The nationalised banks of India form the backbone of the country’s public banking sector. As of 2025, there are 11 nationalised banks or public sector banks (PSBs) in India, excluding SBI.
This was after a two-phase sorting process in 1969 and 1980, which resulted in the government creating a group of larger, stronger, and more efficient banks. These banks are majority-owned by the Government of India and are critical in financial inclusion, rural banking, and credit distribution.
Read on more to learn about these banks and find out which one suits your needs best.
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The Indian government, under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969 & 1980, acquired 20 banks, aiming to bring banking under public control. In later years, these were merged, creating the 11 nationalised banks we have now. The goal was to create fewer, but larger, stronger, and more globally competitive Public Sector Banks. |
List of Nationalised Banks in India
There are currently 11 nationalised banks in India, following a series of government-led mergers and consolidations. These banks operate under public sector ownership and follow guidelines issued by the Reserve Bank of India.
The following is the list of all nationalised banks in India:
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Indian Bank
- Indian Overseas Bank
- Punjab & Sind Bank
- Punjab National Bank
- UCO Bank
- Union Bank of India
You might have noticed that SBI is not included in this list. This is because SBI, unlike other banks, was not acquired under the Banking Companies (Acquisition and Transfer of Undertakings) Act. The SBI was formed in 1955 by the nationalisation of the Imperial Bank of India through the State Bank of India Act, 1955.
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State Bank of India (SBI) is a public sector bank, not nationalised under the 1969/1980 acts. Hence, technically, it is not a nationalised bank. |
Here is the list of all the previously nationalised banks under the Banking Companies Act.
| Current Nationalised Bank | Merged Banks (now part of it) |
|---|---|
| Bank of Baroda | Dena Bank, Vijaya Bank |
| Bank of India | – |
| Bank of Maharashtra | – |
| Canara Bank | Syndicate Bank |
| Central Bank of India | – |
| Indian Bank | Allahabad Bank |
| Indian Overseas Bank | – |
| Punjab National Bank | Oriental Bank of Commerce, United Bank of India, New Bank of India (merged earlier in 1993) |
| Punjab & Sind Bank | – |
| UCO Bank | – |
| Union Bank of India | Andhra Bank, Corporation Bank |
Note: Only 5 banks underwent mergers in the last round of government-led consolidation (2019–2020). Punjab National Bank has had multiple merger phases, including one in 1993 with the New Bank of India.
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Highlights of Nationalised Banks in India
Each nationalised bank in India has distinct operational strengths, customer bases, and service areas. Below are brief overviews of each.
Note: Please note that the provided tables and the ratings are based on data and feedback available to date and are subject to change as banks improve their performance.
Bank of Baroda
Bank of Baroda is a leading public sector bank with a global presence and robust retail lending services. After merging with Dena Bank and Vijaya Bank, Bank of Baroda became one of the top nationalised banks in India.
Here is a typical rating system for the services provided by the Bank of Baroda:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 9 |
| UPI/IMPS/NEFT/RTGS | 9 |
| Government Scheme Integration | 9 |
| Affordable Credit (MSME/Agriculture) | 8 |
| Digital Onboarding & eKYC | 8 |
| Customer Grievance Redressal | 7 |
| Debit/ATM/Cardless Services | 8 |
| Financial Literacy Programs | 7 |
| Safe Deposit/Nomination Services | 9 |
| Multi-language Customer Support | 8 |
Bank of India
Established in 1906, Bank of India is known for strong overseas operations and SME financing. It remains a key player among nationalised banks in India, as the first nationalised bank to have a branch open internationally.
Here is a typical rating system for the services provided by the Bank of India:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 7 |
| UPI/IMPS/NEFT/RTGS | 8 |
| Government Scheme Integration | 8 |
| Affordable Credit (MSME/Agriculture) | 7 |
| Digital Onboarding & eKYC | 6 |
| Customer Grievance Redressal | 6 |
| Debit/ATM/Cardless Services | 7 |
| Financial Literacy Programs | 6 |
| Safe Deposit/Nomination Services | 7 |
| Multi-language Customer Support | 6 |
Bank of Maharashtra
The Bank of Maharashtra has a concentrated network in Maharashtra, offering personalised banking with wide rural outreach. It supports MSMEs and is a vital nationalised bank in India.
