Table of Contents
- History of the Indian Banking System
- What is a Nationalised bank in India?
- 1. State Bank of India (SBI)
- 2. Punjab National Bank (PNB)
- 3. Bank of Baroda (BOB)
- 4. Canara Bank
- 5. Central Bank of India
- 6. Indian Overseas Bank (IOB)
- 7. Union Bank of India
- 8. Indian Bank
- 9. Bank of India
- 10. Punjab & Sind Bank
- 11. UCO Bank
- 12. Bank of Maharashtra
- List Of Private Banks in India
- Faq's
National Banks in India play a pivotal role in the constantly evolving Indian financial landscape. Indian banks fall under the purview of The Reserve Bank of India (RBI) as per the Banking Regulation Act of 1949- essentially being the backbone of the banking system of the country. In this article, we will take a deeper look at the complete list of National Banks in India and explore the regulatory framework that governs them, what features each bank has, and a lot more so that you can get all the information about national banks in India.
Before we begin with the list, let us take a look at the banking system in India as a whole.
History of the Indian Banking System
The history of the banking system of India is a story of resilience and evolution, marked by economic shifts and policy changes over centuries. The story begins as far back as the 18th century when indigenous bankers set the roots of the Indian banking system with the establishment of the Bank of Hindostan. Over the next century, India witnessed the formation of regional banks like the Bank of Bengal, Bank of Bombay, and Bank of Madras ultimately culminating the groundwork for the Imperial Bank of India in 1921.
In 1935, the Reserve Bank of India came into existence and took center stage, eventually being nationalised in 1949. Post the setting up of the RBI, the banking sector in India saw landmark events in 1969 and 1980 which resulted in major banks being nationalised, signaling a shift in control. As Indian economy liberalized after 1991, it embraced the idea of free trade thus welcoming private sector banks to set shop and make technological advancements.
Standing in the 21st century, digitalisation like net banking, online account opening, online transfer of funds, etc, and core banking solutions such as streamlining operations, enhancing customer services, and facilitating inter-branch transactions have effectively and smartly transformed the sector. The last decade saw the consolidation of many banks through mergers with a focus on financial inclusion such as Pradhan Mantri Jan Dhan Yojana, to encourage the underprivileged to use the banking system.
Therefore it is safe to say that the story of banking sector of India is that of constant adaption, innovations, and continuous improvement. From its early roots in the colonial era to the dynamic and technology-driven present, the Indian banking sector continues to evolve, contributing significantly to the economic growth and development of the country.
What is a Nationalised bank in India?
Nationalised banks, also known as public sector banks, refer to banks in which a significant portion of the ownership and control is held by the government. In the context of India, nationalisation of banks occurred in two phases - in 1969 and 1980.
First Phase (1969):
In 1969, then-Prime Minister Indira Gandhi announced the nationalization of 14 major private banks. This move was aimed at achieving broader economic and social objectives, including the promotion of social welfare, reduction of regional imbalances, and the prevention of concentration of economic power. The banks that were nationalized included some of the largest and most influential financial institutions in the country.
Second Phase (1980):
In 1980, another wave of nationalization took place, bringing six more private banks under government control. The rationale behind the second phase of nationalization was to further consolidate the banking sector and strengthen the role of these banks in promoting the socio-economic agenda of the government.
Now that we have covered grounds about the basics, let us take a look at the list of National Banks in India.
1. State Bank of India (SBI)
The State Bank of India (SBI) holds a prestigious position in the banking history of India. Established in 1806 as the Bank of Calcutta, it later merged with the Bank of Bombay and Bank of Madras in 1921 to form the Imperial Bank of India. In 1955, the Imperial Bank was nationalized, and it emerged as the State Bank of India. Since then, SBI has undergone transformative changes, expanding its network both nationally and internationally. It stands as the largest and oldest public sector bank in India, with a rich heritage and a pivotal role in the economic development of the country.
Services and Products:
SBI offers a diverse suite of financial services tailored to meet the varied needs of its customers. From retail banking encompassing savings accounts, fixed deposits, and personal and home loans, to corporate banking providing solutions like working capital loans and project financing, SBI caters comprehensively to individual and business requirements. The bank excels in digital banking, providing online and mobile banking services for convenient and efficient financial transactions. Additionally, SBI extends wealth management services to high-net-worth individuals and offers international banking solutions, facilitating trade finance and foreign exchange services.
Branches: SBI is the largest Indian bank with a 1/4th share of the market and serves over 48 crore customers through over 22,405 branches, 65,627 ATMs/ADWMs, 76,089 business correspondence outlets.
Head Office: State Bank of India, Central Office Chairman Secretariat, P.B. No.12, Nariman Point, Mumbai 400 021
2. Punjab National Bank (PNB)
Established in 1894, Punjab National Bank (PNB) has a rich history deeply rooted in the banking heritage of India. Originally founded in Lahore (now in Pakistan), PNB played a crucial role in the economic landscape during pre-independence India. Post-independence, the bank expanded its footprint, becoming one of the leading public sector banks in the country. So far 9 banks have been merged with PNB.
