One of the prime characteristics of Public Sector Banks is their steadfast dedication to financial inclusivity, striving to extend banking services to marginalized segments of society. They proffer an array of banking products and services, encompassing deposit accounts, current accounts, loans, credit facilities, and investment opportunities.
Based on ownership, the banking institutions are further segregated into the following categories: Private Sector Banks, Public Sector Banks, and Foreign Banks.
Varieties of commercial banks in India
Scheduled Banks: These are banks that have been included in the Second Schedule of the RBI Act, 1934. They are classified as follows.
Private Sector Banks:
These banks are predominantly owned by private individuals. Instances of private banks include HDFC Bank, ICICI Bank, AXIS Bank, and so forth.
Public Sector Banks (PSBs):
These banks are financial institutions that are primarily owned by the government. These banks play a crucial role in the economy and provide banking services to the public. Some examples of public sector banks in India are Punjab National Bank (PNB), State Bank of India (SBI), and Central Bank of India.
Foreign Banks:
These banks have their headquarters located outside India and are referred to as foreign banks. Examples of foreign banks include Standard Chartered Bank, American Express, Citi Bank, and others.
Public sector banks in the India play a vital role in the country’s financial system. These banks are owned and operated by the government, providing banking services to individuals, businesses, and other entities.
Here are some of the prominent public sector banks in the INDIA:
| S.no. | Name of the Bank | Board of Directors | Address |
|---|---|---|---|
| 1 | Bank of Baroda | Details | Central Office, P.O. Box No. 10046, 9th Floor, Baroda Corporate Centre, Bandra Kurla Complex, Bandra (East), Mumbai-400 051. |
| 2 | Bank of India | Details | Head Office, Star House, C-5, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai-400 051 |
| 3 | Bank of Maharashtra | Details | Head Office, Lokmangal, 1501, Shivaji Nagar, Pune-411 005. |
| 4 | Canara Bank | Details | Head Office, 112, J.C. Road, P.B. No. 6648, Bangalore-560 002. |
| 5 | Central Bank of India | Details | Head Office, Chandramukhi, Nariman Point, Mumbai-400 021. |
| 6 | Indian Bank | Details | Head Office, 31, Rajaji Road, Chennai-600 001 |
| 7 | Indian Overseas Bank | Details | Central Office, 763, Anna Salai, P.B. No. 3765, Chennai-600 02. |
| 8 | Punjab National Bank | Details | Head Office, Plot No 4, Sector-10,DwarkaNew Delhi-110 066. |
| 9 | Punjab & Sind Bank | Details | Head Office, Bank House, 21, Rajindra Place,New Delhi-110 008. |
| 10 | Union Bank of India | Details | Head Office, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400 021. |
| 11 | UCO Bank | Details | Head Office, 10, B.T.M. Sarani, Brabourn Road, Calcutta-700 001. |
| 12 | State Bank of India | Details | Central Office, State Bank Bhavan, Madam Cama Road, Mumbai-400 021 |
source: www.financialservices.gov.in/banking-divisions/public-sector-banks