Here is a typical rating system for the services provided by the Bank of Maharashtra:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 9 |
| UPI/IMPS/NEFT/RTGS | 9 |
| Government Scheme Integration | 8 |
| Affordable Credit (MSME/Agriculture) | 9 |
| Digital Onboarding & eKYC | 9 |
| Customer Grievance Redressal | 8 |
| Debit/ATM/Cardless Services | 8 |
| Financial Literacy Programs | 8 |
| Safe Deposit/Nomination Services | 9 |
| Multi-language Customer Support | 8 |
Canara Bank
Following its merger with Syndicate Bank, Canara Bank now ranks among the best nationalised banks in India with a large customer base and digital services.
Here is a typical rating system for the services provided by the Canara Bank:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 9 |
| UPI/IMPS/NEFT/RTGS | 9 |
| Government Scheme Integration | 8 |
| Affordable Credit (MSME/Agriculture) | 9 |
| Digital Onboarding & eKYC | 8 |
| Customer Grievance Redressal | 7 |
| Debit/ATM/Cardless Services | 8 |
| Financial Literacy Programs | 7 |
| Safe Deposit/Nomination Services | 8 |
| Multi-language Customer Support | 8 |
Central Bank of India
The Central Bank of India is one of the oldest nationalised banks in India. The Central Bank of India offers focused schemes for agriculture and rural lending across India.
Here is a typical rating system for the services provided by the Central Bank of India:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 6 |
| UPI/IMPS/NEFT/RTGS | 7 |
| Government Scheme Integration | 8 |
| Affordable Credit (MSME/Agriculture) | 7 |
| Digital Onboarding & eKYC | 6 |
| Customer Grievance Redressal | 5 |
| Debit/ATM/Cardless Services | 6 |
| Financial Literacy Programs | 6 |
| Safe Deposit/Nomination Services | 7 |
| Multi-language Customer Support | 6 |
Indian Bank
Indian Bank merged with Allahabad Bank in 2020. They offer retail, corporate, and MSME banking with a growing digital platform.
Here is a typical rating system for the services provided by the Indian Bank:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 8 |
| UPI/IMPS/NEFT/RTGS | 8 |
| Government Scheme Integration | 8 |
| Affordable Credit (MSME/Agriculture) | 8 |
| Digital Onboarding & eKYC | 7 |
| Customer Grievance Redressal | 7 |
| Debit/ATM/Cardless Services | 8 |
| Financial Literacy Programs | 7 |
| Safe Deposit/Nomination Services | 8 |
| Multi-language Customer Support | 7 |
Indian Overseas Bank
IOB maintains a strong presence in southern India and offers services in foreign exchange and international banking.
Here is a typical rating system for the services provided by the Indian Overseas Bank:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 6 |
| UPI/IMPS/NEFT/RTGS | 7 |
| Government Scheme Integration | 8 |
| Affordable Credit (MSME/Agriculture) | 7 |
| Digital Onboarding & eKYC | 5 |
| Customer Grievance Redressal | 5 |
| Debit/ATM/Cardless Services | 6 |
| Financial Literacy Programs | 6 |
| Safe Deposit/Nomination Services | 7 |
| Multi-language Customer Support | 6 |
Punjab & Sind Bank
A smaller nationalised bank in India, Punjab & Sind Bank, focuses on northern India and specialises in personal and SME banking.
Here is a typical rating system for the services provided by the Punjab & Sind Bank:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 5 |
| UPI/IMPS/NEFT/RTGS | 6 |
| Government Scheme Integration | 8 |
| Affordable Credit (MSME/Agriculture) | 6 |
| Digital Onboarding & eKYC | 5 |
| Customer Grievance Redressal | 5 |
| Debit/ATM/Cardless Services | 6 |
| Financial Literacy Programs | 5 |
| Safe Deposit/Nomination Services | 6 |
| Multi-language Customer Support | 6 |
Punjab National Bank
As one of the top 3 nationalised banks in India, PNB was merged with Oriental Bank and United Bank, making it a dominant national player in financial services.
