The history of nationalized banks in India dates back to 1955 when the Imperial Bank of India was nationalized and named as State Bank of India. Nationalized banks are defined as banks which are acquired from a person or an organization by the government through an act or an ordinance. The major shares of these banks are held by the government and this shall not be misunderstood that all public sector banks are nationalized ones.
In this article Top 10 nationalized banks of India are discussed.
10. Corporation Bank
- Establishment Year: 1906
- Headquarters: Mangalore, Karnataka
- Banking Services: Commercial/Retail banking, Credit cards, Mortages
- E-Link: ww.corpbank.com
- CEO: Shri Sadhu Ram Bansal
- Slogan: A Premier Public Sector Bank
Corporation Bank operates with branches over 3500, 1500 ATMS and 6000 employees. It was nationalized in 1980 and is one of the most prominent nationalized banks in India. Corporation bank excels the field through maintaining high standards and innovative ideas to its numerous customers. This bank is the first to introduce online approvals for the educational loans and Gold banking.
9. Syndicate Bank
- Establishment Year: 1925
- Headquarters: Manipal, Karnataka
- Banking Services: Health & Life insurance, Investment banking, Private Equity, Consumer/Corporate Banking
- E-Link: www.syndicatebank.in
- CEO: Arun Shrivatsava
- Slogan: Your Faithful And Friendly Financial Partner
Syndicate Bank was started in Udupi, Karnataka with the aim to provide financial assistance to the weavers in the area who were under a problem in the Handloom industry. It is one of the fastest growing bank with huge annual income and net profit value.
8. Bank Of India
- Establishment Year: 1906
- Headquarters: Mumbai, Maharashtra
- Banking Services: Retail/Commercial/Private Banking, Mortages, Credit card
- E-Link: ww.bankofindia.com
- CEO: Vijayalakshmi R. Iyer
- Slogan: Relationship beyond banking
Bank of India was started by a group of businessmen in Mumbai in 1906 and was nationalized in the year 1969. The bank strongly believes in prudence and caution and has invented many innovative infrastructures that guarantees safety.
7. Indian Bank
- Establishment Year: 1907
- Headquarters: Chennai, Tamilnadu
- Banking Services: Retail/Commercial/Private Banking, Investment Banking, Credit card
- E-Link: http://www.indian-bank.com
- CEO: Shri Mahesh Kumar Jain
- Slogan: Your Tech- Friendly Bank
Indian Bank was started on August 15, 1907 as a part of Swadeshi movement. It has oversees branches in Singapore, Colombo and Jaffna. This bank is considered to be a pioneer in introducing latest technology to banking services. It has more than 2500 branches in India and has a significant role in rural development.
6. Indian Overseas Bank
- Establishment Year: 1937
- Headquarters: Chennai, Tamilnadu
- Banking Services: Retail/Commercial/Private Banking, Loans, Asset Management, Credit card
- E-Link: www.iob.in
- CEO: R. Koteeswaran
- Slogan: Good people to grow with
Indian Overseas Bank has more than 3500 branches in India and as its name indicates it has overseas branches in South Korea, Sri Lanka, Bangkok, Singapore and Hong Kong. It is one of the first banks in public sector to purchase the latest banking software. The history of IOB dates back to the World war 1.
5. Canara Bank
- Establishment Year: 1906
- Headquarters: Bangalore, Karnataka
- Banking Services: Retail/Commercial/Private/Investment Banking, Loans, Pensions, Credit card
- E-Link: Canarabank.in
- CEO: Pradyuman Singh Rawat
- Slogan: Together We Can
Canara Bank was started in 1906 and was nationalized in 1969. Its founding principles included to spread education, to remove superstitions and to assist the needy. Canara Bank is the first bank to get an ISO certification for a branch. And also the first bank to issue credit card to the farmers.
4. Union Bank of India
- Establishment Year: 1919
- Headquarters: Mumbai, Maharashtra
- Banking Services: Retail/Commercial/Private/Investment Banking, Finance and Insurance, Loans, Credit card
- E-Link: www.unionbankofindia.co.in
- CEO: Arun Tiwari
- Slogan: Good People to Bank with
Union Bank of India was started in 1919 and holds the pride that the bank was inaugurated by Mahatma Gandhi. The bank consists of over 4000 ATMs and has overseas branches in Hong Kong, Dubai and Sydney, Australia. Union Bank of India is listed in Forbes 2000 list.
3. Punjab National Bank
- Establishment Year: 1894
- Headquarters: New Delhi
- Banking Services: Retail/Commercial/Private/Investment Banking, Wealth Management, Loans, Credit card
- E-Link: www.pnbindia.in
- CEO: Usha Ananthasubramanian
- Slogan: The name you can bank upon
Punjab National Bank is one of the top 3 banks in India and is completely owned by the government of India. It has over 6000 branches and 7000 ATMS in India with overseas branches in Hong Kong, Dubai, Kowloon and Kabul.
2. Bank of Baroda
- Establishment Year: 1908
- Headquarters: Mumbai, Maharashtra
- Banking Services : Retail/Commercial/Investment Banking, Private Equity, Wealth Management, Loans, Credit card
- E-Link: www.bankofbaroda.com
- CEO: P. S. Jayakumar
- Slogan: India’s International Bank
Bank of Baroda was started in 1908 and was nationalized in 1969. It has over 5000 branches and 8000 ATMs in India and overseas branches in 106 places including New York, Dubai, Hong Kong and Singapore.
1. State Bank of India
- Establishment Year: 1955
- Headquarters: Mumbai, Maharashtra
- Banking Services: Retail/Commercial/Investment Banking, Savings, Securities, Private Equity, Wealth Management, Loans, Credit card
- E-Link : www.sbi.co.in
- CEO: Arundhati Battacharya
- Slogan: The Banker to Every Indian
State Bank of India is considered to the Best nationalized bank in India with 18000 branches in India and 191 branches overseas. The bank is committed mainly to building our nation. Customer comes first and the bank targets younger citizen with advanced technologies in the banking sector.
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