Public sector banks in India [2025]

Find out about the public sector banks in India, along with the ones ranking among the top 10 based on their market caps

By Forbes India

Published: Jan 14, 2025 10:10:00 AM IST

Updated: Jan 15, 2025 10:46:09 AM IST

Public sector banks in India, often referred to as the government banks of India, occupy a pivotal role in India's financial landscape, exerting a profound influence on its economic advancement. PSBs have driven financial inclusion and socio-economic progress by actively supporting government initiatives like the Jan Dhan Yojana and Mudra Yojana. Their extensive branch networks extend banking services to even the remotest corners, ensuring accessibility for all.

Despite challenges such as increased competition from private banks and the imperative to embrace advanced technology, government banks of India remain a fundamental component of India's banking system.

In this article, we will explore the public sector banks in India.

The public banks in India

Here are all the public sector banks in India, with market cap data (as of January 14, 2025) sourced from BSE India.

Also Read: Commercial banks in India: Types and functions

Rank & Bank	Market Cap (Rs Lakh Crore)	Headquarter
#1 State Bank of India	6.68	Mumbai, Maharashtra
#2 Bank of Baroda	1.14	Vadodara, Gujarat
#3 Punjab National Bank	1.11	New Delhi
#4 Indian Overseas Bank	0.88	Chennai, Tamil Nadu
#5 Canara Bank	0.82	Bengaluru, Karnataka
#6 Union Bank of India	0.78	Mumbai, Maharashtra
#7 Indian Bank	0.67	Chennai, Tamil Nadu
#8 UCO Bank	0.47	Kolkata, West Bengal
#9 Bank of India	0.42	Mumbai, Maharashtra
#10 Central Bank of India	0.41	Mumbai, Maharashtra
#11 Bank of Maharashtra	0.37	Pune, Maharashtra
#12 Punjab & Sind Bank	0.29	New Delhi

Top 10 government banks in India by market cap

Now, we have ranked the top 10 government banks in India by market cap through the list above. Let’s take a closer look:

Note: The revenue data for FY24 is sourced from BSE India.

Also Read: Top 10 index funds in India by AUM

1. State Bank of India

Chairman: Dinesh Kumar Khara
Revenue FY24: Rs4,15,130.66

SBI, established in 1955, is the largest public sector banks in India. It is a prominent figure in the nation's financial sector. With an extensive array of banking and financial services, it caters to millions of domestic and international clients. On November 8, 2024, SBI reported 28 percent jump in net profit at Rs 18,331 crore for the quarter ended September 30, 2024. The PSU lender had reported net profit of Rs 14,330 crore in the year-ago period.

2. Bank of Baroda

MD & CEO: Debadatta Chand
Revenue FY24: Rs1,12,605.94

Bank of Baroda (BoB), founded in 1908, ranks second among India's top 10 public sector banks. BoB offers a comprehensive range of financial services domestically and globally and is renowned for its robust presence and unwavering commitment to customer satisfaction. Notably, BoB has made history with the first-ever three-way merger alongside Dena Bank and Vijaya Bank.

According to provisional business updates released on January 3, 2025, Bank of Baroda's global business grew 11.74 percent YoY to Rs 25.64 lakh crore. Global advances rose 11.65 percent YoY to Rs 11.72 lakh crore and global deposits climbed 11.82 percent YoY to Rs 13.92 lakh crore in the quarter ended December 31, 2024.

3. Punjab National Bank

MD & CEO: Atul Kumar Goel
Revenue FY24: Rs1,06,901.62

Punjab National Bank (PNB), founded in 1894, ranks third among India's top 10 public sector banks. With its headquarters in New Delhi, the bank boasts an extensive customer base exceeding 180 million. Freedom fighter Lala Lajpat Rai was a founding member and pivotal in the bank's early management.

