Last updated on May 29th, 2023
The nationalisation of banks in India took place in 1969. Then, the government decided to acquire majority ownership. And, control over 14 major commercial banks. Additionally, this move was aimed at ensuring the effective functioning of the banks. Thus, promoting socio-economic development. Moreover, the primary objective was to expand banking services. Especially, in rural areas and among marginalized communities. Further, the nationalisation initiative aimed to address monopolistic practices, improve credit availability. And, direct funds towards priority sectors. Like, agriculture, small-scale industries, and infrastructure. Today, nationalised banks in India continue to play a crucial role. By, contributing to the nation’s economic growth and stability.
What are Nationalised Banks?
Nationalised banks are government-owned banks. Also, called Public Sector Undertaking (PSU) Banks. Hence, Government holds majority shares and control. Further, Indian government took over these banks in 1969.
Additionally, Nationalisation ensures government control. And, Banks’ operations and policies are influenced.
Also, Government aims to promote economic development. Moreover, Nationalised banks provide financial services. Hence, their goal is to foster financial inclusion.
Why Banks were nationalised?
Banks were nationalized in India for several reasons. Firstly, the government wanted to make sure banks work well. And, help the country develop. By, taking control and ownership, the government could guide banks towards national goals.
Secondly, nationalisation aimed to bring banking services to rural areas and people who were left out. Also, the govt wanted everyone to have access to banks.
Additionally, nationalisation aimed to stop banks from having too much power and control. Also, it encouraged fair competition and good practices.
Further, nationalised banks were expected to invest in important areas. Like, farming, small businesses, and infrastructure. Thus, help the country grow and progress.
To Sum up, nationalising banks in India was about making sure banks work well. And, reaching everyone, being fair, and investing in key areas for the country’s development.
List of Nationalised Banks in INDIA [PSU Banks]
1. State Bank of India:
State Bank of India (SBI) is the largest public sector bank in India. Also, known for its extensive branch network and diverse range of financial services.
Unique Features:
✅ SBI offers a wide range of banking products and services. And, includes savings accounts, loans, investment, and insurance plans.
✅ Also, It has a strong online and mobile banking platform. Thus, providing customers with convenient access to their accounts and a seamless banking experience.
✅ Further, it is committed to financial inclusion. And, has implemented various initiatives to bring banking services to the unbanked and underserved population.
Tagline: “The Banker to Every Indian”
Founded Year: 1806
Govt Share Holding: 57.64%
Headquarters: Mumbai, Maharashtra
No. of Branches: Over 22,000 branches
No. of ATMs: Over 58,000 ATMs
Net Profit: INR 20,410 crore (FY 2020-21)
Services Available:
1. Personal Banking
2. Corporate Banking
3. Wealth Management
4. Investment Banking
5. Insurance Services
Official Website: www.sbi.co.in
Phone Number: 1800 11 2211 (toll-free)
Email Address: customercare@sbi.co.in
Grievance Officer Email: contactcentre@sbi.co.in
Facebook Address: www.facebook.com/StateBankOfIndia
Twitter Address: twitter.com/TheOfficialSBI
2. Punjab National Bank (PNB):
Punjab National Bank (PNB) is one of the oldest and largest public sector banks in India. Also, it offers a comprehensive range of banking and financial services. Moreover, Oriental Bank Of Commerce and United Bank of India a merged with PNB.
Unique Features:
✅ PNB recently merged with Oriental Bank of Commerce and United Bank of India. Thus, expanding its customer base and service portfolio.
✅ It provides innovative digital banking solutions and mobile banking applications. Hence, ensure convenient and secure banking transactions.
✅ Further, it is known for its strong commitment to corporate social responsibility. And, actively participates in various community development programs.
Tagline: “The Name You Can Bank Upon”
Founded Year: 1894
Govt Share Holding: 87.85%
Headquarters: New Delhi, India
No. of Branches: Over 11,000 branches
No. of ATMs: Over 13,000 ATMs
Net Profit: INR 1,150 crore (FY 2020-21)
Services Available:
1. Retail Banking
2. Corporate Banking
3. Agricultural Banking
4. International Banking
5. Digital Banking Solutions
Official Website: www.pnbindia.in
Phone Number: 1800 180 2222 (toll-free)
Email Address: care@pnb.co.in
Grievance Officer Email: complaint@pnb.co.in
Facebook Address: www.facebook.com/PunjabNationalBank
Twitter Address: twitter.com/pnbindia
3. Bank of Baroda:
Bank of Baroda (BOB) is a leading public sector bank in India. Also, it provides a wide range of banking. And, financial services to individuals and businesses. In 2020, Dena Bank, Vijaya Bank merged with Bank of Baroda.
