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List of Best Nationalised Banks of India (2023)
If you’re wondering about the Nationalised Banks of India, then you’re at the right place. Here’s the complete list of national banks of India with all the necessary details including the number of branches, ATMs, and other services offered by these banks.
Nationalised banks are those banks that are owned and operated by the Indian government. Nationalised in 1969 and 1980, they are the backbone of the Indian banking sector. They account for a lion’s share of the total banking business in the country.
Being the largest financial institution in the country and having a wide network of branches, they are responsible to play a pivotal role in the economic development of the country.
The National Banks in India have a strong capital base and a large pool of resources. They are well-equipped to meet the challenges of the changing business environment. The nationalised banks have a major role in the implementation of the Indian Government’s developmental and welfare programs. The nationalised banks have played a significant role in the growth and development of the Indian economy.
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Types of Banks in India
There are four types of banks in India- public sector banks, private sector banks, foreign banks, and cooperative banks.
1. Public sector banks are owned by the government and include the State Bank of India (SBI) and its associate banks, as well as other nationalised banks. These banks have a wide network of branches across the country and offer a full range of banking services. They are known for their safety and stability but may be less customer-friendly than private banks.
2. Private sector banks are owned by private individuals or companies. They include well-known names such as HDFC Bank, ICICI Bank, and Axis Bank. These banks are often more customer-friendly than public sector banks but may be less stable.
3. Foreign banks are banks from other countries that have been allowed to set up branches in India. They include banks such as Citibank and HSBC. Foreign banks usually offer a full range of banking services and are known for their customer service.
4. Co-operative banks are owned by their members and are usually based in a particular region or community. They offer a limited range of banking services and are not as well-known as the other types of banks.
What are National Banks in India?
Well-regulated and supervised by the Reserve Bank of India (RBI), the nationalised banks provide a wide range of banking services. They offer deposit accounts, loans, credit cards, foreign exchange services, money transfer services, etc. The nationalised banks of India also provide a safety net to depositors.
These banks play a very important role in the Indian economy by providing financial services to a large number of people. The nationalised banks of India are known for their wide network of branches and ATMs, which makes them easily accessible to the public. The nationalised banks of India offer a wide range of banking products and services, which makes them a one-stop shop for all your banking needs.
Bank Nationalization is a strategic choice adopted by remembering detailed goals. Periodically Central Government can nationalize the banks. However, contenders should take memo that Nationalization as a strategy call has lost the blessing of Governments post-progression of 1991.
Also read: 20 Top Finance Companies in India
List of Nationalised Banks of India (2023)
Below is the list of national banks in India:
|S. No.||Name of the Bank||Bank Branches||ATMs||Head Office||Estd. Year|
|1.||State Bank of India||22,219||65,639||Mumbai||1955|
|2.||Punjab National Bank||12,248||13,126||New Delhi||1894|
|4.||Bank of Baroda||9,612||11,443||Vadodara||1908|
|5.||Central Bank of India||4,685||2,839||Mumbai||1911|
|6.||Bank of India||5,084||7,819||Mumbai||1906|
|8.||Union Bank of India||8,850+||11,232||Mumbai||1919|
|9.||Punjab and Sind Bank||1,545||801||New Delhi||1908|
|11.||Indian Overseas Bank||3,218||3,408||Chennai||1937|
|12.||Bank of Maharashtra||1,900||2,181||Pune||1935|
We have prepared a well-researched and best list of national banks of India in 2023. So without any ado, let’s dive in and take a deep look at all the best national banks in India.
1. State Bank of India
State Bank of India is one of the top Nationalised banks of India and an economic management legal body headquartered in Mumbai, Maharashtra. State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational Bank.
The Bank has effectively broadened its alliances through its distinct auxiliaries i.e SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, and so on. It has extended its presence worldwide and functions across time zones through 229 workplaces in 31 countries.
- Branches: 22,219
- Tagline: Pure Banking, Nothing Else
- Chairperson: Dinesh Kumar Khara
- Customer service: 1800 1234
2. Punjab National Bank
Punjab National Bank is a National Bank of India, headquartered in Delhi, India, it is under the obligation of the Ministry of Finance, Government of India. The bank was established in 1894. They desire to deliver quality financial management by using innovation to create an incentive for customers and different partners and add to the economic development of the country.