PNB reported its business update for the third quarter of FY25 on January 2. The bank's domestic business rose to Rs25.37 lakh crore, recording a 4.5 percent quarter-on-quarter (QoQ) and 14.3 percent year-on-year (YoY) growth. In the second quarter, the bank's net profit reached Rs4,303.5 crore, a increase from Rs1,756 crore in the same period last year.

4. Indian Overseas Bank

MD & CEO: Ajay Kumar Srivastava
Revenue FY24: Rs24,049.73

Indian Overseas Bank (IOB), a prominent public sector bank in India founded in 1937, is headquartered in Chennai, Tamil Nadu. Beyond its domestic operations, IOB has extended its presence internationally.

According to media reports, government has approved a fund raising plan to the tune of Rs10,000 crore for five state-run lenders through the Qualified Institutional Placement (QIP) route, Indian Overseas Bank is one of them. They can raise funds in small tranches starting Q4FY25. Government owns 96.38 percent stake in IOB.

5. Canara Bank

MD & CEO: K. Satyanarayana Raju
Revenue FY24: Rs1,08,687.93

Canara Bank was founded in 1906. With its headquarters in Bengaluru, Karnataka, the bank boasts a rich and illustrious legacy of catering to the financial requirements of numerous patrons.

In December 2024, Canara Bank received Reserve Bank India's approval for a proposal to divest the bank's stake in Canara HSBC Life Insurance Company and Canara Robeco AMC.

6. Union Bank of India

MD & CEO: A. Manimekhalai
Revenue FY24: Rs99,777.96

Union Bank of India, the fourth largest public sector bank in India, was established in 1919, and boasts a substantial nationwide presence. Mahatma Gandhi inaugurated the Union Bank of India's office upon its establishment. Subsequently, in 1969, the bank underwent nationalisation, joining forces with 14 other banks to pool their resources and funds for the country's progress.

The Union Bank has recently introduced two new debit card variants on the Rupay network—a metal card for the ultra HNI and one specifically for women. Both bring unique benefits to the respective user groups.

7. Indian Bank

MD & CEO: Shanti Lal Jain
Revenue FY24: Rs55,614.78

Indian Bank, established in 1907, is headquartered in Chennai, Tamil Nadu. With a rich legacy and a widespread national presence, Indian Bank is committed to offering innovative banking solutions and customer-centric services.

8. UCO Bank

MD & CEO: Ashwani Kumar
Revenue FY24: Rs21,854.34

UCO Bank was founded in 1943. The bank maintains a substantial national presence in Kolkata, West Bengal. UCO Bank prioritises maintaining trust and delivering dependable banking services to address financial requirements, thus contributing to the nation's economic advancement and well-being.

UCO Bank has also received the permission to raise funds through QIP. They can raise funds in small tranches starting Q4FY25. Government owns 95.39 percent stake.

9. Central Bank of India

MD & CEO: Matam Venkata Rao
Revenue FY24: Rs30,722.23

Founded in 1911, the Central Bank of India stands among India's top 10 public sector banks. Central Bank of India's net profit for Q2FY25 rose 50.91 percent Y-o-Y to Rs913 crore, supported by rise in net interest income and recoveries from written-off accounts. CBI is also one of the five public lenders who will benefit from governments approval to raise funds via QIPs. Government has 93.08 percent stake in the bank.

10. Bank of India

MD & CEO: Rajneesh Karnatak
Revenue FY24: Rs60,709.49

Established in 1906, the Bank of India (BoI) is among India's oldest public sector banks. BoI, headquartered in Mumbai, Maharashtra, boasts a storied history and an extensive branch network nationwide. The bank aims to stimulate economic development through various financial offerings and services.

Bank of India has reportedly joined a slew of other Indian borrowers seeking to raise foreign currency debt. The public lender is looking to raise the loan of as much as $400 million. Acccording to a Bloomberg report, CTBC Bank Co and Standard Chartered PLC are the arrangers of the facility. The last time BoI tapped the offshore markets for loan was in 2012 when it raised $200 million two-year facility.