List of Banks in India – Public Banks and Private Banks

Public Sector Banks (PSBs) are a major type of bank in India, where a majority stake (i.e. more than 50%) is held by a government. The shares of these banks are listed on stock exchanges. There are a total of 12 Public Sector Banks alongside 1 state-owned Payments Bank in India.

The concept of Banking in India dates back to the first half of 18th century. The first bank that was established in the country was The General Bank of India founded in 1786. After that came the State Bank of India in Kolkata in 1806 which was then known as The Bank of Bengal.

The operations of all the banks in India are controlled by the Reserve Bank of India. All the Indian banks are governed by the RBI or Reserve Bank of India. This governing body took over the reasonability of formally regulating the Indian banks in 1935. The Reserve Bank of India was announced as the official Central Banking Authority for the smooth supervision of the banking industry in India. Banks in India are classified into 2 broad categories namely, Public sector banks and Private sector banks.

The banking scenario in India has already gained momentum, with the domestic and international banks gathering pace. All the banks in India are following the ‘cost’, determined by revenue minus profit model.

This means that all the resources should be used efficiently to improve the productivity and ensure a win-win situation. To survive in the long run, it is essential to focus on cost saving. Previously, banks focused on the ‘revenue’ model which is equal to cost plus profit. Post the banking reforms, banks shifted their approach to the ‘profit’ model, which meant that banks aimed at higher profit maximization.

Public Sector Banks In India

Banks such as State Bank of India, Bank of Baroda, Syndicate Bank and Canara Bank are known as Public sector banks. Public sector banks are controlled and managed by the Government of India. Public sector banks have been serving the nation for over centuries and are well known for their affordable and quality services.

The banking sector in India is mostly dominated by the Public sector banks. The Public sector banks in India alone account for about 75 percent of the total advances in the Indian banking industry. Public sector banks have shown remarkable growth over the last five four decades.

Allahabad Bank was the first fully-owned Indian bank. It was founded in the year 1865.

Public-sector banks : 

  1. State Bank and its associates
  2. Nationalised banks

State Bank and its associates    :                                     

  1. State Bank of India   (SBI)
  2. State Bank of Patiala (SBOP)
  3. State Bank of Mysore (SBOM)
  4. State Bank of Travancore (SBT)
  5. State Bank of Bikaner and Jaipur (SBBJ)
  6. State Bank of Hyderabad (SBH)
Nationalised banks Year of Nationalisation
Allahabad Bank (ALB) 1969
Andhra Bank (ANB) 1980
Bank of Baroda (BOB) 1969
Bank of India (BOI) 1969
Bank of Maharashtra (BOM) 1969
Canara Bank (CAN) 1969
Central Bank of India (CBI) 1969
Corporation Bank 1980
Dena Bank (DEN) 1969
Indian Bank (IND) 1969
Indian Overseas Bank (IOB) 1969
Oriental Bank of Commerce (OBC) 1980
Punjab & Sind Bank  (PSB) 1969
Punjab National Bank   (PNB) 1969
Syndicate Bank      (SYN) 1969
United Commercial Bank  (UCB) 1969
Union Bank of India  (UBI) 1980
United Bank of India  (UBI) 1969
Vijaya Bank (VJP) 1980

Other public sector banks

  1. Industrial Development Bank of India (IDBI)
  2. Bharatiya Mahila Bank (BMB)

Private sector banks in India

Private Banks are banks like HDFC Bank, ICICI Bank, UTI Bank, and IDBI Bank. The concept of private banking was introduced about 15 years ago. These are the banks that do not have any government stakes.

Private Banks have gained quite a strong foothold in the Indian banking industry over the last few years especially because of optimum use of technology. The Private Banks are accountable for a share of 18.2 percent of the Indian banking industry.

IndusInd Bank was the first private bank in India. Currently, the bank is among the fastest-growing Bank Private Banks in the country. IDBI which is ranked as the tenth-largest global development bank is counted as one of the finest financial institutions in the subcontinent.

