India’s banking sector plays a pivotal role in the country’s economic growth, and nationalised banks form the backbone of this system. These banks are known for their wide reach, public trust, and government ownership. With the consolidation and restructuring of public sector banks, India now has 11 nationalised banks. This blog provides an in-depth overview of these banks, their history, and their contributions to India’s financial ecosystem.

What Are Nationalised Banks?

Nationalised banks are financial institutions that were originally privately owned but were taken over by the government to ensure better regulation, promote financial inclusion, and safeguard public deposits. The primary objective of nationalisation was to use banking as a tool for socioeconomic development by extending financial services to rural and underserved areas.

The nationalisation of banks in India occurred in two phases:

  1. First phase (1969): 14 major private banks were nationalised.

  2. Second phase (1980): Another six banks were nationalised.

After subsequent mergers and amalgamations, the number of nationalised banks has been streamlined to 11 as of now.

List of Nationalized Banks in India 2025

As of 2025, India has 11 nationalized banks. Below is the updated list of nationalized banks in the country:

  • Bank of Baroda
  • Bank of India
  • Bank of Maharashtra
  • Canara Bank
  • Central Bank of India
  • Indian Overseas Bank
  • Indian Bank
  • Punjab National Bank
  • Union Bank of India
  • Punjab & Sind Bank
  • UCO Bank

Overview of Top 11 Nationalized Banks in India 

Here is an overview of the top nationalized banks in India. Each has contributed significantly to the nation's economy through its extensive network, innovative products, and customer-centric approach. 

1. Bank of Baroda (BOB) 

Known as the “India’s International Bank,” Bank of Baroda has a strong presence globally. 

  • Network: With 8,243 branches and 10,033 ATMs, BoB serves customers in India and overseas. 

  • Business Volume: The bank handles a business volume of ₹21.77 trillion. 

  • Services: BoB offers personal banking, wealth management, corporate loans, and international banking services. 

  • Key Contribution: Its international reach and innovative financial solutions make it a trusted partner for global businesses. 

2. Bank of India (BOI) 

Bank of India is a symbol of India’s financial independence, having been established in 1906. 

  • Network: BOI operates 5,170 branches and 8,230 ATMs. 

  • Services: The bank offers retail banking, trade finance, and SME loans. 

  • Key Contribution: BOI supports infrastructure development and export-oriented businesses. 

3. Bank of Maharashtra (BOM)

  • Headquarters: Pune, Maharashtra

  • Founded: 1935

  • Key Features:

Bank of Maharashtra predominantly operates in the state of Maharashtra, where it has established a strong regional presence. Known for its efficient lending practices, the bank focuses on providing credit to micro, small, and medium enterprises (MSMEs), as well as small businesses. This focus has earned it the reputation of being a "common man’s bank." With a network of branches in rural and urban areas, Bank of Maharashtra also contributes significantly to financial inclusion initiatives and economic development in the region.

4. Canara Bank 

Founded in 1906, Canara Bank has steadily grown into one of India’s leading nationalized banks. 

  • Network: The bank operates 9,877 branches and 13,124 ATMs. 

  • Customer Base: It serves over 10.5 crore customers. 

  • Services: Canara Bank specializes in personal loans, corporate banking, NRI banking, and insurance products. 

  • Key Contribution: It has been instrumental in providing credit to MSMEs and rural entrepreneurs. 

5. Central Bank of India 

As one of India’s oldest banks, the Central Bank of India is a pioneer in financial inclusion. 

  • Network: The bank has 4,494 branches and 4,083 ATMs nationwide. 

  • Services: Central Bank focuses on retail banking, government schemes, and agricultural finance. 

  • Key Contribution: It plays a significant role in implementing government welfare programs like PMAY and crop insurance schemes. 

6. Indian Overseas Bank (IOB) 

Indian Overseas Bank is renowned for its focus on foreign exchange and international banking. 

  • Network: IOB has 3,236 branches and 3,506 ATMs. 

  • Services: The bank offers retail banking, NRI accounts, and forex services. 