Unique Features:
✅ BOB is known for its strong international presence. And, with a network of branches and subsidiaries in various countries.
✅ It offers specialized banking solutions for sectors. Like, agriculture, education, healthcare, and MSMEs. Thus, catering to the diverse needs of customers.
✅ Also, BOB focuses on innovation and has introduced several digital initiatives. Such as, mobile banking, internet banking, and digital wallets.
Tagline: “India’s International Bank”
Founded Year: 1908
Govt Share Holding: 66.20%
Headquarters: Vadodara, Gujarat
No. of Branches: Over 9,500 branches
No. of ATMs: Over 13,000 ATMs
Net Profit: INR 2,786 crore (FY 2020-21)
Services Available:
1. Personal Banking
2. Corporate Banking
3. MSME Banking
4. International Banking
5. Wealth Management
Official Website: www.bankofbaroda.in
Phone Number: 1800 102 4455 (toll-free)
Email Address: customercare@bankofbaroda.com
Grievance Officer Email: headserve@bankofbaroda.com
Facebook Address: www.facebook.com/BankofBarodaOfficial
Twitter Address: twitter.com/bankofbaroda
4. Canara Bank:
Canara Bank is the 4th largest public sector bank in India. After, it’s merger with Syndicate Bank. Further, it is known for its extensive banking network and customer-centric services. Moreover, Canara Bank has strengthened its presence and expanded its service offerings.
Unique Features:
✅ Canara Bank offers a wide range of financial products and services. Such as, personal banking, corporate banking, loans, and investment solutions.
✅ Mainly, It focuses on leveraging technology to provide digital banking solutions. Thus, enhancing customer convenience and accessibility.
✅ Therefore, It has a strong emphasis on financial inclusion. And, has implemented various initiatives to empower the unbanked and underprivileged sections of society.
Tagline: “Together We Can”
Founded Year: 1906
Govt Share Holding: 71.93%
Headquarters: Bengaluru, Karnataka
No. of Branches: Over 10,000 branches
No. of ATMs: Over 10,000 ATMs
Net Profit: INR 1,422 crore (FY 2020-21)
Services Available:
1. Retail Banking
2. Corporate Banking
3. NRI Banking
4. Treasury Services
5. Digital Banking Solutions
Official Website: www.canarabank.com
Phone Number: 1800 425 0018 (toll-free)
Email Address: hodoper@canarabank.com
Grievance Officer Email: care@canarabank.com
Facebook Address: www.facebook.com/CanaraBankOfficial
Twitter Address: twitter.com/canarabanktweet
5. Union Bank of India:
Union Bank of India is a leading public sector bank in India. Also, has gained prominence through mergers with Andhra Bank and Corporation Bank. Additionally, It offers a comprehensive range of banking services. And, focuses on delivering superior customer experience.
Unique Features:
✅ Union Bank of India provides personalized banking solutions. And, caters the diverse needs of retail customers, businesses, and corporates.
✅ Also, it has a strong digital presence and offers advanced digital banking services. Such as, internet banking, mobile banking, and online payment solutions.
✅ Moreover, it is committed to sustainable development and social responsibility. Thus, implementing initiatives for financial literacy, environmental conservation, and community welfare.
Tagline: “Good People to Bank with”
Founded Year: 1919
Govt Share Holding: 90.59%
Headquarters: Mumbai, Maharashtra
No. of Branches: Over 9,500 branches
No. of ATMs: Over 12,000 ATMs
Net Profit: INR 722 crore (FY 2020-21)
Services Available:
1. Retail Banking
2. Corporate Banking
3. Agriculture and Rural Banking
4. International Banking
5. Digital Banking Solutions
Official Website: www.unionbankofindia.co.in
Phone Number: 1800 22 2244 (toll-free)
Email Address: customercare@unionbankofindia.com
Grievance Officer Email: cgmcustomerrelations@unionbankofindia.com
Facebook Address: www.facebook.com/UnionBankOfficial
Twitter Address: twitter.com/UnionBankTweets
6. Bank of India:
Bank of India (BOI) is a prominent public sector bank in India. Also, offers a wide range of banking and financial services. Further, It has a rich heritage. And, a strong presence both domestically and internationally.
