Government Banks of India
Government Banks of India – भारत में सरकारी बैंक What is government banks in India? After India’s independence, Imperial Bank of India renamed State Bank of India. Currently, India has 27 public sector banks – of which 19 nationalized banks – or government banks, managed and controlled by the government of India.
Top 5 government banks in India
The following is a top 5 list of government banks in India wiki.
State Bank of India is the largest and one of the oldest banks in India, headquartered in Mumbai. It owned by the government of India with over 61% shares and has about 24.000 branches. The net income was over US$1.5billion. It has very good net banking, making operations easy and accessible.SBI has an international presence.
Bank of Baroda (BOB) is the second largest government bank after State Bank of India. BOB has its headquarters in Vadodara, Gujarat and corporate office in Mumbai. Including 104 overseas branches and 5.573 branches in India, with over 8.000 ATMs, this government bank provides services relating to finance and banking.
IDBI Bank or Industrial Development Bank of India is among the largest commercial government banks, headquartered in Mumbai. IDBI had played a major role over the last 55 years, as it has over 2.000 branches.
Punjab National Bank is one of the most famous banks and one of the oldest, established on April 1895 in Lahore and became the first bank from India to solely managed to utilize Indian capital, by the Indians. It has over 6.900 branches and over 10.000 ATMs in rural and semi-urban areas.
Union Bank of India (UBI) headquartered in Mumbai, and established in 1919 also stands amongst the oldest banks in India. In continuous extension counter, it has over 4.715 branches with offices in Hong Kong and Nairobi. The government constitutes more than 63% of the share capital.
More about government banks in India
There are 19 government banks such as Allahabad Bank in initiated in 1865 by a group of Europeans, headquartered in Kolkata. It has more than 3.245 branches all over the country. Andhra Bank headquartered in Hyderabad started its operations in 1923. The government of India owns more than 63% in share capital from the stake. Bank of Maharashtra, headquartered in Pune, and due to the fact that it is an autonomous bank, the government bureaucracy and financial process decisions access limited. Oriental Bank of Commerce introduced a program named Grameen Project and most beneficiaries mostly rural women because they helped and encouraged with training courses to manufacture homemade products. Vijaya Bank, headquartered in Bangalore provides credit facilities to farmers, with less interest, in order to help them to cultivate their land.