The Bank has one of the most extensive networks of 12,248 branches and 13,126 ATMs as of July 2022, incorporating 1,259 Metropolitan 1,430 Urban 1,753 Semi-Urban, 2,599 Rural branches, and more.
- Branches: 12,248
- Tagline: The name you can Bank Upon
- CEO: Atul Kumar Goel
- Customer service: 1800 180 2222
3. Canara Bank
Canara Bank is a national bank of India. It is under the accountability of the Ministry of Finance, Government of India. It is settled in Bangalore. The Bank has gone through various spans of development paths over the hundred years of its existence. The growth of Canara Bank was spectacular, notably after its nationalization in the year 1969, attaining the situation with a public-level player as far as geological reach and customer segments.
With a solid network of 10,391 branches, and 12,190 ATMs. The Homegrown Business of Canara Bank crossed Rs. 16 Lakh Crore and Bank recorded a Net Profit of Rs. 2,558 Crore in FY21.
- Branches: 10,391
- Tagline: Together We Can
- CEO: Lingam Venkat Prabhakar
- Customer service: 1800 425 0018
4. Bank of Baroda
Bank of Baroda is a National Bank of India and financial authority association headquartered in Vadodara. With 132 million clients, a complete business of US$218 billion, and a worldwide presence of 100 abroad workplaces. It was established in 1908.
Bank of Baroda is a pioneer in a further client-driven drive in the Indian financial space. They have gained significant headway in their start-to-finish business and IT system project covering the Bank’s homegrown, abroad, and auxiliary activities.
- Branches: 9,612
- Tagline: India’s International Bank
- Managing Director & CEO: Sanjiv Chadha
- Customer service: 1800 102 4455
5. Union Bank of India
Union Bank of India regularly alluded to as Union Bank or UBI is the National Bank of India with a business of US$106 billion, headquartered in Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra, India.
The government holds 90% of its portion of capital. The bank was established in 1919. Today, it has an organization of 8,850+ homegrown branches, 11,232 ATMs, and 8,216 BC Points serving more than 120 million clients with 75,000+ workers.
- Domestic Branches: 8,850+
- Tagline: Honours Your Trust
- CEO: Shri Soma Sankara Prasad
- Customer service: 1800 22 2244
6. Bank of India
Bank of India is a national bank of India. It is under the power of the Ministry of Finance, Government of India situated in Bandra Kurla Complex, Mumbai. Established in 1906, it has been government-possessed since its nationalization in 1969.
While solidly sticking to a strategy of judiciousness and wariness, the Bank has been at the front of presenting different creative administrations and frameworks.
The Bank has more than 5,000 branches in India spread over all domains including specific branches. These branches are controlled through 59 Zonal Offices and 10 NBG Offices. There are 45 branches/workplaces abroad which incorporate 23 own branches, 1 ambassador office and 4 Deputies (20 branches), and 1 joint endeavor.
- Branches: 5,000+
- Tagline: Your Own Bank
- CEO: Shri Shanti Lal Jain
- Customer service: 1800 103 1906
7. Indian Bank
Indian Bank is one of the significant nationalized banks of India. It is under the accountability of the Ministry of Finance, Government of India. It was founded in 1907 and is situated in Chennai, India. They envision bringing excellence in financial administration through client-centric services, worker commitment, and maintainable development.
They make a point to bring the best evolution and innovation to their contributions, be receptive to the one-of-a-kind requirements of every customer, offer incentives to associates, and facilitate and engage their agents. It has 5,721 Branches domestically with a total of 4,832 ATMs all across the country.
- Domestic branches: 5,721
- Tagline: Your Own Bank
- CEO: Shri Shanti Lal Jain
- Customer service: 1800 4250 0000
8. Central Bank of India
The Central Bank of India makes the list of Nationalised banks of India and is one of the most established and largest banks in India. It is headquartered in Mumbai, the economic capital of India. It was launched in 1911, Central Bank of India was the primary Indian business bank that was completely managed by Indians.