Unique Features:
✅ BOI is known for its robust risk management practices. And, prudent lending policies, ensuring the financial stability of the bank.
✅ Also, it provides innovative digital banking solutions. Such as, mobile banking, internet banking, and digital wallets, for seamless and convenient banking experiences.
✅ Additionally, it actively supports various social causes and community development programs. Thus, making a positive impact on society.
Tagline: “Relationships beyond banking”
Founded Year: 1906
Govt Share Holding: 85.10%
Headquarters: Mumbai, Maharashtra
No. of Branches: Over 5,000 branches
No. of ATMs: Over 9,000 ATMs
Net Profit: INR 546 crore (FY 2020-21)
Services Available:
1. Retail Banking
2. Corporate Banking
3. MSME Banking
4. NRI Banking
5. Treasury Services
Official Website: www.bankofindia.co.in
Phone Number: 1800 220 229 (toll-free)
Email Address: ho.customerservice@bankofindia.co.in
Grievance Officer Email: boi.grievances@bankofindia.co.in
Facebook Address: www.facebook.com/BankOfIndia
Twitter Address: twitter.com/boi_tweets
7. Indian Bank:
Indian Bank is a leading public sector bank in India. After, the merger of Allahabad Bank. Also, It is known for its customer-centric approach. And, a wide range of banking solutions.
Unique Features:
✅ Indian Bank offers personalized banking services. By, focusing on providing tailored financial solutions to meet the unique requirements of individuals and businesses.
✅ Moreover, it has a strong presence in rural and semi-urban areas. Thus, promoting financial inclusion and uplifting underserved communities.
✅ Further, it has embraced technology and offers a range of digital banking solutions. Also, mobile banking, internet banking, and online fund transfer facilities.
Tagline: “Your Own Bank”
Founded Year: 1907
Govt Share Holding: 88.06%
Headquarters: Chennai, Tamil Nadu
No. of Branches: Over 6,000 branches
No. of ATMs: Over 15,000 ATMs
Net Profit: INR 306 crore (FY 2020-21)
Services Available:
1. Personal Banking
2. Corporate Banking
3. MSME Banking
4. NRI Banking
5. Agricultural Banking
Official Website: www.indianbank.in
Phone Number: 1800 425 00 000 (toll-free)
Email Address: indmail@indianbank.co.in
Grievance Officer Email: ho.grievanceredressal@indianbank.co.in
Facebook Address: www.facebook.com/MyIndianBank
Twitter Address: twitter.com/MyIndianBank
8. Central Bank of India:
Central Bank of India is one of the oldest and largest public sector banks in India. Also, known for its commitment to financial inclusion and extensive banking services. In addition, it has played a significant role in the nation’s development.
Unique Features:
✅ Central Bank of India is at the forefront of social banking. And, provides inclusive banking services to rural and underprivileged sections of society.
✅ Additionally, offers a comprehensive range of financial products and services. Also, includes personal banking, corporate banking, and agricultural banking.
✅ Further, it has implemented various digital initiatives to enhance customer convenience. Such as, internet banking, mobile banking, and digital payment solutions.
Tagline: “Build A Better Life Around Us”
Founded Year: 1911
Govt Share Holding: 87.69%
Headquarters: Mumbai, Maharashtra
No. of Branches: Over 4,000 branches
No. of ATMs: Over 6,000 ATMs
Net Profit: INR 196 crore (FY 2020-21)
Services Available:
1. Retail Banking
2. Corporate Banking
3. Agriculture and Rural Banking
4. MSME Banking
5. NRI Banking
Official Website: www.centralbankofindia.co.in
Phone Number: 1800 22 1911 (toll-free)
Email Address: cbsnethelp@centralbank.co.in
Grievance Officer Email: grievance@centralbank.co.in
Facebook Address: www.facebook.com/CentralBankOfIndia
Twitter Address: twitter.com/CentralBank_In
9. Indian Overseas Bank:
Indian Overseas Bank (IOB) is a prominent public sector bank in India. And, offers a wide range of banking and financial services. Also, It has a strong presence both domestically and internationally.
Unique Features:
✅ IOB is known for its customer-centric approach, providing personalized banking solutions.
✅ Also, it has a significant international presence. Like, branches and representative offices in various countries, catering to the needs of the global Indian diaspora.
✅ Moreover, it has a strong focus on digital banking. And, offers a user-friendly, secure online banking platform.
