The banking sector in India comprises public and private sector banks, with the public (government sector) being the industry's major players. Government banks generally have the maximum trust of citizens and hold the highest share in the banking market. 

In 2021, the government made some bank mergers which led to a reduction in the number of public sector banks. 10 public sector banks were moved into 4 banks. Thus, in January 2024, India has 12 national (government-owned) banks.

Below is a List of the 12 Government Banks in India:

1. Bank of Baroda

Bank of Baroda is a leading Indian public sector bank with a rich history dating back to 1908.  Headquartered in Vadodara, Gujarat, it boasts a strong domestic presence and a global footprint across 21 countries.

Features/Specialities:

  • Provides a wide range of banking products and services for individuals as well as businesses.
  • Strong focus on digital banking with mobile and internet banking options.
  • Provides various savings and current account options to suit different needs.
  • Caters to Non-Resident Indian (NRI) banking needs as well.
  • Extensive branch network across India and internationally.

Head Office: Vadodara, Gujarat, India.

Contact Number: 1800 5700

2. Bank of India

Bank of India is a prominent public sector bank in India, established in 1910.  It plays a key role in the Indian financial landscape with a vast network reaching across the country.

Features/Specialities:

  • Extensive branch network: Over 5,100 branches and 5,500 ATMs worldwide.
  • Diverse product range: Savings accounts, loans (home, education, gold etc.), investments, insurance.
  • NRI banking services: Caters to the needs of Non-Resident Indians.
  • Government partnerships: Offers special accounts for government employees.
  • Mobile banking: Convenient access to accounts through the BOI Mobile app.

Head Office: Mumbai, Maharashtra, India.

Contact Number: 1800 103 1906

3. State Bank of India

State Bank of India (SBI) is a titan among Indian banks, boasting a rich legacy of over 200 years. Established in 1806, it's the oldest commercial bank in the Indian subcontinent. Headquartered in Mumbai, SBI reigns supreme in the Indian banking sector with its massive network of branches and ATMs scattered across the country.

Features/Specialities:

  • SBI's extensive network of branches and ATMs provides unparalleled access to banking services across India.
  • From basic savings accounts to complex investment options, SBI offers a wide range of financial products to cater to diverse needs.
  • SBI acts as the central banking agent for the Government of India, making it a trusted partner for government transactions.
  • SBI is at the forefront of digital banking, offering user-friendly mobile and internet banking platforms.
  • SBI has a significant international presence with offices in over 30 countries, catering to the needs of NRIs.

Head Office: Mumbai, Maharashtra, India.

Contact Number: 1800 180 1290

4. Canara Bank

Canara Bank, a leading public sector bank in India with a rich history dating back to 1906, offers a wide range of financial services.  Their extensive branch network and mobile app "Canara ai1" provide convenient banking solutions, while their diverse loan and investment options cater to various needs. Whether you're an individual or a business, Canara Bank might be a strong choice for your financial journey.

Features/Specialities:

  • Extensive branch network across India and international offices in London, Dubai, and New York.
  • Mobile banking app "Canara ai1" with features like money transfers, investments, bill payments, and more.
  • Diverse loan options for individuals and businesses, including car loans, teacher loans, and agricultural loans.
  • Investment products like fixed deposits, recurring deposits, and mutual funds.
  • Online account opening for saving accounts and other schemes.

Head Office: Bengaluru, India.

Contact Number: 1800 1030

5. Central Bank of India

Established in 1911, Central Bank of India is a leading public sector bank, boasting one of the widest branch networks in the country. They focus on agriculture, small businesses, and offer a variety of digital banking solutions. They also serve as an agent for various government schemes.

