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After a series of mergers, the number of public sector banks has come down to 12, from 27 in 2017. Following are the 12 government-owned banks in India in 2021.

Bank of India

A group of prominent businessmen from Mumbai created this Bank in 1906. Initially, BOI was a private sector bank, but after July 1969, it was publicly owned by 13 other banks. The Bank initiated its operation with a single office in Mumbai, with a paid capital of Rs. 50 lakh and 50 workers; it has emerged as a dominant entity with a strong national presence and significant foreign operations. Bank has 5,108 branches across India and over 5,551 ATMs.

Indian Bank

With an authorized capital of Rs. 20 lakh, this bank was founded on March 05, 1907, and began its operation on August 15 of the same year. It is the seventh-largest PSU bank in the country. 1n 2019, the Indian government declared the amalgamation of Allahabad Bank with the Indian Bank. This merged entity began its operations on April 01, 2020. Customers of Indian Bank can choose from various financial products, including deposit programs, loans, and digital products. The bank has over 6000 branches.

Punjab National Bank

It is the first bank of India to be called Swadeshi. Starting its operation in 1895 from Lahore, the Bank has seen many ups and downs. Having been merged with the United Bank of India and Oriental Bank of Commerce, this bank is now the second-largest. The Bank won many awards and certificates along with the ‘Bank of the Year Award 2019.’

State Bank of India

Having a market share of 23 per cent, the State Bank of India is the biggest, with 59,291 ATMs and 26,340 branches in 36 countries. It is also the most significant statutory authority in the financial services industry. As per 2020 reports, 249,448 employees work for SBI. In the fiscal year 2021, the SBI reported a total income of approximately three trillion Indian rupees.

Canara Bank

Shri Ammembal Subba Rao Pai, a notable benefactor, made this bank in 1906 in Mangalore. Throughout its hundred year’s history, the bank has gone through numerous stages of its development trail. Following nationalization in 1969, the Canara Bank grew at an incredible rate. It became the fourth-largest PSU bank in India; after its amalgamation with the Syndicate Bank.

Union Bank of India

It is among the major PSBs in India, established in 1919. It has merged with Andhra Bank and Corporation Bank in 2020. At the end of 2021, the total assets of this bank were valued at roughly 10.72 trillion Indian rupees. The Union Bank of India has received dozens of awards and accolades over the years.

Indian Overseas Bank

Out of the 12 government-owned banks, Indian Overseas Bank holds a prominent position because it provides diversified financial products. Shri M. Ct. M. Chidambaram Chettyar created the Indian Overseas Bank (IOB) on February 10, 1937. The total expenditure of the bank in 2021 was approximately 166 billion Indian rupees.

UCO Bank

UCO is a commercial bank established in 1943. Many prominent personalities are its board of governors, including accountants, management specialists, economists, and business people. UCO’s total expenditure in the fiscal year 2021 was around 127.45 billion Indian rupees, which was a modest decline from the previous year when the bank spent almost 132 billion rupees.

Bank of Maharashtra

Due to its strategic location, Maharashtra has seen many changing circumstances. Banking activity started moderately early, and the Bank of Maharashtra was officially listed under the Indian Companies Act in 1935. It is a public sector bank whose headquarters are located at Pune. Bank of Maharashtra is among the finest banks in the country. The bank has always maintained a customer-centric focus.

Central Bank of India

It is among the PSBs and has headquarters in Mumbai. At the end of 2021, the total assets of the Central Bank of India were almost 3.69 trillion in Indian rupees.

The Central Bank of India, which originated in 1911, was the first Indian Commercial Bank to be entirely run by Indians. Indians prefer government jobs, and Sarkari Naukri is the dream of many people. The government conducts various exams for these jobs, and the Sarkari Result is available on the internet.

Bank Of Baroda

When it comes to the topic of public sector banks of India, it is impossible not to mention the Bank of Baroda. The Maharaja of Baroda, Maharaja Sayajirao Gaekwad III, established the bank in 1908. This bank is among the ones that were nationalized in 1969. After being merged with Vijaya Bank and Dena Bank, this bank became the third-largest in India, offering Government Jobs to many people.

Punjab and Sind Bank

Some brilliant minds like Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh put forward an idea of helping the needy in society, which led to the formation of Punjab and Sind Bank in 1908. Despite the passage of time, the bank holds the social responsibilities of the founding fathers. It has branches in 33 Indian states.

Disclaimer: This is a company press release. No LM journalist is involved in creation of this content.

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