Here is a typical rating system for the services provided by the PNB:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 7 |
| UPI/IMPS/NEFT/RTGS | 8 |
| Government Scheme Integration | 9 |
| Affordable Credit (MSME/Agriculture) | 8 |
| Digital Onboarding & eKYC | 7 |
| Customer Grievance Redressal | 6 |
| Debit/ATM/Cardless Services | 7 |
| Financial Literacy Programs | 7 |
| Safe Deposit/Nomination Services | 8 |
| Multi-language Customer Support | 7 |
UCO Bank
Headquartered in Kolkata, the UCO Bank is a pan-India bank with a focus on priority sector lending and digital adoption.
Here is a typical rating system for the services provided by the UCO Bank:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 6 |
| UPI/IMPS/NEFT/RTGS | 7 |
| Government Scheme Integration | 8 |
| Affordable Credit (MSME/Agriculture) | 6 |
| Digital Onboarding & eKYC | 5 |
| Customer Grievance Redressal | 5 |
| Debit/ATM/Cardless Services | 6 |
| Financial Literacy Programs | 5 |
| Safe Deposit/Nomination Services | 6 |
| Multi-language Customer Support | 6 |
Union Bank of India
Union Bank has grown into one of the top 10 national banks in India after its merger with Andhra Bank and Corporation Bank. The most interesting aspect of Union Bank of India revolves around its illustrious inauguration by Mahatma Gandhi himself.
Here is a typical rating system for the services provided by the Union Bank of India:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 8 |
| UPI/IMPS/NEFT/RTGS | 8 |
| Government Scheme Integration | 8 |
| Affordable Credit (MSME/Agriculture) | 8 |
| Digital Onboarding & eKYC | 7 |
| Customer Grievance Redressal | 6 |
| Debit/ATM/Cardless Services | 7 |
| Financial Literacy Programs | 6 |
| Safe Deposit/Nomination Services | 8 |
| Multi-language Customer Support | 7 |
State Bank of India (Public Sector Bank)
While not technically nationalised, SBI is India’s largest public bank with the widest branch network and top market share. The SBI is the largest and oldest commercial bank in the Indian subcontinent, and it has continuously evolved to remain India’s largest and most significant bank.
Here is a typical rating system for the services provided by the SBI:
| Service | Rating (Out of 10) |
|---|---|
| Mobile & Internet Banking | 10 |
| UPI/IMPS/NEFT/RTGS Transfers | 10 |
| Government Scheme Integration | 10 |
| Affordable Credit (MSME/Agriculture) | 9 |
| Digital Onboarding & eKYC | 9 |
| Customer Grievance Redressal | 8 |
| Debit/ATM/Cardless Services | 10 |
| Financial Literacy Programs | 9 |
| Safe Deposit/Nomination Services | 10 |
| Multi-language Customer Support | 9 |
Difference Between Nationalised & Private Banks
Nationalised banks in India are owned by the Government, while private banks are controlled by private shareholders. The core differences lie in management, lending patterns, and risk profiles. There can also be added differences, such as support for government schemes, etc.
| Aspect | Nationalised Banks | Private Banks |
|---|---|---|
| Ownership | Majority-owned by the Government of India | Owned by private companies, investors, or institutions |
| Core Objective | Focus on financial inclusion, public welfare, and rural development | Focus on innovation, efficiency, and competitive customer service |
| Lending Strategy | Emphasizes priority sectors (e.g., agriculture, MSMEs, education) | Offers diversified lending with a focus on retail, personal, and corporate segments |
| Service Approach | Branch-driven with increasing digital adoption | Tech-driven, often prioritizing digital-first customer experiences |
| Customer Interaction | Personalized service at branches, supportive of rural and senior customers | Streamlined, app-based service with quick response times |
| Technology & Innovation | Rapidly modernizing post-merger with a growing digital presence | Early adopters of digital platforms, fintech integrations, and automation |
| Deposit Interest Rates | Consistent and government-aligned rates | Slightly flexible based on competition and customer segments |
| Loan Disbursal | Follows formal documentation and regulatory protocols | Uses data-driven tools for quicker credit decisions and simplified onboarding |
| Recruitment & Management | Staff hired via government exams; stable career structure | Hires directly; emphasizes merit-based progression and dynamic roles |
| Role in Govt. Schemes | Integral to PMJDY, DBT, pensions, and subsidy transfers | Participates selectively; complements public banks in the financial ecosystem |
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