The bank plays a vital role in maintaining the whole economy throughout India. The main procedure of all the Indian banks is to keep the transaction list properly. People can quickly pay and receive money with the use of government banks. The Reserve Bank of India is the best central bank that helps in performing various tasks to hold all other banks in India. However, the Finance Minister Nirmala Sitharam announced on 30th August 2019 to merge multiple series of the government banks of India. Thus, after this announcement, many banks joined, and now India consists of 12 public sector banks.
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List of 12 Government Banks in India
The stake of the government is above fifty percent under all public sector banks. The public sector and government banks also get to be known as nationalized banks. The List of twelve government banks has given below:
| Name of the bank | Revenues of bank | Establishment of bank | Headquarter of bank | Information |
| State bank of India | Rs. 2110 billion | 1955 | Mumbai and Maharashtra | It is the first largest central government bank in India. It also gets to be known as Imperial Bank of India. |
| Punjab National Bank | Rs. 774.22 billion | 1894 | New Delhi | Punjab National Bank is the second-largest government bank. The new name of merged Punjab National Bank, Oriental Bank, and United Bank is Amalgamated 3. |
| Bank of Baroda | Rs. 422 billion | 1908 | Vadodara and Gujarat | Bank of Baroda is the third-largest bank of India. The merging of Dena Bank and Vijaya Bank created Bank of Baroda. |
| Bank of India | Rs. 418 billion | 1906 | Mumbai and Maharashtra | Bank of India is a leading nationalized bank. It was founded by a distinguished group of Maharashtra as well as Mumbai. |
| Bank of Maharashtra | Rs. 130.53 billion | 1935 | Pune and Maharashtra | The Bank of Maharashtra originated in 1969. It was founded and created by D.K Sathe as well as V.G. Kale. |
| Union Bank of India | Rs. 696.39 billion | 1919 | Mumbai and Maharashtra | Union Bank of India is a very famous government bank. It consists of 3040 ATM’s under them. It contains complete automatic 2600 CBS branches. |
| Canara Bank | Rs. 558.30 billion | 1906 | Bengaluru and Karnataka | Canara Bank is the largest famous public sector government bank in India. |
| The Central Bank of India | Rs. 259 billion | 1911 | Mumbai and Maharashtra | It was founded by Ammembal Subba Rao Paiand. It originated in 1969 at Mangalore. |
| Indian Bank | Rs. 405.74 billion | 1907 | Chennai and Tamilnadu | Indian Bank is the oldest bank of India, which includes the 20924 rates of employees. It also contains 2900 bank branches and 2861 ATM’s under them. |
| Indian Overseas Bank | Rs. 235.2 billion | 1937 | Chennai and Tamilnadu | The founder of the Indian Overseas Bank is Thiru.M.Ct.M. Chidambaram Chettiar. It has formalized foreign exchange operations with high capability. It is the fastest and largest top performer among Government banks. |
| Punjab and Sind bank | Rs. 87.44 billion | 1908 | New Delhi | The Punjab and Sind Bank has 623 branches under Punjab state, and throughout the country, it has 1559 bank branches. |
| UCO bank | Rs. 185.61 billion | 1943 | Kolkata and West Bengal | It was established in 1943 in Kolkata, India. The founder of UCO bank is a group of eminent Indian industrialists. It is a commercial bank that has provided an excellent economic facility to people. |
The whole government banking system has improved the economy of India. It has helped people in getting loans and investing options in time. You can quickly and safely invest money in government banks. They also have a fixed interest rate, which helps people in earning safe money. The merging of various banks has helped in gaining economic strength with time.
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Frequently Asked Questions
Q. How many government banks are there in India?
After the merger there are 12 public sector banks in India?
Q. Which banks have been merged in India?
From 1 April the merger of the following has come into effect:
- Punjab National Bank has taken over Oriental Bank of Commerce and United Bank.
- Canara Bank has taken over Syndicate Bank.
- Union Bank of India has taken over Andhra Bank and Corporation Bank.
- Indian Bank has taken Allahabad Bank.
Q. What are the types of commercial anks in India?
Public Sector Banks, Private Sector Banks and Foreign Banks
Q. How many Private Sector Banks are there in India?
There are total 22 Private Sector Banks in India- IDBI Bank, Yes Bank, Tamilnad Mercantile Bank, South Indian Bank, RBL Bank, Nainital bank, Lakshmi Vilas Bank, Kotak Mahindra Bank, Karur Vysya Bank, Karnataka Bank, Jammu & Kashmir Bank, IDFC FIRST Bank, IndusInd Bank, ICICI Bank, HDFC Bank, Federal Bank, Dhanlaxmi Bank, DCB Bank, City Union Bank, CSB Bank, Bandhan Bank, and Axis Bank.
