Top 10 Government Banks in India 2023 – Updated List

Government Banks in India

In India, there are several government-owned banks that are responsible for providing banking services and carrying out financial activities on behalf of the government. These banks are commonly referred to as public sector banks or government banks.

Here are some key facts and information about government banks in India:

1. There are currently 12 government banks in India, including State Bank of India (SBI), Bank of India, Canara Bank, Punjab National Bank (PNB), Bank of Baroda, Indian Bank, Union Bank of India, Central Bank of India, Indian Overseas Bank, UCO Bank, Punjab & Sind Bank, and Bank of Maharashtra.
2. These banks are owned and operated by the Government of India, which has a majority stake in each of them.
3. Government banks provide a wide range of banking services to individuals, businesses, and other organisations, including savings and current accounts, loans, credit cards, and investment products.
4. In addition to providing banking services, government banks also play a key role in the development of the Indian economy by providing loans and credit to various sectors, such as agriculture, small and medium enterprises, and infrastructure projects.
5. Government banks are regulated by the Reserve Bank of India (RBI), which is responsible for overseeing and supervising the banking sector in India
6. Over the past few years, the Indian government has implemented several reforms to improve the efficiency and effectiveness of government banks, including merging smaller banks with larger ones, and providing capital infusion to support their operations.

Overall, government banks play a critical role in the Indian economy by providing access to banking services and supporting economic growth and development.

Top 10 Government Banks in India 2023

In today’s day and age, having a bank account is of utmost importance. Not only does it provide a safe and secure place to keep your money, but also ensures access to various financial services such as loans, credit cards, and investment products. In addition, the government of India has made it mandatory to link bank accounts with various financial subsidies and schemes, making it necessary for all citizens to have a bank account.

S. No	Government Banks in India
1	State Bank of India
2	Punjab National Bank
3	Union Bank of India
4	HDFC Bank
5	ICICI Bank
6	Kotak Bank
7	Bank of Baroda
8	Bank of India
9	Axis Bank
10	Canara Bank

1. State Bank of India

SBI, also known as State Bank of India, is a prominent Indian multinational and public sector banking and financial services company. With its headquarters in Mumbai, India, SBI has been in operation for over 200 years, earning it a rich heritage and legacy. It is highly regarded as the most trusted bank by generations of Indians, and its core values revolve around Service, Transparency, Ethics, Politeness, and Sustainability. The bank also emphasises innovation and customer-centricity. SBI has a 1/4th market share, making it the largest Indian bank, and provides services to over 44 crore customers through its vast network. It has a significant presence with over 20,000 branch offices, 58,500 ATM centres, and 66,000 BC outlets. Additionally, SBI has a global presence in 22 countries with around 233 offices.

Apart from its banking services, SBI has diversified into various other businesses, with 11 subsidiaries such as SBI Mutual Fund, SBI Life Insurance, SBI General Insurance, and SBI Card. Being ranked among the Fortune 500 companies, SBI continues to strive for excellence in all aspects of its business.

2. Punjab National Bank

Established in 1894 in Lahore, Punjab National Bank (PNB) is a government-owned bank under the Ministry of Finance. It is currently the second-largest government bank in India, with a global business of INR 18,09,587 crore. Over its extensive history, PNB has undergone multiple mergers, with the latest being with Oriental Bank of Commerce and United Bank of India.

PNB boasts a PAN India presence with 10,925 branches, 13,914 ATMs, and 12,346 business correspondents as of December 2020. Its low-cost Current Account and Savings Account Deposits (CASA) account for 44.66% of these deposits. Additionally, PNB has two international branches, one each in Hong Kong and Dubai. It also has two overseas subsidiaries named PNB International Limited in London and Druk PNB Bank Limited in Bhutan. Furthermore, it has a joint venture in Nepal named Everest Bank Ltd.

PNB prioritises digitalization, with PNB mobile banking users crossing 96 lakhs, and internet banking users exceeding 250 lakhs. In 2020, the bank won multiple awards, including the Most Innovative Public Sector Bank of the Year at the ET-BFSI Excellence Awards 2020 and the Most Innovative Project Using Technology for PNBOne at the IBA Banking Technology Award 2020.

