The only best government banks are well-performing for the mass public and acquiring a large share on the market and however, we can’t complain of their services as we pay a lower price too.
Made up your mind don’t need that fancy and high valued services of the private banks ?
Then you are good to go with these “Sarkari bank” or “nationalized banks in India” to create your own saving, current or eligible for the services that the mass public enjoys. And yes both are same the nationalized bank or we call it a govt. bank.
But don’t take it as some waste services but the retail services that an Indian citizen uses in his daily ongoing life.
And in case of India’s top government banks ratings, we cannot judge their service and customer support up front but with the asset size and market capitalization we can rank them up but we will only be ranking them on the popularity and authority in the banking industry.
Unlike the other blogs, I haven’t merged the government as well as private banks in one blog as a “Top 10 banks in the world” as just not to confuse you as a reader for this article. But yes after clearing this topic we can move on the top 10 banks but not as combining both the government banks and private banks as altogether.
| Rank | Top 10 govt. banks | No. of Branches | No. of ATM’s | Headquarter | IFSC |
|---|---|---|---|---|---|
| 1. | State Bank of India | 50,000+ | 1.5 lakh | Mumbai | Check IFSC |
| 2. | Central Bank of India | 4,681 | 3,477 | Mumbai | Check IFSC |
| 3. | Punjab National Bank | 6,937 | 10,681 | New Delhi | Check IFSC |
| 4. | Bank of Baroda | 9,500 | 13,400 | Alkapuri | Check IFSC |
| 5. | Bank of Maharashtra | 1,897 | – | Pune | Check IFSC |
| 6. | Union Bank Of India | 4,298 | 7,000 | Mumbai | Check IFSC |
| 7. | Canara Bank | 10,400 | 10,000 | Bengaluru | Check IFSC |
| 8. | Indian Bank | 6,068 | 4,567 | Chennai | Check IFSC |
| 9. | UCO Bank | 3,078 | 2,564 | Kolkata | Check IFSC |
| 10. | Bank Of India | 5,000 | – | Mumbai | Check IFSC |
Discussing banks in brief :
10. Bank of India
| Phone Number | Savings Interest | Minimum Balance |
|---|---|---|
| 1800 22 0229 | 2.90% | 500 |
| Personal Loan | Home Loan |
|---|---|
| 12.15% ~ | 6.95% ~ |
Establishment and bank mergers
Bank of India was founded in 1906. None of the other banks is merged into this bank as of sources.
Employees set and customer base
There are around 49,767 employees. No specific data were available on the customer base.
Asset size and history
656,995.48 crore is the total asset size.
The history of the bank of India starts with a 1 office in Mumbai with a capital of 50 lakh and 50 employees. Soon it expanded it’s operations nationwide and has around 5000 branches over the country.
Not only that ends up here but the bank successfully introduced a fully computerized branch and an ATM machine. Along with the bank has also spread-ed it reaches to the 18 countries and 5 continents.
9. UCO Bank
| Phone Number | Savings Interest | Minimum Balance |
|---|---|---|
| 1800 274 0123 | 2.50% | 250 |
| Personal Loan | Home Loan |
|---|---|
| 9.45% ~ | 6.90% ~ |
Establishment and bank mergers
UCO bank was established in 6th Jan 1943. None of the banks merged with UCO bank.
Employees set and customer base
UCO bank has around 22,436 employees as resources say. 25.8 million approx.
Asset size and history
Total asset size is 235,908.15 crore.
Coming back to history, UCO bank also known as United Commercial Bank started its journey before World War II. With an idea of a commercial bank opened it’s first to headquarter in Kolkata with a ₹1 crore paid-up capital.
After that, the bank continuously tried and became successful in building a network by opening 14 branches across India. Later, the Indian government officially UCO bank on 19 July 1969.
Due to an existing bank with the same name as “united commercial bank” created confusion in Bangladesh, decided to change its name to UCO.
8. Indian Bank
| Phone Number | Savings Interest | Minimum Balance |
|---|---|---|
| 1800 4250 0000 | 3.50% | 250 |
| Personal Loan | Home Loan |
|---|---|
| 11.05% ~ | 7.55% ~ |
Establishment and bank mergers
15 August 1907 Indian bank was established. Allahabad bank is merged with Indian bank
Employees set and customer base
As of Wiki Stats 43,011 employees work with Indian banks. Surprisingly this bank has around 100 million customers.
