Largest Public Sector Banks in India: A country’s economy largely depends upon different sectors that operate in it. India, being one of the large economies in today’s world is a part of many changes in its frequently changing economic conditions. The banking sector is one of the most important in any economy and India is no exception. The banking sector of India has played a pivotal role in the upliftment of the country after major changes took place and kept the conditions stable.
India has a collection of private sector banks, international banks, cooperative banks but the major player in the sector is the public sector banks that hold eighty percent of the market shares. These are the largest public sector banks in India.
Based on the capitalization terms, there are top ten largest public sector banks in the country that play an immensely important role in keeping the country’s economic state stable and able to withstand harsh conditions.
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State Bank of India
State Bank of India is the biggest banking & financial service company in India. It was first. Established as Bank of Bengal in 1806, making it the first presidency bank of India. Then after
1955, Reserve Bank of India changed the name of Imperial Bank of India like State Bank of India or SBI for short, as we know it today, with its headquarter in Mumbai. As Rajnish Kumar with its current chairperson, SBI has over 278,872 employees and carries a large history with it. It was the first Indian bank to be opened in China. It was also included in the prestigious list of Fortune Global 500 along with much international banking masterminds.
Market Capitalisation: Rs. 263,230.71 crores
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Bank of Baroda
As the name suggests, Bank of Baroda has their headquarters in Vadodara. It is an Indian state-owned International banking and financial services company founded in the year 1908.
As of 2017, it has 5481 branches. With Ravi Venkatesan as their chairperson, ten different banks have merged with the Bank of Baroda throughout the course of their journey as a finance company.
Market Capitalisation: Rs. 39,960.52 crores
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IDBI Bank
IDBI Bank, the abbreviation for Industrial Development Bank of India. It’s inception is of 1964 and have their headquarters in Mumbai. An Act of Parliament established IDBI bank to help the fledgling industries of India of those times.
As Mr. B. Sriram as its current MD and CEO, IDBI bank has over 17,570 employees and 2000 branches.
Market Capitalisation: Rs. 25,087.14 crores
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Punjab National Bank
Punjab National Bank, or commonly known as PNB, is a multinational banking and financial Service providing company founded in the year 1894. It is a state-owned corporation with their headquarters in New Delhi and Dyal Singh Majithia as their founder and Suni Mehta as their current MD and CEO.
Throughout the course of their work, they have merged seven banks.
Market Capitalisation: Rs. 23,699.52 crores
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Central Bank of India
Central Bank of India or CBI is moreover one of the oldest and largest public sector banks in India.
Furthermore it was founded in the year 1911 and is a government-owned bank, with their headquarters in Mumbai.
With Rajeev Rishi as its chairman and managing director, the bank has over a 37,685
employees and 4,715 branches.
In brief Market Capitalisation: Rs. 21,233.26 crores
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Canara Bank
Canara Bank was first established in the year 1906 by AmmembalSubba Rao Pai, and functions as T.N. Manoharan with its chairperson.
It is one of the largest public sector banks under the regulation of the Government of India with their headquarters in Bengaluru with a network of 6639 branches.
All in all Market Capitalisation: Rs. 21,029.46 crores
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Bank of India
All in all Bank of India helps in meeting the varied banking needs. Dinbandhu Mohapatra is their current MD and CEO and has their headquarters in Mumbai. In a word Bank of India on the whole has an estimate of 5100 branches together with the offices located outside of India.
Market Capitalisation: Rs. 17,726.09 crores
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Indian Bank
Indian bank is originally a part of the Swadeshi movement on 15th August 1907.In brief their headquarters are in Chennai with Kishore Karat with their current MD and CEO, and over 20,924 employees as a company owned by the Government of India.
For the most part Market Capitalisation: Rs. 17,441.79 crores
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Union Bank of India
Union Bank of India is one of the largest government-owned banks of India, with the Indian
Government owning 63.44% of its total shares.
Shri RajkiranRai G. is their current managing director and CEO.
Altogether, it has over 35,514 employees and is listed under the Forbes 2000 list.
Market Capitalisation: Rs. 10,330.19 crores
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Vijaya Bank
Founded by Sri Attavara Balakrishna Shetty in the year of 1931, Vijaya bank is, in fact, one of the nationalized banks of India. In the first place with Bengaluru as their headquarters and R. A. Sankara Narayanan as their current MD and CEO.