Services and Products:
PNB offers a diverse range of financial services, catering to both individual and corporate clients. In retail banking, PNB provides a spectrum of offerings, including savings accounts, fixed deposits, personal loans, home loans, and credit cards. The corporate banking division serves large enterprises and SMEs, offering financial solutions such as working capital loans, project financing, and trade finance. The dedication to digitalization is evident through online banking services and mobile applications, ensuring convenience for customers.
Branches: PNB has over 180 million customers, 12,248 branches, and over 13000 ATMs spread across the world.
Head Office Location: 4, Sector 10, Dwarka, New Delhi 110 075
3. Bank of Baroda (BOB)
Bank of Baroda (BOB) has a legacy dating back to 1908 when it was founded in Baroda (now Vadodara), Gujarat. Established by the Maharaja of Baroda, BOB has grown into a prominent and globally recognized financial institution. Over the years, the bank has expanded its operations nationally and internationally, contributing significantly to banking sector in India.
Services and Products:
Bank of Baroda is renowned for its global presence and diverse range of financial services. In retail banking, BOB provides comprehensive offerings, including savings accounts, fixed deposits, personal loans, home loans, and credit cards. The bank provides financial solutions, such as working capital loans, project financing, trade finance, etc. Embracing a global outlook, BOB extends services internationally, facilitating trade finance, foreign exchange services, and global banking solutions. The immense growth and financial highlights of the bank show the trajectory of growth and strategic financial achievements.
Branches: As of 2023, Bank of Baroda has 9,693 Branches and 10,033+ ATMs
Head Office: Baroda Bhavan, R C Dutt Road, Alkapuri, BARODA - 390007, (Gujarat) India
4. Canara Bank
Originating from humble beginnings, Canara Bank was established in 1906 in Mangalore, Karnataka. The founders of the bank envisioned it as a facilitator for economic growth, especially in the southern regions of India. Over the years, Canara Bank has evolved into a major player in the Indian banking sector, with a strong focus on customer-centric services and technological advancements.
Services and Products:
Canara Bank offers a wide array of financial services to cater to the diverse needs of its customers. In retail banking, the bank provides services such as savings accounts, fixed deposits, personal loans, home loans, and credit cards. The commitment to growth of the bank is evident through its extensive branch network and a focus on technological advancements, ensuring convenient and accessible banking for its customers. The bank has expanded its services to encompass corporate banking, including working capital loans, project financing, and trade finance, contributing to the economic development of the regions it serves.
Branches: One of the largest Public Sector Banks in India with 9877 Branches & 13124 ATMs.
Head Office: 112, Jayachamarajendra Road Post Box No. 6648 Bangalore 560 002
5. Central Bank of India
Founded in 1911, the Central Bank of India holds a distinguished place in the banking history of the country. Established in Mumbai, it emerged as the first Indian commercial bank wholly owned and managed by Indians. The foundation of The Central Bank of India aligns with the nationalist movement, symbolizing economic independence. Over the decades, Central Bank of India has evolved, contributing significantly to the economic development and social initiatives of the nation.
Services and Products:
The Central Bank of India, with a rich heritage, offers a comprehensive range of financial services. In retail banking, the bank caters to individual customers with services like savings accounts, fixed deposits, personal loans, home loans, and credit cards. Its corporate banking division provides financial solutions, including working capital loans, project financing, and trade finance, supporting businesses across sectors. Central Bank of India distinguishes itself through its commitment to social initiatives, emphasizing financial inclusion, rural development, and support for marginalized communities. Apart from banking, it also focuses on social initiatives and actively engages in initiatives to promote financial literacy, education, and community development
Branches: Central Bank of India has a network of 4493 Branches, 1 Extension counters, along with 10 Satellite Offices across India
Headoffice: Central Bank of India Chander Mukhi, Nariman Point Mumbai 400 021.
6. Indian Overseas Bank (IOB)
Established in 1937, Indian Overseas Bank (IOB) has been a stalwart in the Indian banking sector. Founded with a mission to serve the overseas Indian community and promote international trade, IOB has evolved over the years into a prominent public sector bank. Its history is marked by a commitment to financial inclusion, global outreach, and fostering economic development.
Services and Products:
Indian Overseas Bank offers a comprehensive suite of financial services, catering to diverse customer needs. In retail banking, the bank provides services like savings accounts, fixed deposits, personal loans, home loans, and credit cards. The commitment of the bank to international trade is reflected in its global banking solutions, including forex services and trade finance. Additionally, IOB corporate banking division supports businesses with working capital loans, project financing, and various financial products.
Branches: Indian Overseas Bank has 3,220 domestic branches, 2 DBUs ( Digital Banking Unit) about 4 foreign branches and a representative office.
Headoffice: Central Office Address: 763 Anna Salai, Chennai-600002
7. Union Bank of India
Following recent mergers, Union Bank of India has undergone transformative changes. This has shaped the current form of the bank, with a strategic vision for growth and service expansion.