Asset size and history
Indian bank has an estimated 808,000 crore of total assets.
The Indian bank was started after the worst financial crisis occurred in the city in 1906. After some time V. Krishnaswamy Iyer founded the Indian bank in intense feeling for nationalism and love for the Swadeshi movement.
He first started it’s operations, headquarters in Madras on 15 Aug 1907. However, World War II caused a severe problem for the corresponding financial years, forced Indian banks to close some of its bank operations in India along with Colombo.
Later, Indian government nationalized Indian Bank with the other top 14 banks.
7. Canara Bank
| Phone Number | Savings Interest | Minimum Balance |
|---|---|---|
| 1800 425 0018 | 3.25% | 500 |
| Personal Loan | Home Loan |
|---|---|
| 12.05% ~ | 6.90% ~ |
Establishment and bank mergers
Canara bank was established on 1st of july 1906. Syndicate bank has been merged with this bank.
Employees set and customer base
It has around 58,350 employees. Customer base of over 10.90 Crore.
Asset size and history
Canara bank has a asset size of about 711,782 crore.
The company started with 4 employees with their shares @rs 50 each, 2000 shares. In 1910 Canara bank name was renamed as ltd.
Along with the other 14 banks, Canara was also nationalized on July 19. It was the first bank to adopt an effective principle “Good Banking“.
6. Union Bank of India
| Phone Number | Savings Interest | Minimum Balance |
|---|---|---|
| 1800 22 2244 | 3.25% | 250 |
| Personal Loan | Home Loan |
|---|---|
| 11.00% ~ | 6.90% ~ |
Establishment and bank mergers
Union bank establishment was set-up on 11 November 1919. Andhra Bank and Corporation bank have merged into union bank.
Employees set and customer base
Union Bank has around 75,000+ employees as per data. Around 120 million people use union bank in their life.
Have a account with Union bank ?
Try international banking on union bank here’s how
Asset size and history
555,509 crore crore is the total asset size.
When union bank was founded, inaugurated by Mahatma Gandhi the company had 4 branches with 3 in Mumbai and Saurashtra.
For the time being, in 1969 the government officially nationalized the bank they already owned 240 branches. The international expansion started in 2007.
The bank completely computerized its branches. In 2019, news came of two banks merged into this bank.
5. Bank of Maharashtra
| Phone Number | Savings Interest | Minimum Balance |
|---|---|---|
| 1800 233 4526 | 3.5% | 500 |
| Personal Loan | Home Loan |
|---|---|
| 11.00% ~ | 6.90% ~ |
Establishment and bank mergers
Bank of Maharashtra was established 16 September 1935. None of the bank has merged.
Employees set and customer base
Bank of Maharashtra has 13,048 employees working as per the 2016 data set. This PSU bank has around 27 million customers.
Asset size and history
₹184,082 crore is the total asset size.
The bank started with a capital of about $1 million. The bank expanded its reach after the 1969 nationalization.
After the World War, a great depression forced 380 banks to shut it’s operations in India, out of which the 54 banks were from Mumbai. New enterprises and banks began emerging when the economy saw an increase in the fading of depression.
4. Bank of Baroda
| Phone Number | Savings Interest | Minimum Balance |
|---|---|---|
| 1800 102 4455 | 2.75% | 500 |
| Personal Loan | Home Loan |
|---|---|
| 10.50% ~ | 6.75% ~ |
Establishment and bank mergers
BOB was founded on 20 July 1908. Vijaya bank and Dena bank are associated with BOB.
Employees set and customer base
BOB has 85,283 employees working. Bank of Baroda has around 120 million and ranks 2nd among the largest and best government banks.
Asset size and history
₹1,199,942 crore of total asset as per reports.
History tells Maharaja of Baroda founded Bank of Baroda, it first opened its branch in Fiji. Later, BOB acquired Surat Banking Corporations and opened its branch on Guyana.
Afterward, the Indian government nationalized BOB including 14 other banks. Again BOB acquired Traders Bank which had a network of 34 branches in Delhi.
In 1996, the bank started it’s IPO entering the capital market.
