Candidates preparing for bank exams in 2023 or planning to do so should consult this list of the top government banks in India for 2023 after the merger process. This will provide them with the most up-to-date information on the topic of government banks in India.
The topic of government banks in India is crucial as it falls under both basic GK and current affairs. A bank, in essence, is a financial institution that is authorized to lend money and accept deposits while providing additional financial assistance to consumers. Government banks, often referred to as public sector banks, are a prevalent category of banks in India that are owned by the government. The Ministry of Finance of the Government of India or the State Ministry of Finance of one or more Indian State Governments holds the majority interest in these banks, with the government owning more than 51% of their shares. The Reserve Bank of India serves as the country’s foremost banking regulator and central banking institution. This article provides answers to questions, as an aspirant, you may have in your mind. Such as:
- What is the list of government banks in India for 2023?
- Which bank holds the top position as India’s No. 1 government bank?
- What is bank merging and its purpose?
- What are the top government banks in India for 2023?
- What is the list of government banks in India after the merger?
- What are the names of government banks in India?
- Which banks in India have been nationalized?
- Which bank was established in which year?
This comprehensive government banks in India article aims to provide aspirants with the most relevant and up-to-date information on the subject. It is an essential resource for those preparing for bank exams and anyone interested in the banking sector in India.
What is merging of banks?
Bank mergers refer to the consolidation of two or more banks or financial institutions into a single entity. This process is typically initiated by regulatory authorities or the banks themselves with the aim of achieving various financial, operational, and strategic benefits. The primary goal of merging banks is to create a more robust and efficient banking system that can better serve the needs of the economy and customers.
Is bank mergers a recent development in India? No, bank mergers have a long history in India, with the first merger occurring in 1921 involving the Bank of Bengal, Bank of Bombay, and Bank of Madras, which initially named as the Imperial Bank of India, eventually evolved into the present-day State Bank of India. Lately, The State Bank of India merged with its Associate Banks and Bharatiya Mahila Bank in 2017, while the merger of Bank of Baroda, Vijaya Bank, and Dena Bank took place in 2019.
Here are some key aspects of Bank Mergers and their Associated Benefits:
Also Read: List of Merged Public Sector Banks
Here is the list of some major performing banks of India in 2023:
| Name of the Bank | Features |
| State Bank of India (SBI) | State Bank of India is the largest and one of the oldest public sector banks in India, established in the year 1955. The merger has led to the State Bank of India joining the ranks of the world’s top 50 banks. It has a vast network of branches and ATMs across the country and a significant presence worldwide.SBI offers a wide range of banking and financial services to individuals, businesses, and institutions. |
| Punjab National Bank (PNB) | Punjab National Bank, established in 1894, is one of the leading public sector banks in India. It offers various banking and financial products and services, including retail banking, corporate banking, and international banking. |
| Bank of Baroda (BOB) | Bank of Baroda is another major public sector bank in India with a substantial presence both domestically and internationally. It was established in 1908. It provides a comprehensive range of banking services, including retail, corporate, and investment banking. |
| Canara Bank | Canara Bank, established in the year 1906, is known for its wide-ranging banking solutions, including retail, corporate, and international banking services. It has a significant branch network across India and serves a diverse customer base. |
| Union Bank of India | Union Bank of India is a prominent public sector bank with a strong focus on retail and corporate banking. It was established in the year 1919. It offers a variety of financial products and services to meet the needs of its customers. |
| Bank of India (BOI) | Bank of India, established in the year 1906, is one of the oldest public sector banks in India. It provides banking services such as loans, deposits, and investments to individuals and businesses. |
| Indian Bank | Indian Bank is known for its customer-centric approach and offers a wide array of financial services, including retail and corporate banking. Established in the year 1907 as part of the Swadeshi movement. |
| Central Bank of India | Central Bank of India, established in the year 1911, is one of the oldest public sector banks in India and has a significant presence in the country. It was the first Indian commercial bank which was wholly owned and managed by Indians. It provides various banking and financial services to its customers. |
| UCO Bank | Established in 1943, UCO Bank is a Kolkata-based public sector bank with a strong presence in Eastern India.It offers important banking services to a diverse customer base. |
| IDBI Bank | Established as Development Financial Institution (DFI) in the year 1964, the primary role of IDBI (Industrial Development Bank of India) is to provide financial support and assistance for the growth and development of various industries in India. While IDBI Bank was a public sector bank, it has undergone changes in its ownership and may not be entirely government-owned as of last update. It is to operate as an “Indian Private-sector bank” with 15% public-shareholding, and offers a range of financial services, including loans, investments, and project financing, to promote industrialization and economic progress in the country. |
| NABARD | NABARD (National Bank for Agriculture and Rural Development) is a DFI entrusted with the responsibility of extending and overseeing credit and related services to foster the advancement of agriculture, small-scale industries, cottage and village enterprises, handcrafts, and other rural occupations, thereby stimulating economic activities in rural regions and promoting economic growth. It was established in the year 1982. |
| Reserve Bank of India (RBI) | RBI, short for the Reserve Bank of India, commenced in 1935, as the nodal agency to operate the credit and currency system of the country to its advantage. It serves as India’s central bank and the governing authority overseeing the Indian banking sector. Operating under the purview of the Ministry of Finance, Government of India, RBI plays a pivotal role in managing the issuance, stability, and supply of the Indian rupee. Additionally, it takes charge of crucial payment systems and actively fosters the nation’s economic growth. |
Conclusion
The majority of India’s commercial banks originally operated as private entities but underwent nationalization in 1969. This strategic move by the government aimed to foster economic growth by transforming these banks into public institutions, thereby enabling them to better cater to the country’s economic requirements and facilitate business development.
It’s important to recognize that the Indian banking sector has been experiencing continuous reforms and transformations, including mergers and acquisitions, for quite some time. You can stay informed about these developments by regularly reading newspapers and economic magazines/journals.
BeePedia for General Awareness/Current Affairs
ixamBee offers a valuable resource in the form of “Beepedia” that provides a continuous stream of updated content in the fields of Current Affairs and General Awareness. This resource is exceptionally beneficial for individuals preparing for various competitive examinations, ensuring they stay well-informed about the latest events, trends, and developments across the world. By regularly updating these topics, ixamBee empowers learners to stay ahead in their exam preparation and enhance their knowledge base, thereby increasing their chances of success in competitive exams. Wishing you Good Luck!
To help you prepare 50% faster for competitive exams, ixamBee provides free Mock Test Series and all the Current Affairs in English and Current Affairs in Hindi in the BeePedia capsules for GA Preparation. You can also get the latest updates for Bank PO, Bank Clerk, SSC, RBI NABARD and Other Government Jobs.
Also Read
Important Facts about RBI: History, Role & Responsibilities and Functions
RBI Grade B Interview Questions & Experience: A Comprehensive Guide