Features/Specialities:

  • Extensive Branch Network: One of the largest branch networks in India, catering to a wide customer base.
  • Focus on Agriculture: Offers various schemes and loans specifically for agriculture and allied activities.
  • MSME Support: Provides financial products and services tailored to meet the needs of Micro, Small and Medium Enterprises.
  • Digital Banking Services: Offers internet banking, mobile banking, and other digital channels for convenient banking.
  • Government Schemes: Acts as an agent for various government schemes, making it a one-stop shop for availing government benefits.

Head Office: Mumbai, Maharashtra, India

Contact Number: 1800 22 1911

6. Indian Bank

Indian Bank is a major public sector bank in India, established in 1907 and headquartered in Chennai. It boasts a large customer base of over 100 million, offering a wide range of banking products and services through its vast network of branches and ATMs. As of March 2023, the bank has over 5,800 branches and nearly 5,000 ATMs spread across the country.

Features/Specialities:

  • A huge chain of branches and ATMs across the country.
  • A diverse range of financial products and services for individuals and businesses.
  • Strong focus on digital banking solutions, with Internet banking and mobile banking facilities.
  • Commitment to financial inclusion, serving a large customer base across the country.
  • Government ownership, ensuring stability and security.

Head Office: Chennai, Tamil Nadu

Contact Number: 1800 4250 0000

7. Indian Overseas Bank

Indian Overseas Bank (IOB) is a major public sector bank headquartered in Chennai, India. Founded in 1937, it has a long history of serving individuals and businesses. IOB offers a wide range of banking products and services, including personal accounts, loans, deposits, and online banking.

Features/Specialities:

  • A wide range of banking products and services is available for individuals and businesses.
  • Provides online banking facilities for convenient access to accounts.
  • Has a strong presence in India and overseas branches.
  • Committed to financial inclusion and social development.
  • Provides competitive interest rates on loans and deposits.

Head Office: Chennai, Tamil Nadu

Contact Number: 1800 425 4445

8. Punjab National Bank

Punjab National Bank is a leading government-owned bank in India. Founded in 1894, it's the second-largest public sector bank in the country with a vast network of branches and ATMs. 

Features/Specialities:

  • Extensive Network: PNB boasts over 12,248 branches and 13,000+ ATMs across India, providing convenient banking access.
  • Digital Banking: PNB offers internet banking and mobile banking platforms (PNB ONE) for seamless online transactions and account management.
  • Diverse Products & Services: PNB caters to various financial needs with savings accounts, loans, investments, money transfers, and government services.
  • Government Backing: As a public sector bank, PNB enjoys government support, offering a sense of security to its customers.
  • International Presence: PNB has a presence in the UK, Hong Kong, and other countries, facilitating international banking needs.

Head Office: New Delhi, India

Contact Number: 

  • Toll-free Customer Care: 1800 180 2222 (For account-related queries)
  • Toll-free for Other Services: 1860 500 5555

9. Punjab & Sind Bank

Punjab & Sind Bank is a well-established Indian public sector bank founded in 1908. With over a century of experience, it offers a wide range of banking services across India.

Features/Specialities:

  • Punjab & Sind Bank boasts a large network of over 1553 branches spread across the country, ensuring easy access for customers.
  • They cater to both individual and corporate clients, offering various accounts, loans, and investment products.
  • The bank actively participates in government-backed schemes, making financial services accessible to a wider audience.
  • Punjab & Sind Bank offers a user-friendly internet banking platform and mobile banking app for convenient online transactions.
  • They provide competitive rates on deposits and loans, making them a good option for both saving and borrowing.

Head Office: New Delhi, India.

Contact Number: 1800 419 8300

10. Union Bank of India

Union Bank of India, often shortened to UBI, is a large public sector bank in India. It was established in 1919 and has since grown to be one of the leading banks in the country, with over 8700 branches.

Features/Specialities:

  • UBI boasts a vast network of branches across India, making it easily accessible to customers in various locations.
  • UBI offers a range of digital banking services, including internet banking, mobile banking, and USSD banking, allowing customers to conveniently manage their finances remotely.
  • The bank offers various government-backed schemes, such as Kisan Vikas Patra and National Pension System (NPS), promoting financial security and savings.
  • UBI provides a variety of loan products to cater to different needs, including personal loans, car loans, home loans, and loans for small and medium enterprises (SMEs).