Services and Products
Union Bank of India offers a comprehensive range of financial services and products, catering to diverse customer needs. In its retail banking segment, the bank provides a multitude of services, including savings accounts, fixed deposits, personal loans, home loans, and credit cards. With a robust corporate banking division, Union Bank serves large enterprises and SMEs by offering various financial solutions such as working capital loans, project financing, and trade finance. Embracing digitalization, the bank provides online banking services, mobile banking apps, and internet-based financial transactions for the convenience of its customers
Branches: 8450+ domestic branches, 9800+ ATMs, 76,300+ employees and 18,900+ BC Points
Head Office: Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai 400 021, Maharashtra, India
8. Indian Bank
Founded in 1907, Indian Bank boasts a rich heritage that spans over a century. The establishment marked a significant milestone in the financial landscape of India. Over the years, Indian Bank has not only preserved its legacy but has also embraced technological advancements. The journey reflects a harmonious blend of tradition and innovation
Services and Products
With a legacy dating back to the early 20th century, Indian Bank has evolved with the times, integrating technology into its operations. This focus on technology is evident in the seamless digital banking solutions, online services, and mobile applications of the bank. The retail banking segment showcases its commitment to offering a diverse range of financial solutions, catering to the evolving needs of individual customers.
Branches: The Bank has 2836 branches in India
Head Office: Indian Bank, No. 66 Rajaji Salai, Chennai 600001
9. Bank of India
Founded in 1906, Bank of India holds a significant place in the banking history of the country. Established in Mumbai, the bank has evolved over the decades, contributing to the economic development and financial stability of the country. Its historical legacy reflects a commitment to service and innovation.
Services and Products
Bank of India offers a comprehensive range of financial services, catering to the diverse needs of its customers. In retail banking, the bank provides essential services such as savings accounts, fixed deposits, personal loans, and home loans. The corporate banking division offers solutions such as working capital loans, project financing, and trade finance, supporting businesses across sectors.
Branches: Bank of India has over 5100 branches in India, including specialized branches in all states and union territories. There are 68 Zonal Offices and 12 NBG Offices that control these branches.
Head Office: Bandra Kurla Complex, Bandra (E), Mumbai 400 051
10. Punjab & Sind Bank
Founded in 1908 by Bhai Vir Singh, a prominent Sikh philanthropist, and others, Punjab & Sind Bank emerged with a distinct mission. The bank was created to support the economic aspirations of the people, especially those in the Punjab region, during the time of Independence. Punjab & Sind Bank stands out with unique features and a commitment to robust corporate governance practices. The distinctiveness and adherence to ethical standards contribute to its identity in the banking landscape.
Services and Products:
Punjab & Sind Bank offers a diverse array of financial services and products to cater to the varied needs of its customers. In the retail banking segment, the bank provides essential services such as savings accounts, fixed deposits, personal loans, home loans, and credit cards, ensuring a comprehensive suite of offerings for individual clients. With a focus on corporate banking, Punjab & Sind Bank extends financial solutions including working capital loans, project financing, and trade finance, supporting businesses across sectors.
Branches: The bank has 1553 branches which are widely spread across India out of which 635 branches are in the state of Punjab, and 25 zonal offices located all over India.
Head Office: 8, HO CISO CELL, Second floor, 38 / 39 Industrial Area, Naraina- Phase - I New Delhi 110028
11. UCO Bank
UCO Bank, with historical milestones dating back to its establishment in 1943, has played a significant role in the banking sector. The commitment of the bank extends beyond financial services to corporate social responsibility (CSR) initiatives.
Services and Products
UCO bank focuses on financial inclusion emphasizing its efforts to bring banking services to marginalized sections of society. This includes initiatives such as providing banking services in rural areas, supporting microfinance, and promoting financial literacy.
Branches: The bank has 4,000 plus service units & 44 zonal offices spread all over India. It also has two overseas branches in Singapore and Hong Kong.
Head Office: BTM Sarani, Kolkata.
12. Bank of Maharashtra
Established in 1935 in Pune, Maharashtra, Bank of Maharashtra has a rich historical background deeply rooted in the economic development of the region. Since its inception, the bank has played a pivotal role in shaping the financial landscape and contributing to the growth of local communities. Bank of Maharashtra takes pride in its strong regional presence, with an extensive branch network that reaches various corners of the state.
Services and Products:
Bank of Maharashtra offers a diverse range of financial services to cater to the diverse needs of its customers. In retail banking, the bank provides essential services such as savings accounts, fixed deposits, personal loans, and home loans. Additionally, Bank of Maharashtra may offer specialized products tailored to the specific economic activities prevalent in its service areas, showcasing its adaptability to regional requirements.
Branches: The bank has a total of 2022 branches spread across the country.
Head Office: Bank of Maharashtra Head Office, Lokmangal, 1501, Shivajinagar Pune-411005.
List Of Private Banks in India
- Axis Bank
- Bandhan Bank
- CSB Bank
- City Union Bank
- DCB Bank
- Dhanlaxmi Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IndusInd Bank
- IDFC FIRST Bank
- Jammu & Kashmir Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- IDBI Bank
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- RBL Bank
- South Indian Bank
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