First let us understand that which banks are called Government Banks of Public Sector Banks (PSBs)?
Which Banks are Called Government Banks / PSBs
Public Sector Banks (PSBs) in India are financial institutions where the majority of stake (i.e., more than 50%) is held by the government of India. These banks play a crucial role in the Indian banking sector, contributing significantly to the country’s economic development. They are known for their vast network of branches across the country and offer a wide range of banking services to all sectors of the economy.
The government’s ownership in these banks implies that they have a high level of public accountability and are often involved in social welfare and development activities, in addition to their regular banking operations. PSBs often support government-initiated financial inclusion policies and programs, and they are considered instrumental in delivering banking services to the rural and semi-urban areas of India.
Government bank list in india – Public Sector Banks (PSBs)
| PSBs | Established Year | Head Office |
|---|---|---|
| Punjab National Bank | 1894 | Dwarka, NCT of Delhi |
| Bank of India | 1906 | Mumbai, Maharashtra |
| Canara Bank | 1906 | Bengaluru, Karnataka |
| Indian Bank | 1907 | Chennai, Tamil Nadu |
| Bank of Baroda | 1908 | Vadodara, Gujarat |
| Punjab and Sind Bank | 1908 | New Delhi, NCT of Delhi |
| Central Bank of India | 1911 | Mumbai, Maharashtra |
| Union Bank of India | 1919 | Mumbai, Maharashtra |
| Bank of Maharashtra | 1935 | Pune, Maharashtra |
| Indian Overseas Bank | 1937 | Chennai, Tamil Nadu |
| UCO Bank | 1943 | Kolkata, West Bengal |
| State Bank of India | 1955 | Mumbai, Maharashtra |
Government Banks Merger List
| Anchor Bank | Banks Merged with Anchor Bank |
|---|---|
| Punjab National Bank | Oriental Bank of Commerce + United Bank of India |
| Canara Bank | Syndicate Bank |
| Indian Bank | Allahabad Bank |
| Bank Of Baroda | Dena Bank + Vijaya Bank |
| Union Bank of India | Andhra Bank + Corporation Bank |
| State Bank of India (SBI) | State Bank of Bikaner and Jaipur (SBBJ) + State Bank of Hyderabad (SBH) + State Bank of Mysore (SBM) + State Bank of Patiala (SBP) + State Bank of Travancore (SBT) + Bharatiya Mahila Bank |
- After merger there are total of 12 PSU banks /Government Banks effected from April 1, 2020.
- Six banks after mergers (as given in the above table): State Bank of India (SBI), Union Bank of India, Punjab National Bank, Canara Bank, Indian Bank, and Union Bank of India.
- Six banks are independent: Indian Overseas Bank, UCO Bank, Punjab and Sindh Bank, Central Bank of India, Bank of India, and Bank of Maharashtra.