Head Office: Mumbai, Maharashtra, India

Contact Number: 1800 222 244 / 1800 425 15 15

11. Bank of Maharashtra

The Bank of Maharashtra is a public sector bank that was established in 1935. It has grown into a prominent national bank with a strong presence in Maharashtra.

Features/Specialities:

  • Public Sector Bank: Owned and operated by the Government of India.
  • Large Network: Over 2263 branches spread across the country, with the highest concentration in Maharashtra.
  • Strong Performer: Recorded significant growth in loans, deposits and profitability in 2022-23.
  • Digital Services: Offers internet banking (Mahaconnect) for account management and bill payments.
  • Diverse Products: Provides a wide range of products and services including loans (home loans, gold loans etc.), deposits, credit cards, and government schemes. 

Head Office: Pune, India.

Contact Number: 1800 233 4526

12. UCO Bank

UCO Bank, formerly United Commercial Bank, is a large public sector bank headquartered in Kolkata, India. Established in 1943, it offers a wide range of banking products and financial services to individual, corporate, and NRI customers. With a motto of "Honours Your Trust", UCO Bank strives to provide a positive banking experience through its extensive network and innovative digital solutions.

Features/Specialities:

  • Has a wide number of branches and ATMs across India.
  • A diverse range of financial products and services, including savings accounts, loans, investments, and insurance.
  • Competitive interest rates on deposits.
  • User-friendly Internet banking and mobile banking platform for convenient banking on the go.
  • Commitment to financial inclusion through government-sponsored schemes.

Head Office: Kolkata, India

Contact Number: 1800 103 0123

Credit Services of These Banks

Individuals seeking credit facilities can avail of a variety of loan and credit card products from any of the government banks listed above.  These banks offer competitive interest rates and cater to diverse financial needs.

To check your creditworthiness before applying for a loan or credit card, you can access a free credit score report on CreditMantri. Our fin-tech platform provides valuable insights into your credit history and helps you understand your eligibility for different loan options.

If you're facing challenges securing a loan or credit card from these banks, CreditMantri's CreditFit service can be a valuable resource. CreditFit offers personalized credit improvement plans, helps you identify and manage negative accounts, and suggests ways to improve your credit score.  You can learn more about CreditMantri's CreditFit service here.

Conclusion

In 2024, India has 12 government-owned banks offering a wide range of financial products and services for individuals and businesses. These banks boast extensive branch networks and digital banking options, making banking accessible and convenient. Whether you prioritize security, a vast network, or competitive rates, a government bank in India can likely meet your needs.

Frequently Asked Questions

1. What are the public sector banks in 2024?

The public section banks in 2024 include the State Bank of India, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Bank of Maharashtra, Indian Bank, Indian Overseas Bank, Punjab National Bank, Punjab & Sind Bank, Union Bank of India, and UCO Bank.

2. How many national banks are there in India?

There are 12 national (government-owned) banks in India.

3. How many public sector banks are there after the merger?

After the merger, there are now a total of 12 public sector banks. Before, there were 27 banks owned by the government in India.

4. Can I open an account in a nationalised bank?

Yes, you can open an account in any of the 12 nationalised banks in India.

5. Are nationalised banks safe for deposits?

Nationalised banks are absolutely safe for opening deposits as they are regulated by the government and hold minimum risks.

6. How is the customer service of nationalised banks?

All the nationalised banks have their toll-free numbers that you can contact to solve any of your queries. 

Disclaimer: This page is provided for information only and contains information which has been gathered from other sources. We do not guarantee the veracity of the information provided or contained in it as such data may vary from time to time. The user is expected to verify with the respective source before making any decisions or actions.