Comparedada bring you information about the financial strongholds of our country: The Top Ten Nationalized or Public Sector banks in India.
In India banks who dominate the banking system are nationalized bank. They are by the government under an act. Difference between nationalized bank and public sector bank is that, prior is by the government under an act or commandment where as public sector banks are by the shares of government. Nationalized banks can represent public sector banks but public sector banks cannot represent them.
The financial system of our nation is undoubtedly very strong. Also, the financial stability of India can be easily judged by the strength of the banking sectors. Some years back when many US banks went into a subprime crisis, other banks also suffered. But, the public sector banks of India remained unscathed. This happened because of the control exercised by the apex bank i.e. The Reserve Bank of India and the strong values that are imbibed in the Indian banks.
Here is COMPAREDADA’s list of Top 10 Best Nationalized Banks Of India:
#10 | INDIAN BANK
(Market capitalization= Rs. 4461 crores)
Indian bank was started in the year 1907. It has more than 2500 branches all over India. It is known for its services offered like internet banking, wealth management, mobile banking and educational loan etc. In the recent year it has done well by generating an annual income of Rs. 17 thousand crores and a net profit of Rs. 1 thousand crores.
#09 | INDIAN OVERSEAS BANK
(Market capitalization = rs 4594 crores)
Indian overseas Bank was started 79 years ago in madras(Chennai) on 10th Feb 1937. It has 3700 domestic branches. It’s slogan is “good people to grow with”. As the name indicates it has 8 overseas branches in South Korea, Hong Kong, Singapore , bangkok, etc. It has total accents of Rs. 4 thousand billion.
#08 | SYNDICATE BANK
(Market capitalization= Rs. 4637 crores)
Syndicate bank was started in 1925, 91yrs ago at udupi. It has headquarters at manipal, Karnataka. It’s slogan is “faithful and friendly”. Surely the it is one of the oldest and most commercial banks of India. Nationalization of this institution took place in the year 1969. It is the fastest growing bank with annual income more than Rs 23 thousand crores and net profit over Rs. One thousand five hundred Crores.
#07 | BANK OF INDIA
(market capitalization = Rs. 7636 crores)
Bank of India saw mobilization in the year 1906. Merging into public sector took place in the year 1969. It offers various services like deposits, internet banking, credit card and debit card etc. Meanwhile the bank also has its 4800 branches spread all over the India. Surprisingly it has 50 offices in 20 foreign countries in the world. The headquarters houses at Mumbai, Maharashtra.
#06 | UNION BANK OF INDIA
(market capitalization = Rs. 7816 crores)
Union Bank of India saw its earliest foundation in the year 1919. Headquarters house proudly in Mumbai, Maharashtra. It has its customer base over 49 million. It has more than 4 thousand branches all over the India. Some of the services offered by this bank are loans, mobile banking and internet banking. It’s slogan is “good people to bank with.
#05 | CANARA BANK
(Market capitalization = Rs. 9768 crores)
CANARA BANK was started in the year 1906. It has its headquarters at Bangalore, Karnataka. Nationalizatio of this bank was in the year 1969. Canara bank has a network of 5784 branches and also more than 9153 ATMs. It also has its foreign offices at London, new York, the services offered but Canara Banks are popular for personal banking, loans, insurance and internet banking etc. It’s slogan is “together we can”.
#04 | CENTRAL BANK OF INDIA
(Market capitalization = Rs. 10530 crores)
Central Bank of India was started in the year 1911. It has more than 4300 branches across India. Some of its services are loans, credit card, debit card, deposits etc. In the recent year it has the annual income of more than Rs. 28000 crores and it’s profit grossed Rs. 600 crores. It’s slogan is “build a better life around us”. Central bank has its headquarters at Mumbai, Maharashtra.
#03 | PUNJAB NATIONAL BANK
(Market capitalization = Rs.18084 crores)
It was started in the year 1894. It has more than 6 thousand branches and 7000 ATMs across India. Some of its special services offered are personal banking and agricultural banking. In the recent year it’s net profit went a sky high of Rs.30000 crores. Its founder was great freedom fighter Lala Lajpat Rai. It has its head quarters at New Delhi.
#02 | BANK OF BARODA
(Market capitalization = Rs.2923 crores)
Firstly BOB saw operations in the year 1908, that is almost a century ago. 108 years to be precise. BOB has its headquarters at Vadodara, India. Surely it stands first among all the nationalized bank of India. Secondly Bank of Baroda saw nationalization in the year 1969. It has more than 5000 branches and also 8000 ATMs across the country. Apart from India it has more than 100 foreign branches across the globe. In the recent year it’s net profit crossed Rs.3300 crores.
#01 | STATE BANK OF INDIA
(Market capitalization = Rs.2,
Originally, found as the Bank of Calcutta in 1806 this bank saw a reconstitution as the Imperial Bank of India in 1921. The bank acquired the name of The State Bank of India by a special Act of Parliament in 1955. This was the first bank to face nationalization in 1956. There were seven associate banks to the State Bank of India. Subsequently, it has taken over two of them with only five associate banks remaining as on date.
This is the Big Daddy of all the banks in India with over 13000 branches and a business of Rs 31,94,422 crores. The entire financial business of the Indian Government is with thus bank. This bank has the lowest NPA percentage of all the banks (6.71%). With a net profit of Rs 9950 crores this financial year, this bank is poised to occupy the No 1 slot for years to come. The other banks can fight for the positions No 2 onwards.