Tagline: “Good people to grow with”
Founded Year: 1937
Govt Share Holding: 95.84%
Headquarters: Chennai, Tamil Nadu
No. of Branches: Over 3,000 branches
No. of ATMs: Over 3,300 ATMs
Net Profit: INR 413 crore (FY 2020-21)
Services Available:
1. Retail Banking
2. Corporate Banking
3. NRI Banking
4. Treasury Services
5. International Banking
Official Website: www.iob.in
Phone Number: 1800 425 4445 (toll-free)
Email Address: customercare@iobnet.co.in
Grievance Officer Email: cmgcrm@iobnet.co.in
Facebook Address: www.facebook.com/IndianOverseasBankOfficial
Twitter Address: twitter.com/IOBIndia
10. UCO Bank:
UCO Bank is a well-established public sector bank in India. And, offers a comprehensive range of banking and financial services. Also, It is known for its customer-centric approach. And, strong commitment to serving the nation.
Unique Features:
✅ UCO Bank provides a wide range of banking products and services. Such as, retail banking, corporate banking, loans, and investment solutions.
✅ Also, it has embraced digital transformation. And, offers advanced digital banking services, ensuring convenient and secure banking experiences for its customers.
✅ Moreover, actively supports various social initiatives. For instance, financial literacy programs and women empowerment schemes. Thus, contributing to the overall development of society.
Tagline: “Honors Your Trust”
Founded Year: 1943
Govt Share Holding: 94.44%
Headquarters: Kolkata, West Bengal
No. of Branches: Over 3,000 branches
No. of ATMs: Over 3,000 ATMs
Net Profit: INR 14 crore (FY 2020-21)
Services Available:
1. Retail Banking
2. Corporate Banking
3. MSME Banking
4. Agriculture and Rural Banking
5. International Banking
Official Website: www.ucobank.com
Phone Number: 1800 274 0123 (toll-free)
Email Address: customercare.calcutta@ucobank.co.in
Grievance Officer Email: ho.grievancecell@ucobank.co.in
Facebook Address: www.facebook.com/UCOBankOfficial
Twitter Address: twitter.com/UCOBankOfficial
11. Bank of Maharashtra:
Bank of Maharashtra is a renowned public sector bank in India. And, known for its reliable banking services and commitment to customer satisfaction. Also, It caters to a wide range of customers, including individuals, businesses, and government institutions.
Unique Features:
✅ Bank of Maharashtra offers a comprehensive suite of banking products and services. And, includes personal banking, corporate banking, loans, and investment options.
✅ Also, it has a strong presence in Maharashtra. And, other parts of the country, with a wide network of branches and ATMs.
✅ Further, places significant emphasis on technology adoption. And, offers advanced digital banking solutions for seamless and convenient banking experiences.
Tagline: “One Family, One Bank”
Founded Year: 1935
Govt Share Holding: 87.09%
Headquarters: Pune, Maharashtra
No. of Branches: Over 1,900 branches
No. of ATMs: Over 1,800 ATMs
Net Profit: INR 271 crore (FY 2020-21)
Services Available:
1. Retail Banking
2. Corporate Banking
3. MSME Banking
4. Agricultural Banking
5. NRI Banking
Official Website: www.bankofmaharashtra.in
Phone Number: 1800 233 4526 (toll-free)
Email Address: bomcallcentre@mahabank.co.in
Grievance Officer Email: bo2cgm@mahabank.co.in
Facebook Address: www.facebook.com/bankofmaharashtra.in
Twitter Address: twitter.com/bom_support
12. Punjab & Sind Bank:
Punjab & Sind Bank is a renowned public sector bank in India. And, committed to serving the financial needs of individuals, businesses, and industries. Also, It has a rich history and a strong presence in the northern region of the country.
Unique Features:
✅ Punjab & Sind Bank offers a wide range of banking services. Such as, retail banking, corporate banking, loans, and trade finance solutions.
✅ Also, it focuses on inclusive growth and supports various government schemes. Thus, contributing to the economic development of the region.
✅ In addition, it has implemented robust risk management practices. Thus, ensuring the safety and security of its customers’ funds.