3. Union Bank of India

Union Bank of India is a prominent public sector bank in India, with the government of India holding an 89.07% share in its capital. Founded in 1919, it is headquartered in Mumbai, Maharashtra. The bank operates a vast network of more than 9,500 domestic branches, 13,300 ATMs, and 11,700 business correspondent points, with over 75,000 employees serving more than 120 million customers.

Union Bank of India has a global presence, with three overseas branches in Sydney, Dubai, and Hong Kong, and a representative office in Abu Dhabi. It also has a subsidiary in London and a joint venture in Malaysia. Additionally, the bank has three para banking subsidiaries and three joint ventures, two of which are in the life insurance business.

Following the merger with Andhra Bank and Corporation Bank, the bank’s total business as of April 1, 2020, stood at INR 15,34,749 crore. The bank has received numerous awards in the fields of technology, innovation, and financial inclusion in recent years

4. HDFC Bank

The Housing Development Finance Corporation Ltd (HDFC) was established in August 1994 and is the first private financial institution to receive ‘in-principle approval from the Reserve Bank of India (RBI). The bank’s headquarters is located in Mumbai, and it has a presence in over 2,902 cities/towns, with more than 5,608 branches and 16,087 ATMs across India. HDFC is committed to excellence, customer focus, product leadership, people, and sustainability. The bank has three core businesses: retail banking, wholesale banking, and treasury.

HDFC’s retail banking division provides a diverse range of financial products and banking services, which customers can access through an expanding network of branches, ATMs, and digital channels such as Net banking, Phone banking, and Mobile banking. The wholesale banking division offers commercial and transactional banking services to organisations and businesses, including working capital finance, trade services, cash management, and transactional services. Under the Treasury business, HDFC helps businesses generate better returns from their funds. The bank focuses on three main product areas, namely equities, money market and debt securities, foreign exchange, and derivatives.

5. ICICI Bank

ICICI Bank, established in 1994, is a prominent private bank in India. It was founded in 1955 as a development financial institution by the World Bank, the Government of India, and representatives from the Indian industry. Initially, the bank primarily focused on financing infrastructure projects, but it diversified into a wide range of financial services after the liberalisation of India’s financial sector in 1991.

In 1999, ICICI Bank became the first Indian corporation and the first non-Japanese Asian bank or financial institution to be listed on the New York Stock Exchange. Currently, the bank offers a variety of banking and financial services to both corporate and retail customers through several delivery channels and companies. The bank has a substantial network of 5,288 branches and 15,158 ATMs across India.

6. Kotak Bank

Established in 1985, Kotak Mahindra Finance Ltd. has grown to become one of India’s most trusted financial institutions. With over 1,600 branches and 2,519 ATMs, Kotak Mahindra Bank boasts an active customer base of over 23 million. It also has an international presence in locations such as the USA, Middle East, London, and Singapore.

The bank continuously strives to identify new opportunities by differentiating itself across products, services, and technologies. It has multiple businesses, including consumer, commercial, and corporate banking, equity broking, credit and financing, general and life insurance, wealth and asset management, as well as investment banking for individuals and corporations.

7. Bank of Baroda

Bank of Baroda, founded in 1908 in a small building, has now expanded its reach across 19 countries worldwide. The bank serves more than 131 million customers and has a strong presence in rural and semi-urban areas, with 8,581 branches, including 96 overseas branches. Bank of Baroda recently merged with Dena Bank and Vijaya Bank.

The bank has six domestic subsidiaries, covering capital markets and financial solutions, and joint ventures in the insurance industry. Additionally, it has subsidiaries in seven countries, including Botswana, Kenya, Uganda, Guyana, New Zealand, Tanzania, and the UK, and joint ventures in Malaysia and Zambia. In 2020, Baroda Gurkul won the Baroda Radio & Best Learning Platform implementation of the year award.

8. Bank of India

In 1906, Bank of India was established in Mumbai as a private bank. It was later nationalised along with 12 other banks in 1969. Since then, the bank has expanded its operations globally as well.

Presently, Bank of India has over 5000 branches throughout India that are managed by 55 zonal offices and 8 NGB offices. The bank’s global presence spans over 18 countries across five continents, including 52 offices, one representative office, four subsidiaries, and one joint venture. In 1997, the bank went public by issuing shares.

Bank of India is known for its technological advancements in the banking industry. In fact, it was among the first nationalised banks to introduce fully computerised branches and ATM facilities in 1989. The bank has always been committed to introducing innovative services and systems to better serve its customers.

