700 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 8. IDBI Bank IDBI Bank is a very modern and tech-savvy, top nationalised bank in India. It is among the first nationalised banks to offer online account opening facilities in the late 2000s. IDBI Bank is an offshoot of the Indian government\u2019s Industrial Development Bank of India. It was established in 1964 with activities limited to development banking. In 2004, the Indian government permitted IDBI Bank to function as full-fledged lender bank. Though relatively a smaller nationalised bank, IDBI Bank is fast emerging as a major contender in the market. It has over 1,900 branches across India and more than 22,000 ATM locations. IDBI Bank also has a branch in Dubai with plans of expansion in the Middle East, Africa and the Far East regions. This nationalised bank also owns and operates some NBFCs. Prime among them are IDBI Mutual Fund, IDBI Federal Life Insurance and IDBI Intech Ltd. IDBI Bank is well known among Indians as a very customer friendly bank. It has won the \u2018Best Overall Bank\u2019 and \u2018Best Public Sector Bank\u2019 from Dun & Bradstreet and several other Indian and international awards. 9. Bank of Maharashtra Established in 1935, 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 2,000 branches. During the fiscal year 2017-2018, 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 Bank of Maharashtra own any NBFCs. Despite its loss-making operations, Bank of Maharashtra continues to launch high-tech banking services for its customers. 10. Union Bank of India With more than 4,300 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\u00a0amounting 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. 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 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. \tIPPB operates from more than 155,000 post offices in India- the largest in India. \tMore 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. \tThe first branded branch was opened on August 31, 2018 by Prime Minister Narendra Modi in New Delhi. \tIt is the largest channel for disbursing benefits under the Mahatma Gandhi National Rural Employment Guarantee scheme. \tIPPB also handles a lion\u2019s 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\u2019s 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: \tAllahabad Bank \tAndra Bank \tUCO\u00a0Bank \tDena\u00a0Bank \tCentral Bank of India \tUnited\u00a0Bank of India \tOriental\u00a0Bank of Commerce \tPunjab and Sind\u00a0Bank \tSyndicate\u00a0Bank \tCooperation Bank \tIndian 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\u2019s state-owned enterprises to do business with foreign countries and providing vital services to Non-Resident Indians.