Tagline: “Where service is a way of life”
Founded Year: 1908
Govt Share Holding: 83.06%
Headquarters: New Delhi, India
No. of Branches: Over 1,500 branches
No. of ATMs: Over 900 ATMs
Net Profit: INR 55 crore (FY 2020-21)
Services Available:
1. Personal Banking
2. Corporate Banking
3. MSME Banking
4. Agriculture and Rural Banking
5. International Banking
Official Website: www.psbindia.com
Phone Number: 1800 419 8300 (toll-free)
Email Address: care@psb.co.in
Grievance Officer Email: cgo@psb.co.in
Facebook Address: www.facebook.com/psb_bank
Twitter Address: twitter.com/psb_bank
Must Read Article – Unvieiling the Bare Truth of Public Sector Banks
FAQs
1. What is the meaning of nationalized banks in India?
Nationalized banks in India are banks that are owned and operated by the government.
2. How many nationalized banks exist in India?
India had 12 nationalized banks. Also, called Public Sector Undertaking Banks.
3. Why did the Indian government nationalize banks?
The Indian government nationalized banks to promote equal access to banking services. Especially, for the rural and economically weaker sections of society.
4. What advantages do nationalized banks offer in India?
Nationalized banks provide benefits such as (1) financial inclusion,
(2) affordable banking services,
(3) loans for priority sectors,
(4) stability ensured by government ownership,
(5) protection of customer interests.
5. Are nationalized banks safe for depositing money in India?
Yes, nationalized banks in India are considered safe. Since, they are regulated by the Reserve Bank of India (RBI). And, ensures the stability and security of the banking system.
6. What types of services can I expect from nationalized banks in India?
Nationalized banks in India offer a wide range of services. Such as, savings, current accounts, fixed deposits, loans, credit cards, insurance, investment products, and digital banking facilities.
7. How can I open an account with a nationalized bank in India?
To open an account, visit a nearby branch. And, fill out an application form. Then, provide necessary identification and address proofs. Finally, make an initial deposit as per the bank’s requirements.
8. Can nationalized banks provide loans to individuals and businesses?
Yes, nationalized banks in India offer loans to individuals and businesses. Like, various purposes such as education, housing, vehicles, and business expansion. Also, They have specific eligibility criteria and interest rates for different loan products.
9. Do nationalized banks have branches only in urban areas?
No, nationalized banks have branches in urban, semi-urban, and rural areas. Thus, provide banking services to people across the country, including remote regions.
10. Can nationalized banks assist with foreign exchange services?
Yes, nationalized banks in India provide foreign exchange services. Such as, currency exchange, remittances, travel cards, and foreign currency accounts to facilitate international transactions and travel.
11. Are nationalised banks involved in promoting financial literacy and awareness?
Yes, nationalised banks actively participate in financial literacy programs. And, initiatives to educate the public about banking services and financial planning.
12. How can I access my nationalised bank account online?
Nationalised banks offer internet banking services. Thus, allowing customers to access their accounts online. Through, their official websites or dedicated mobile applications.
13. Can nationalised banks issue credit cards?
Yes, nationalised banks issue credit cards to eligible customers. Also, offers various types of cards with different features, benefits, and credit limits.
14. What steps are taken by nationalised banks to protect customer data and privacy?
Nationalized banks have stringent security measures in place to protect customer data and ensure privacy. Also, they comply with regulatory guidelines and implement advanced technology to safeguard customer information.
15. How can I contact customer support for a nationalised bank?
Nationalised banks provide customer support services through dedicated helpline numbers, email, and online chat facilities. Also, contact details are available on their official websites and in bank branches.
16. Can nationalised banks help with government schemes and subsidies?
Yes, nationalised banks play a crucial role in implementing various government schemes. And disbursing subsidies to eligible individuals and businesses.
17. Do nationalised banks offer services specifically for senior citizens?
Yes, nationalised banks have special schemes and benefits for senior citizens. Also, includes higher interest rates on deposits, reduced fees, and personalized banking services. Click here to read in detail.
18. Are nationalised banks involved in corporate social responsibility (CSR) activities?
Yes, nationalised banks actively engage in CSR activities. Like, social welfare, education, healthcare, and environmental initiatives to fulfill their corporate responsibilities.
19. How often do nationalised banks review and revise their interest rates?
Nationalised banks periodically review their interest rates. It is based on market conditions, monetary policy changes, and other factors. Also, the revised rates are communicated to customers through official notifications and public announcements.
20. Can nationalised banks assist with foreign investments and international trade finance?
Yes, nationalised banks provide services related to foreign investments, trade finance, and foreign exchange transactions. Thus, supporting international business activities and facilitate cross-border transactions.