9. Axis Bank

Established in 1994 as a new generation private bank, Axis Bank is currently the third-largest private bank in India. It offers a comprehensive range of financial services catering to all customer segments, including retail businesses, large and mid-cap corporates, agriculture, and MSME sectors.

With a widespread network, the bank operates through 4,594 branches, out of which 4,050 are domestic, and 11,333 ATMs, along with 5,710 cash recyclers spread across the country. The bank has eight international offices in six countries that primarily focus on investment banking, corporate lending, syndication, trade finance, and liability businesses. As of 31st March 2021, Axis Bank’s balance sheet size stands at INR 9,96,118 crores, with a 5-year CAGR of 13%, 13%, and 15% in assets, advances, and deposits, respectively. The bank also has 11 subsidiaries in India, such as capital markets, securities, private equity, trustee services, and asset management services, among others

10. Canara Bank

Established in 1906 as Canara Hindu Permanent Fund Ltd, Canara Bank was renamed in 1910 and became one of the 14 banks that were nationalised in 1969. With a strong focus on customer satisfaction, Canara Bank has evolved into a “Financial Conglomerate” with nearly ten subsidiaries and joint ventures in India and abroad.

As of December 2020, the bank boasts a vast network of 10,491 branches, 12,973 ATMs, and a customer base of 10.90 crore customers. Over the course of a century, the bank has achieved many milestones. It was the first bank to introduce an inter-city ATM, provide credit cards to farmers, and obtain an ISO certificate for a branch.

Canara Bank has branches in six countries, namely the UK, Hong Kong, the USA, UAE, Russia, and Tanzania. The bank’s subsidiaries include asset management companies, financial services, securities, venture capital, and bank securities. In 2020, the bank received recognition for its achievements in technology, innovation, and financial services.

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Which is the Best Government Bank in India 2023?

State Bank of India (SBI), which is one of the largest and most reputable government banks in India in 2023. State Bank of India (SBI) was established in 1955 and is headquartered in Mumbai. It is a multinational banking and financial services company with a vast network of branches and ATMs across the country. The bank has a significant presence in both rural and urban areas, serving a diverse customer base.

SBI offers a wide range of banking products and services, including personal banking, corporate banking, international banking, and agricultural banking. Some of the most popular products and services offered by the bank include savings accounts, current accounts, fixed deposits, loans, credit cards, and online banking facilities. As of March 2021, SBI has a network of over 22,000 branches and 57,000 ATMs in India. The bank also has a significant presence outside India, with 217 foreign offices spread across 32 countries. In addition to its banking services, SBI also offers several non-banking financial services, including insurance, mutual funds, and wealth management.

SBI has been consistently ranked as one of the best government banks in India due to its robust financial performance, strong customer focus, and innovative product offerings. In 2021, the bank was ranked as the 43rd largest bank in the world by Forbes magazine. The bank has also received numerous awards and recognition for its excellence in various areas, including corporate governance, digital banking, and customer service.

Which Bank has the Highest Rating in India?

Housing Development Finance Corporation Limited (HDFC) is a leading Indian financial services company that specialises in providing home loans and other financial products and services. The company was established in 1977 and is headquartered in Mumbai, India. HDFC has consistently received the highest credit rating from various credit rating agencies in India, including CRISIL, ICRA, and CARE. These ratings are based on the company’s financial strength, business operations, and creditworthiness.

As of March 2021, HDFC has been rated AAA by all three major credit rating agencies in India, which is the highest credit rating awarded by these agencies. The AAA rating indicates that HDFC has a strong financial position and is at a low risk of defaulting on its financial obligations. In addition to its high credit rating, HDFC has also received numerous awards and recognition for its excellence in various areas, including corporate governance, customer service, and innovation. The company has been consistently ranked among the top financial services companies in India and has a strong reputation for its customer-centric approach and innovative products and services. Overall, HDFC’s high credit rating is a reflection of its strong financial position, sound business practices, and commitment to delivering value to its stakeholders.

Top 10 Government Banks in India 2021

S. No	Government Banks in India
1	HDFC Bank
2	State Bank of India
3	ICICI Bank Limited
4	Kotak Mahindra Bank
5	Axis Bank
6	IndusInd Bank Limited
7	Yes, Bank Limited
8	Punjab National Bank
9	Bank of Baroda (BOB)
10	Bank of India (BOI)

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