Top 10 Largest Public Sector Banks in India 2022

Public Sector Banks (PSBs) are the banks where majority stake (i.e. more than 50%) is held by a government.

The banking sector is the most powerful and leading industry in the Indian economy. After several reforms and advancements during the independence and post-independence phase, the banking sector witnessed immense prosperity. Currently, the country has about 12 public sector banks, 21 private sector banks, 45 international banks, and several scheduled and co-operative banks were merged with bigger public sector banks. However, the public sector banks still own a 80% market share, and dominate the Indian banking sector.

Below is the list of the top 10 largest public sectors banks in India in 2022 based on their market capitalization.

1. State Bank of India (SBI)

State Bank of India is the largest and one of the oldest banks operating in India. It is a government-owned company established in 1955 and has its headquarters in Mumbai. SBI deals in banking and financial-related services having a presence internationally. Forbes has ranked this Bank at the 236th position in its “Fortune Global 500” list which contains the names of the largest corporations all over the world in 2017. After merging with its 5 associate banks and Bharatiya Mahila Bank on April 1, 2017, this Bank has accomplished in serving more than 45 crore customers through more than 22,340 branches and over 62,000 ATM facilities. The Bank also enjoys an international presence with 229 offices set up in 31 counties.

Market Capitalization: ₹ 455,155.19 crore

Total Assets: ₹ 4,845,619 crore (2021)

2. Bank of Baroda (BOB)

Established in 1908, Bank of Baroda is the second largest nationalized Bank having its headquarters in Vadodara in Gujarat and corporate office in Mumbai. The Bank provides services relating to banking and finance. Currently, it has 8,214 branches functioning all over the world (including 104 overseas branches) and more than 10,033 ATM facility centres across India. BOB caters to more than 78 million customers in around 25 countries all over the world. Its services include debit and credit card facilities, loans, and wealth management. Vijaya and Dena Banks were amalgamated with Bank of Baroda on April 1, 2019.

Market Capitalization: ₹ 61,590.92 crore

Total Assets: ₹ 1,155,364 crore (2021)

3. Punjab National Bank (PNB)

Punjab National Bank was established on April 12, 1895, in Lahore under the leadership of Lala Lajpat Rai as a part of the Swadeshi movement. It became the first Bank on the Indian soil to be solely managed by the Indians by utilizing Indian capital. PNB has its headquarters in New Delhi. Since the Bank came into operations, it has merged with seven banks. There are over 13,506 ATM centres and 10,528 branches of this Bank, which includes 62% of the branches set up in semi-urban and rural areas.

Market Capitalization: ₹ 40,300.32 crore

Total Assets: ₹ 1,279,725 crore (2021)

4. Canara Bank

Canara Bank is a state-owned commercial bank providing banking and financial services. Established in 1906, it has its headquarters in Bengaluru. The Bank boasts of a global presence with branches in Hong Kong, Leicester, Shanghai, London, New York, Manama, Johannesburg, and Dubai. Canara Bank has 9,733 branches and 12,221 ATMs functioning all over the country. It has an ever-increasing clientele base of 8.27 crore. It has been honored with the MSME Banking Excellence award in 2014. It become third largest nationalized bank after its amalgamation with Syndicate bank.

Market Capitalization: ₹ 43,539.13 Crore

Total Assets: ₹ 11,19,743.09 crore (2021)

5. Bank of India (BOI)

Bank of India was established on September 7, 1906, as a result of the partnership between few noted businessmen hailing from Mumbai. Initially, the Bank was privately-owned and controlled but turned into a public sector bank in 1969 after the nationalization of banks. It has more than 5,500 branches operating in the country and 45 branches operating in 22 countries abroad. The important overseas centres of this Bank are Singapore, Paris, Tokyo, Hong Kong, New York, New Jersey, and London.

Market Capitalization: ₹ 20,928.19 crore

Total Assets: ₹ 7,08,263.26 crore

6. Union Bank of India

Established on November 11, 1919, in Mumbai, the Union Bank of India was initially started as a limited company. After nationalization in 1969, the Bank turned into a commercial bank. The Bank enjoys a great clientele base with more than 5.7 crore clients associated with it. It has more than 9100 branches all over India, including three overseas branches – Dubai, Sydney, and Hong Kong. More than 11,400 ATM facility centres have been set up across the country.

Market Capitalization: ₹ 29,013.50 crore

Total Assets: ₹ 1,071,705.84 crore (2021)

7. Central Bank of India (CBI)

Central Bank of India stood amongst the oldest banks in India and was established on December 21, 1911. The Bank has its headquarters in Mumbai. The networks of this Bank have a presence in all the 29 states and 6 of the 7 Union Territories of India. At present, the Bank has 3656 branches, and 178 extension counter, and ten satellite offices operating at different centres all over the country. The Bank also enjoys worldwide occupancy with its offices in Hong Kong and Nairobi. The Bank of Baroda, Bank of India, and the Zambian Government enjoy 20%, 20%, and 40% stake respectively in the Central Bank of India as a result of a joint venture entered between them.

Market Capitalization: ₹ 17,058.05 crore

Total Assets: ₹ 331,884.64 crore

8. IDBI Bank

IDBI Bank (Industrial Development Bank of India) is counted among the largest commercial banks of India. The Bank was established in 1964 and is headquartered in Mumbai. IDBI has played a major role in building the nation during the last 55 years. It functioned as a pinnacle Development Financial Institution (DFI) from July 1, 1964, to September 30, 2004, in the industrial sector and from October 1, 2004, onwards, the Bank became a full-fledged commercial bank. The Bank has about 3600 ATM centres and almost 1900 branches, including one in Dubai. The Life Insurance Corporation of India (LIC) has received final approval on June 29, 2018, from Insurance Regulatory and Development Authority of India (IRDAI) to hold up to 51% stake in IDBI.

Market Capitalization: ₹ 49,944 crore

Total Assets: ₹3,00,713 crore

9. UCO Bank

UCO Bank was founded in 1943 by Ghanshyam Das Birla in Kolkata. It was nationalized on July 19, 1969. The Bank has its headquarters in Kolkata and a strong presence nationwide with 3078 branches, and 2564 ATMs in all the states and Union Territories, and overseas branch in Hong Kong, Singapore & Iran. It has a dedicated staff of more than 23,000 people.

Market Capitalization: ₹ 14,634 Crore

Total Assets: ₹ 253,336.109 crore

10. Indian Bank

Indian Bank came into existence as a part of the Swadeshi movement on August 15 1907. The operations of this Bank are managed by a team of more than 20,000 employees. It has around 5744 branches functioning all over India with 5428 ATMs. The Bank has foreign branches in Colombo and Singapore. Indian Bank is a holding company to “IndBank Housing Ltd.” and “Indbank Merchant Banking Services Ltd”.

Market Capitalization: ₹ 20,630.73 crore

Total Assets: ₹ 626,005.02 crore 

Top 10 Banks in India by Size and Market Capital

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