Public Sector Banks (PSB) are those banks where more than 50% of shares are held by the Ministry of finance Of the Government of India. Public Sector Banks play an important role in the economic development of the country as they provide banking services to a large number of people. There are a total of 12 PSU banks in India after mergers of small PSU banks in 2019.
Public Sector Banks are important for the following reasons:
– Provide banking services to a large number of people.
– Play an important role in the development of the economy.
– Help in the development of infrastructure projects.
– Public Sector Banks provide loans to small and medium enterprises.
– Public Sector Banks help in the development of agriculture sector of the country.
Some Important Facts about Public Sector Banks
| BANK NAME | FOUNDER | FOUNDATION DAY | HEADQUARTER |
| STATE BANK OF INDIA | GOVERNMENT OF INDIA | 1ST JULY 1955, 67 YEARS AGO (previously called IMPERIAL BANK OF INDIA,1921-1955) | NARIMAN POINT, MUMBAI MAHARASHTRA |
| PUNJAB NATIONAL BANK | DYAL SINGH MAJITHIA & LALA HARKISHEN LAL | 19TH MAY 1894, 128 YEARS AGO | DWARKA, NEW DELHI |
| BANK OF BARODA | SAYAJIRAO GAEKWAD III | 20 JULY 1908,114 YEARS AGO | VADODARA,GUJRAT |
| BANK OF INDIA |
GROUP OF BUSINESSMEN (Sri Sassoon David, Mr. Dadabhoy Tata, Mr. Ratanjee Gordhandas Khattau, Sri Lalubhai Samaldas, Mr. Khetsey Khaisey, Sir Cowasjee Jehangir, Mr. Noordin Ebrahiom Noordin, Mr. Shapurji Broacha, Mr. Ramnarain Hurnundrai, Mr. Jenarrayen Hindoomull Dani) | 7 SEPTEMBER 1906,115 YEARS AGO(It was nationalized on 19 July 1969) | MUMBAI, INDIA |
| CENTRAL BANK OF INDIA | SRI SORABJI POCHKHANAWALA | 21ST DECEMBER 1911, 110 YEARS AGO | NARIMAN POINT, MUMBAI MAHARASHTRA |
| UNION BANK OF INDIA | SETH SITARAM PODDAR | 11 NOVEMBER 1919,102 YEARS AGO | MUMBAI, MAHARASHTRA |
| CANARA BANK | AMMEMBAL SUBBA RAO PAI | 1 JULY 1906,116 YEARS AGO(established as Canara Bank Hindu Permanent Fund in 1906, in 1910 renamed as Canara Bank Ltd, nationalized on 1969 renamed as Canara Bank) | BANGALORE, INDIA |
| INDIAN OVERSEAS BANK | M. Ct. M CHIDAMBRARAM CHETTYAR | 10 FEBRUARY 1937, 85 YEARS AGO | CHENNAI, INDIA |
| BANK OF MAHARASHTRA | V.G. KALE & D.K. SATHE | 16 SEPTEMBER 1935, 86 YEARS AGO | PUNE, INDIA |
| UCO BANK | G.D. BIRLA | 6 JANUARY 1943, 79 YEARS AGO(formerly named United Commercial Bank) | KOLKATA, WEST BENGAL, INDIA |
| PUNJAB AND SIND BANK | BHAI VIR SINGH, SIR SUNDER SINGH MAJITHA & SARDAR TARLOCHAN SINGH | 24 JUNE 1908, 114 YEARS AGO | NEW DELHI INDIA |
| INDIAN BANK | S. Rm. M. RAMASWAMI CHETTIAR | 15 AUGUST 1907, 114 YEARS AGO | CHENNAI, INDIA |
Public sector banks are an important part of the banking system in India and play a vital role in the economy. There are a few key facts that you should know about PSU banks in India:
– PSU banks are majority owned by the Indian government
– They are listed on stock exchanges and have a strong presence in the Indian banking system
– Public Sector Banks have a main objective of social welfare
If you are looking for a bank that is majority owned by the Indian government, then a PSU bank is a good option. These banks are listed on stock exchanges and have a strong presence in the Indian banking system. Public Sector Banks also have a main objective of social welfare, which makes them a good choice for those who are looking for a bank that is focused on helping the community.