  • Key Contribution: Its expertise in foreign exchange makes it a preferred choice for businesses engaged in international trade. 

7. Indian Bank 

Indian Bank is a trusted name in personal and corporate banking. 

  • Network: The bank has 5,846 branches and 5,093 ATMs. 

  • Services: Indian Bank offers personal loans, fixed deposits, and corporate credit. 

  • Key Contribution: It has been actively involved in financing educational institutions and small businesses. 

8. Punjab National Bank (PNB) 

Punjab National Bank, founded in 1894, is a bank with a legacy of service and innovation. 

  • Network: It has 10,138 branches and 12,131 ATMs across India. 

  • Business Volume: PNB’s business volume is approximately ₹14.93 trillion. 

  • Services: The bank provides retail loans, agriculture credit, MSME support, and insurance products. 

  • Key Contribution: PNB actively promotes agricultural financing and MSME growth through specialized credit schemes. 

9. Union Bank of India 

Union Bank is a modern, technology-driven bank with a strong focus on digital banking. 

  • Network: The bank operates over 8,450 branches and 9,800 ATMs. 

  • Business Volume: The total business volume exceeds $106 billion. 

  • Services: Union Bank provides consumer banking, private banking, and international banking services. 

  • Key Contribution: It is known for its efficient implementation of digital banking initiatives. 

10. Punjab & Sind Bank 

Punjab & Sind Bank is known for its strong rural presence. 

  • Network: The bank has 1,565 branches and 1,035 ATMs. 

  • Services: It provides agricultural finance, MSME loans, and retail banking services. 

  • Key Contribution: Its focus on financial inclusion ensures banking access in underserved areas. 

11. UCO Bank 

UCO Bank has built its reputation on customer-centric banking solutions. 

  • Network: The bank has 3,086 branches and 2,236 ATMs. 

  • Services: UCO Bank specializes in retail loans, international banking, and SME finance. 

  • Key Contribution: The bank has been a key player in export financing and rural development. 

Role of Nationalized Banks in the Indian Economy 

Nationalized banks were established to meet India's financial needs after independence. Their roles include: 

  1. Driving Financial Inclusion: Opening branches in rural and underserved areas to provide banking services like savings accounts, credit, and insurance. 

  2. Promoting Government Schemes: Acting as the main channels for implementing government welfare schemes like Pradhan Mantri Jan Dhan Yojana, PMAY, and pension schemes. 

  3. Funding Key Sectors: Financing sectors like agriculture, education, and infrastructure development to stimulate economic growth. 

  4. Job Creation: Providing credit and financial support to MSMEs and startups, indirectly creating employment opportunities. 

  5. Economic Stability: Maintaining stability during financial crises through their government backing and large-scale customer base. 

Services Offered by Nationalized Banks 

Nationalized banks provide a wide array of financial services, ensuring their relevance to urban and rural populations alike: 

  1. Personal Banking: Savings and current accounts, fixed deposits, and personal loans. 

  2. Rural Banking: Crop loans, farm equipment finance, and agricultural insurance. 

  3. Digital Banking: Internet banking, mobile apps, and payment wallets for seamless transactions. 

  4. Corporate Banking: Loans, credit facilities, and trade finance for businesses. 

  5. Government Schemes: Implementation of welfare programs like PMJDY and PMAY. 

FAQs on Nationalized Banks in India  

1. What are nationalized banks? 

Nationalized banks are government-owned institutions aimed at promoting financial inclusion and supporting economic growth. 

2. Which is the largest nationalized bank in India? 

State Bank of India (SBI) is the largest nationalized bank by customer base and business volume. 

3. Do nationalized banks offer digital services? 

Yes, all nationalized banks provide digital services, including mobile banking, internet banking, and UPI payments. 

4. Can I apply for loans online through nationalized banks? 

Yes, most nationalized banks allow online loan applications via their websites or mobile apps. 

5. What sectors do nationalized banks support? 

Nationalized banks support sectors like agriculture, infrastructure, MSMEs, education, and exports. 

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.