  • Axis Bank (AXIS)
  • Bandhan Bank
  • Catholic Syrian Bank (CSB)
  • City Union Bank  (CUB)
  • Dhanlaxmi Bank
  • Development Credit Bank (DCB)
  • Federal Bank
  • Housing Development Finance Corporation  (HDFC)
  • Industrial Credit and Investment Corporation of India (ICICI)
  • Infrastructure Development Finance Company (IDFC)
  • Karnataka Bank
  • IndusInd Bank (INDUS)
  • International Netherlands Group and Vysya Bank
  • Jammu and Kashmir Bank
  • Karur Vysya Bank (KVB)
  • Kotak Mahindra Bank
  • Lakshmi Vilas Bank (LVB)
  • Nainital Bank
  • Ratnakar Bank Limited (RBL)
Bank Name Headquarters Tagline
ABN AMRO Amsterdam, Netherland Making more possible.
Allahabad Bank Kolkata A Tradition of Trust.
Andhra Bank Hyderabad Where India Banks.
Axis Bank Mumbai Badhti Ka naam Zindagi.
Bank of America Charlotte, USA Higher Standards.
Bank of Baroda Vadodara India’s International Bank.
Bank of India Mumbai Relationship beyond banking.
Bhartiya Mahila Bank New Delhi Empowering Women.
Bank of Maharashtra Pune One family one bank.
BNP Paribas Paris The Bank for the changing world.
Canara Bank Bangalore Together We Can.
Central Bank of India Mumbai “Central To you Since 1911”.
CITI Bank New York, USA The City never sleeps.
Corporation Bank Mangalore A Premier Public Sector Bank.
Dhanlaxmi Bank Thrissur, Kerala Tann. Mann. Dhan
Dena Bank Mumbai Trusted Family Bank.
Deutsche Bank Frankfurt, Germany A Passion to perform.
ECGC Bank Mumbai You focus on exports. We cover the risks.
HDFC Bank Mumbai We understand your world.
HSBC London The world’s local bank.
ICICI Bank Mumbai Hum Hai Na, Khyal Apka.
IDBI Bank Mumbai Banking For All, “Aao Sochein Bada”.
Indian Bank Chennai Your Tech- Friendly Bank.
Indian Overseas Bank Chennai Good people to grow with.
J & K Bank Srinagar, J&K Serving to Empower.
Karnataka Bank Mangalore Your Family Bank, Across India.
Karur Vysya Bank Karur, Tamil Nadu Smart Way to Bank.
Kotak Mahindra Bank Mumbai Let’s Make Money Simple.
Lakshmi Vilas Bank Karur, Tamil Nadu The changing face of prosperity.
Punjab National Bank New Delhi The name you can bank upon.
Punjab & Sind Bank New Delhi Where service is a way of life.
Oriental Bank of Commerce New Delhi Where every individual is committed.
SBI Mumbai With you all the way, Pure Banking Nothing Else, The Nation’s banks on us.
South Indian Bank Thrissur, Kerala Experience next generation banking.
Standard Chartered Bank London Your Right Partner.
State Bank of Bikaner and Jaipur Jaipur The Bank with a vision.
State Bank of Hyderabad Hyderabad You can always bank on us.
State Bank of Mysore Bangalore Working for a better tomorrow.
State Bank of Patiala Patiala Blending Modernity with Tradition.
State Bank of Travancore Thiruvananthapuram A long Tradition of Trust.
Syndicate Bank Manipal(Karnataka) Your Faithful And Friendly Financial Partner.
UCO Bank Kolkata Honours Your Trust.
Union Bank of India Mumbai Good People to Bank with.
United Bank of India Kolkata The Bank that begins with “U”.
Vijaya Bank Bangalore A friend you can bank on.
Yes Bank Mumbai Experience our Expertise.

Comparison between Private and Public Sector Banks

The Private sector banks introduced the concept of online banking in India. This was mostly because the private banks were technologically well equipped. Online banking is extremely common today since you can sit anywhere and go ahead with your banking transactions. You do not have to personally visit your bank.

The Private sector banks were using state of the art technology and fully computerized systems since the time they entered the Indian market whereas the Public sector banks were not.

However, despite the technological challenges, the public sector banks in India are still the preferred destinations for many as they are considered as safer options for the money deposit.

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