Banks are economical backbone of financial system of any country. Even for a common man, a bank is a critical building block of his life. A bank is an institution where one can deposit their saving and get loans in order to fulfill his desires. Post Demonetisation i.e. after 8 Nov 2016, the role of banks in our day to day life has increased significantly. Also, After the Financial Budget 2017, the role of Banks has been extended. In Indian Banking System, Nationalised Banks are the dominating forces.
Let’s first discuss what the Nationalized Banks are? Nationalized Banks are those Banks which is acquired by the Government under an Act or Ordinance. Nationalised Banks were initially privately owned. Also, it is entirely different from a Public Sector bank, as in a PSB a major share or part is held by government. So a nationalized Bank is also a PSB but a PSB is not a Nationalised Bank.
Note: State Bank of India, SBI is a Public Sector Bank hence, is not included in the list.
So, here we discuss the list of Top 10 best Nationalised Banks in India in 2017-2018.
1. Bank of Baroda
Tagline – India’s International Bank
Total Assets – $100 billion
Revenue – $6.5 billion
Headquarter – Vadodara
Bank of Baroda, commonly known as BOB was founded by a group of businessmen in 1908. The Bank was nationalized in 1969. BOB has more than 5493 branches and around 10441 ATMs all over the country. BOB also p[provides its quality services over 20 countries with 100 branches across the globe, the most by any Indian Bank . The Bank provides unparalleled and prompt services in Wealth Management, Debit Cards, Credit Cards and Loans. The bank also provides internet services Baroda Connect.
2. Punjab National Bank
Tagline- The Bank you cab Bank upon
Total Assets- $99 billion
Revenue- $7.0 billion
Headquarter- New Delhi
PNB was founded by several freedom fighters of Swadeshi movement under the leadership of Lala Lajpat Rai in Lahore on 1895.The Bank was nationalized in 1969. PNB is one of the most profitable and largest banks in India as it was ranked in top 50 Fortune India ranking. Punjab National Bank with 7000 branches and around 10,000 ATMs craft one of largest networks in India. The Bank is known for its quality services in agricultural field and personal banking.
3. Bank of India
Tagline- Relationship Beyond Banking
Total Assets- $91 billion
Revenue- $6.2 billion
Headquarter- New Delhi
Bank of India was established in 1906 and nationalized in 1969.With a vast network of 5100 bank branches across the country, 56 offices outside India that includes five subsidiaries, five representative offices and one joint venture, BOI is very well connected with the mass. BOI is one of the founder members of SWIFT i.e., Society for Worldwide Inter Bank Financial Telecommunication.
4. Canara Bank
Tagline- Together We Can
Total Assets- $82 billion
Revenue- $6.5 billion
Headquarter- Bangalore, Karnataka
Canara Bank is one of the leading banking institutions of the country. The bank was established in 1906 and nationalized in 1969. As per latest reports, Canara Bank with a network of 5849 branches and 10026 ATMs spread all across India. For its unparalleled work and quality services, Canara Bank was awarded MSME Banking excellence award in 2014. The bank also has many overseas branches including that in London, Hong Kong, Moscow, Dubai and New York.
5. Union Bank of India
Tagline- Good People to Bank with
Total- Assets $60 billion
Revenue- $4.8 billion
Union Bank of India was founded on 11 November 1919 as a limited company in Mumbai. The bank was nationalized in 1969. Union Bank of India was listed on the Forbes 2000 list for its mammoth resources. Union Bank of India own one of the largest networks of branches providing Core banking Solution with 4214 branches across the nation. IT also holds 6909 ATMs and four overseas branches in Hong Kong, Dubai, Sydney and Antwerp.
6. Punjab & Sind Bank
Tagline- Where Service is a way of Life
Total Assets- $60 billion
Revenue- $1.3 billion
Headquarter- New Delhi
Punjab & Sind Bank was established in June, 1908 by Bhai Vir Singh, Sunder Singh and Sardar Tarlochan Singh. The bank was nationalized in second wave of Nationalization in 1980. The bank owns around 1466 branches out of which 632 are in Punjab itself. Punjab & Sind Bank offers his customers quality services of Internet Banking mobile Banking and SMS Banking.
7. Syndicate Bank
Tagline- Your faithful and friendly financial partner
Total Assets- $ 46 billion
Revenue- $ 3.4 billion
Headquarter- Manipal , Karnataka
Syndicate Bank was founded on 1925 as Canara Industrial and Banking Syndicate Limited by T M A Pai, Upendra Pai and Vaman Kudva . The Bank was nationalized in 1969. Syndicate Bank was the first bank to sponsor a Regional Rural Bank in India. Syndicate Bank has over 51 regional offices, 3859 branches and 38 satellite offices.
8. Central Bank of India
Tagline- “Central To you since 1911”
Total Assets- $45 billion
Revenue- $ 3.8 billion
One of the oldest banks in India established in 1911, Central Bank of India is most trusted Banking institution in India. With its Headquarter in financial capital of India Mumbai, CBI is spread across 27 states with over 4000 branches providing quality services and core banking services to one and all. Central Bank of India generated a profit of approximately 600 crores last financial year.
9. Indian Overseas Bank
Tagline- Good people to grow with
Total Assets- $41 billion
Revenue- $3.5 billion
Indian Overseas Bank was founded in February 1937to encourage overseas banking and foreign exchange operations. IOB was nationalized in 1969.At the time of Nationalization IOB had 20 of its branches located overseas, most at that time period. With a vast network of 3700 domestic branches and 3300 ATMs all over India, IOB is a leading banking institution in India. IOB for its quality services had achieved 100% networking status along with 100% CBS status for its all branches.
10. UCO Bank
Tagline- Your Own Bank
Total Assets- $36 billion
Revenue- $2.8 billion
UCO bank earlier known as United Commercial Bank was established in January, 1943. UCO bank was established by G.D.Birla during the Quit India Movement of 1942.UCO bank was ranked in India’ most trusted brand according to the report of Trust Research Advisory. The bank offers its quality products and services over 4000 plus branches and units and 49 zonal offices.
In terms of Total assets, Corporation bank, Oriental Bank of Commerce and Allahabad Banks are of same worth of around $35 million. Banks play an important role as an intermediary in a financial system. Post demonetization, role of banks in our day to day life has increased vastly. Internet banking, credit card payments, Funds transfers and settlement system all are processed and monitored by the Bank. Bank provides you an option of deposit the saving or borrowing loans and making one financially stable.