3. Punjab National Bank
| Phone Number | Savings Interest | Minimum Balance |
|---|---|---|
| 1800 180 2222 | 3.00% | 500 |
| Personal Loan | Home Loan |
|---|---|
| 9.95% ~ | 6.80% ~ |
Establishment and bank mergers
PNB was founded in 1894. Recently Oriental bank of Commerce and the United Bank of India merged into PNB.
Employees set and customer base
Being among the largest bank it has around 1,03,000 employees, 2020 reports. And with over 180 million customers till date
Asset size and history
PNB have a ₹851,457.25 crore asset in total.
Under the Indian Companies Act, PNB was registered on 19 May 1894. There was a rush in creating a Swadeshi bank at that during the British raj.
This idea of the bank was suggested by the Rai Mool Raj of Arya Samaj on the intention of having a national bank for the people. During the early establishment, the founders included several leaders, associated with the Swadeshi Movement.
On 1969 the Government of India nationalized PNB along with 13 other major banks.
2. Central Bank of India
| Phone Number | Savings Interest | Minimum Balance |
|---|---|---|
| 1800 22 1911 | 2.90% | 50 |
| Personal Loan | Home Loan |
|---|---|
| 10.05% ~ | 6.85% ~ |
Establishment and bank mergers
The Central Bank of India was established on 21st December 1911. None of the banks has merged with Central Bank.
Employees set and customer base
The Central Bank of India has an employee base of around 33,481. Reports say debit and credit card base of about 4 Lakh +.
Asset size and history
Central Bank have a ₹356,435.85 crore in total assets.
Central Bank was the first commercial bank to be wholly owned and managed by India. In 1938 Barclays Bank acquired the Central Bank of India.
After World War II, in 1969 Indian Government nationalized Central Bank of India. In 1980, Central Bank issued credit cards with the help of MasterCard.
1. State Bank of India
| Phone Number | Savings Interest | Minimum Balance |
|---|---|---|
| 1800 425 3800 | 2.75% | 1000 |
| Personal Loan | Home Loan |
|---|---|
| 9.60% ~ | 6.70% ~ |
Establishment and bank mergers
SBI was established on 1st of July 1955. There are around 8 banks that are merged into SBI.
- State Bank of Bikaner & Jaipur
- State Bank of Hyderabad
- State Bank of Indore
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Saurashtra
- State Bank of Travancore
- Bhartiya Mahila Bank
Employees set and customer base
SBI is run by 249,448 employees as per 2020 reports. SBI has around 44.89 crore customers.
Asset size and history
SBI has ₹4,197,492.3443 crore of total assets.
SBI has been large and considered the best government banks. It was renamed as Bank of Bengal in 1908.
SBI was being one of the three banks that were funded by the British government. Reports say proposals suggested that to merge the banks into one to create a “megabank”.
In 1955, the Indian Government officially nationalized the State bank of India. Later, the Government acquired the stake of RBI in SBI to remove any conflict in 2008, because the RBI is the regulatory Authority of India for banks.
Changes to Notice:
- Savings Account Interest rates again decreased if compared with the previous year.
- Also, Home loans now got cheaper as interest rates are decreased to an average of 6%.
- It’s obvious that asset size has increased heavily. But not applicable to all banks.
- It’s also saddening but it seems banks have cut down some employees too.
Conclusion
- Largest Bank of India – State Bank of India
- First PSU bank to introduce Credit Cards – Central Bank of India
- The only true National and Swadeshi bank – Punjab National Bank
- Third largest bank in India by assets – Bank of Baroda
- Bank with the most branches in Maharashtra – Bank of Maharashtra
- One of the most underrated and stable bank – Union bank of India
- The only bank from Chennai in the list – Indian Bank
- First Indian Bank to get ISO certification of “Total Branch Banking” – Canara Bank
- Bank name renamed for confusion – UCO Bank
- The first government bank to expand in Europe – Bank of India
FAQ
What are the banks with best security ?
Ans- State Bank of India.
Is Indian bank a Nationalized bank ?
Ans- Yes, Indian government nationalized Indian Bank 19th July 1969.
Is UCO bank is private or govt ?
Ans- UCO bank is a government or psu bank.
What is the best customer service govt. bank in India ?
Ans- Probably Union bank of India.
Which one is the best government bank in Delhi ?
Ans- State Bank of India.
