{"id":155646,"date":"2025-06-23T16:51:45","date_gmt":"2025-06-23T11:21:45","guid":{"rendered":"https:\/\/www.practicemock.com\/blog\/?p=155646"},"modified":"2025-06-24T10:19:58","modified_gmt":"2025-06-24T04:49:58","slug":"which-are-public-sector-banks","status":"publish","type":"post","link":"https:\/\/www.practicemock.com\/blog\/which-are-public-sector-banks\/","title":{"rendered":"Which Are Public Sector Banks?- How Does it Work?"},"content":{"rendered":"\n

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Home<\/a><\/span> \u00bb Banking Awareness<\/a><\/span> \u00bb Which Are Public Sector Banks?<\/span><\/span><\/div>\n\n\n

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Public Sector Banks, also called PSBs, are banks that are owned and controlled by the government. In India, the Public Sector Banks promote financial inclusion. While their main objective is to apply government policies to various sectors, they also serve as a commercial entity. These banks are also required to meet certain social and environmental goals. Major PSBs in India include the State Bank of India (SBI), the Bank of Baroda (BoB), the Punjab National Bank (PNB), the Canara Bank, the Union Bank of India, etc. This article provides you with complete details about these banks, how they work, the history of PSBs in India, an overview of Major PSBs in India, a complete list of 12 Public Sector Banks in India, and how they differ from the Private Sector Banks. Also, we have discussed here the challenges faced by the Public Sector Banks.<\/p>\n\n\n\n

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What are Public Sector Banks?<\/h2>\n\n\n\n

The PSBs are the Public Sector Banks in which the majority (50%) of the stake is owned by the Government of India. <\/strong>There is a total of 12 Private Sector Banks in India. They are also called Nationalized Banks because, apart from the SBI, all other banks were nationalized in 1969 & 1980. These can be either Central Government-owned banks or State Government-owned banks. These banks are owned and operated under the regulations provided by the Government of India. They offer a range of banking and financial services to individuals, businesses, and other organisations. Their main focus and priorities are different from those of the Private Sector Banks. Their main objective is to implement government schemes and ensure economic stability and financial inclusion. <\/strong>They provide affordable banking services to the masses.<\/p>\n\n\n\n

List of Public Sector Banks in India<\/h2>\n\n\n\n

The full list of 12 Public Sector Banks in India<\/strong> is provided in the table below along with their headquarters and year of establishment.<\/p>\n\n\n\n

S. No<\/th>Bank Name<\/th>Headquarters<\/th>Founded\/Merged<\/th><\/tr><\/thead>
1<\/td>State Bank of India (SBI)<\/strong><\/td>Mumbai, Maharashtra<\/td>1955<\/td><\/tr>
2<\/td>Punjab National Bank (PNB)<\/strong><\/td>New Delhi<\/td>1894 \/ 2020 (merger with OBC & UBI)<\/td><\/tr>
3<\/td>Bank of Baroda (BoB)<\/strong><\/td>Vadodara, Gujarat<\/td>1908 \/ 2019 (merger with Dena & Vijaya Bank)<\/td><\/tr>
4<\/td>Canara Bank<\/strong><\/td>Bengaluru, Karnataka<\/td>1906 \/ 2020 (merger with Syndicate Bank)<\/td><\/tr>
5<\/td>Union Bank of India<\/strong><\/td>Mumbai, Maharashtra<\/td>1919 \/ 2020 (merger with Andhra & Corporation Bank)<\/td><\/tr>
6<\/td>Indian Bank<\/strong><\/td>Chennai, Tamil Nadu<\/td>1907 \/ 2020 (merger with Allahabad Bank)<\/td><\/tr>
7<\/td>Bank of India (BOI)<\/strong><\/td>Mumbai, Maharashtra<\/td>1906<\/td><\/tr>
8<\/td>Central Bank of India<\/strong><\/td>Mumbai, Maharashtra<\/td>1911<\/td><\/tr>
9<\/td>Indian Overseas Bank (IOB)<\/strong><\/td>Chennai, Tamil Nadu<\/td>1937<\/td><\/tr>
10<\/td>UCO Bank<\/strong><\/td>Kolkata, West Bengal<\/td>1943<\/td><\/tr>
11<\/td>Bank of Maharashtra (BoM)<\/strong><\/td>Pune, Maharashtra<\/td>1935<\/td><\/tr>
12<\/td>Punjab & Sind Bank<\/strong><\/td>New Delhi<\/td>1908<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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