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 22 public sector banks, 22 private sector banks, 46 international banks, and several scheduled and co-operative banks operating within the Indian economy. But the dominating position in the market is enjoyed by the public sector banks which own nearly 80 per cent market share.
Below is the list of the top 10 largest public sectors banks in India in 2019 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 43 crore customers through more than 26,340 branches and over 60,000 ATM facilities. The Bank also enjoys an international presence with 195 offices set up in 36 counties.
Market Capitalization: Rs. 254,708.41 crore
Total Assets: Rs. 3,888,467.07 crore
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 9,500 branches functioning all over the world (including 104 overseas branches) and more than 13,400 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: Rs. 36,890.12 crore
Total Assets: Rs. 819,671.95 crore
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 10,681 ATM centres and 7000 branches of this Bank, which includes 62% of the branches set up in semi-urban and rural areas.
Market Capitalization: Rs. 30,801.07 crores
Total Assets: Rs. 789,265.79 crore
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 6310 branches and 9395 ATMs functioning all over the country. It has an ever-increasing clientele base of 8.27 crore. It has been honoured with the MSME Banking Excellence award in 2014.
Market Capitalization: Rs. 17,381.12 crores
Total Assets: Rs. 711,782.81 crore
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 60 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: Rs. 22,545.23 crores
Total Assets: Rs. 630,883.91 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 4500 branches all over India, including four overseas branches – Dubai, Sydney, Antwerp, and Hong Kong. More than 7000 ATM facility centres have been set up across the country.
Market Capitalization: Rs. 11,001.22 crores
Total Assets: Rs. 498,580.54 crore
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 4,886 branches, one 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 Capitalisation: Rs 8,128.06 crore
Total Assets: Rs. 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 3900 ATM centres and 2000 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: Rs. 20,655.91 crore
Total Assets: Rs. 321,111.40 crore
9. Syndicate Bank
Syndicate Bank was founded in 1925 by TMA Pai, Upendra Pai and Vaman Kudva at Manipal, Udupi, Karnataka. It was nationalized on July 19, 1969. The Bank has its headquarters in Manipal, Karnataka and a strong presence nationwide with 4063 branches, and 11 extension counters in all the states and Union Territories, and overseas branch at London, UK. It has a dedicated staff of more than 22,000 people.
Market Capitalization: Rs. 8,400.05 crores
Total Assets: Rs. 311,278.86 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 3000 branches functioning all over India. 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: Rs. 9,398.14 crore
Total Assets: Rs. 280,388.28 crore