Various inventive and exceptional financial exercises have been sent off by the Central Bank of India. National Bank of India has revealed its number of branches at 4,685 toward the finish of March 2022, which is the equivalent contrasted with the December 2021 quarter. It is intending to lower the number of units by 600, or 13 percent of the totality, by one or the other by closing or blending loss-making branches toward the finish of March 2023.
- Branches: 4,685
- Tagline: Build a better life around us
- Managing Director & CEO: Matam Venkata Rao
- Customer service: 1800 22 1911
9. Indian Overseas Bank
Indian Overseas Bank is one of the influential National Banks of India. It is under the control of the Ministry of Finance, Government of India headquartered in Tamil Nadu, India. Founded in February 1937 by M. Ct. M. Chidambaram Chettiar with joint purposes of employment in the business industry and abroad banking, it has made several accomplishments in Indian Banking Sector.
With around 3,218 homegrown branches, around 4 unfamiliar branches, and a delegate office, IOB is one of the 14 significant banks taken over by the Government of India.
- Domestic branches: 3,218
- Tagline: Good People to Grow With
- CEO: Partha Pratim Sengupta
- Customer service: 1800 425 4445
10. UCO Bank
UCO Bank, previously United Commercial Bank, established in 1943 in Kolkata, is one of the nationalized banks of India. It is under the control of the Ministry of Finance, Government of India.
Other than giving inland monetary administrations via its enormous community of units in India, UCO Bank has a crucial presence in the financial sectors beyond India. UCO Bank now has 4 abroad branches with two significant worldwide financial focuses in Singapore and Hong Kong.
The Bank’s Regional presence incorporates 3,078 branches and 2,376 ATMs. The near future will see an upsurge in the number of ATMs and Branches.
- Domestic branches: 3,078
- Tagline: Good People to Grow With
- CEO: Partha Pratim Sengupta
- Customer service: 1800 103 0123
11. Bank of Maharashtra
Bank of Maharashtra is a national bank of India, under the leadership of the Ministry of Finance, Government of India. It has the biggest organization of parts of any nationalized bank in the province of Maharashtra. The Government of India owns 87.74% portions of this bank. It is established in 1935.
Bank of Maharastra delivers budget assistance to buy business aids or to meet business expenditures. The bank had 29 million clients in the nation with 1,900 branches as of Mar 2022.
- Domestic branches: 1,900
- Tagline: One Family One Bank
- CEO: A. S. Rajeev
- Customer service: 1800 233 4526
12. Punjab and Sind Bank
Punjab and Sind Bank is one of the most important national banks in India. It is under the responsibility of Finance, the Government of India with its administrative center situated in New Delhi. To arise as a techno-smart dynamic Public Sector Bank with a Pan India presence trying to live up to the assumptions, everything being equal. To give brilliant client support through creative solutions and administrations for various fragments of clients utilizing cutting-edge innovation.
With 1500+ branches that are widely spread across India, and 801 ATMs they have been providing financial assistance to numerous clients without fail.
- Domestic branches: 1545
- Tagline: Where Service Is A Way Of Life
- MD & CEO: S Krishnan
- Customer service: 1800 419 8300
What are nationalised banks of India?
Nationalised banks are banks that have been taken over by the government. This usually happens when the bank is in financial trouble and is in danger of failing. The government will take over the bank and try to turn it around.
How many nationalised banks are in India?
As of March 2023, many PSU banks got amalgamated such as Oriental Bank of Commerce, and now there are only 12 nationalised banks in India.
How many Nationalised Banks in India are amalgamated?
In 2019, the government of India announced the merger of 10 state-run banks into four. The four banks that resulted from this merger are the following: Punjab National Bank, Canara Bank, Union Bank of India, and Indian Bank.
Wrapping up on the List of Nationalised Banks in India
I hope you like this list of nationalised banks of India. The banks listed above function with utmost ease in executing bank transactions and furnishing expert professional monetary assistance.
The nationalisation of banks in India was a move that was widely welcomed by the public. It was seen as a way to ensure that the banking sector was more stable and efficient. The nationalised banks have played a significant role in the development of the country and have helped to improve the financial inclusion of the people of India.
We would highly appreciate your feedback and suggestions! Let us your opinions on which banks you prefer for your financial decisions and why.