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Public Sector Undertakings (Banks) are a major type of government-owned banks in India, where a majority stake (i.e., more than 50%) is held by the Ministry of Finance (India) of the Government of India or State Ministry of Finance of various State Governments of India. The shares of these government-owned-banks are listed on stock exchanges.
This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934. [1] [2]At end-March 2024, India’s commercial banking sector consisted of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 45 foreign banks (FBs), 12 SFBs, six PBs, 43 RRBs, and two LABs.
Ministry of Finance, Dept of Economic Affairs, Banking & Insurance Division Mumbai, Maharashtra: Services Insurance 141 NLC India Limited: 1956 Ministry of Coal: Tamil Nadu: Mining Coal & Lignite Navratna Category 142 State Bank of India: 1956 Ministry of Finance: Services Banking 143 NLC Tamil Nadu Power: 2006 Ministry of Coal: Tamil Nadu
In 1969, Indira Gandhi's government nationalised fourteen of India's largest private banks, and an additional six in 1980. This government-led industrial policy, with corresponding restrictions on private enterprise, was the dominant pattern of Indian economic development until the 1991 Indian economic crisis . [ 15 ]
Pages in category "Public Sector Banks in India" The following 13 pages are in this category, out of 13 total. This list may not reflect recent changes. *
Punjab National Bank is a Public sector undertakings in India (PSU) working under the government of India regulated by the Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949. It was registered on 19 May 1894 under the Indian Companies Act, with its office in Anarkali Bazaar , in pre-independent India (present-day Pakistan ).
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State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra.It is the 48th largest bank in the world by total assets and ranked 178th in the Fortune Global 500 list of the world's biggest corporations of 2024, being the only Indian bank on the list. [11]