Nationalised Banks are banks, which were acquired by the Government from private firm or person under an Act or Ordinance.
The history of nationalization of Indian banks can be dated back to the year 1955, at the time when the Imperial Bank of India was nationalized. It was then later re-christened as State Bank of India, under the SBI Act, 1955.
In the process of nationalisation, the national government or State takes hold over the private industry, organisation or assets into public ownership by an Act or ordinance/orders.
The main difference between Nationalised Bank and Public Sector Bank is that Nationalised Banks were acquired by the Government under an Act or Ordinance whereas Public Sector Banks are banks in which majority of shares or part is held by the Government.
So, the main thing is that all Nationalised Banks are Public Sector Banks but Public Sector Banks are not Nationalised Banks. This post lays down brief description the Top 10 Nationalised Banks in India 2017, here have a look!
10. Syndicate Bank
Syndicate Bank is ranked 10th in the list ofTop 10 Nationalised Banks in India 2017. Founded in 1925, Syndicate Bank was nationalised in the year 1969.
Syndicate Bank is a fast growing bank which has constantly been giving good results in every quarter and years. This bank stands at the tenth position in the list of Top 10 Nationalised Banks in India 2017.
Market Capitalization: Rs 5870 Crore
9. Indian Overseas Bank
India Overseas Bank has more than 3,300 domestic branches and occupied ninth place in the list of Top 10 Nationalised Banks in India 2017. Also, the bank has 8 overseas branches in South Korea, Hong Kong, Singapore, Sri Lanka and Bangkok.
Market Capitalization: Rs 6308 Crore
8. Union Bank of India
Winner of Express Uptime Champion Award 2014, Union Bank of India is the next nationalised bank, which was incorporated in 1919. Headquartered in Mumbai, Union Bank of India has more than 4,000 branches and a customer base of over 49 Million.
Talking about services, then Union Bank of India is acclaimed for its products and services and some of the services offered by the bank include Loans, Mobile Banking and Internet Banking.
Market Capitalization: Rs 9500 Crore
7. Bank of India
Bank of India is another leading bank in India, which was founded in the year 1906. Some of the services offered by the bank include Deposits, Internet Banking, Credit Card and Debit card.
With more than 4,800 branches, Bank of India has a strong presence in the country. Apart from India, Bank of India has more than 50 offices present in over 20 countries in the world.
Market Capitalization: Rs 12,134 Crore
6. Indian Bank
Next on this list is Indian Bank, a nationalised bank founded in the year 1907 and owns more than 2,500 branches in India. Internet Banking, Wealth Management, Mobile Banking and Educational Loan are some of the services offered by the bank. This bank stands at the sixth position in the list of Top 10 Nationalised Banks in India 2017.
Market Capitalization: Rs 11,911 Crore
5. IDBI Bank
IDBI Bank is a government owned banking and financial company & it stands as the 10th largest development bank globally
It headquarters are located in Mumbai which was established in the year 1964 by the Act of Parliament. IDBI Bank has more than 1853 branches, 3350 ATMs in PAN-India level.
Market Capitalization: Rs 15,183 Crore
4. Canara Bank
Canara Bank is another nationalised bank, which is known for quality products and services and incorporated in the year 1906. Personal Banking, Loans, Insurance and Internet Banking are some of the services offered by Canara Bank.
Canara Bank is growing swiftly and at present owns more than 5,500 branches and over 7,000 ATMs in the country. Canara Bank for quality services has been awarded with numerous awards and some of the awards won by the bank include MSME Banking Excellence Awards-2014 and SKOCH Renaissance Award 2014.
Market Capitalization: Rs 15,396 Crore
3. Central Bank of India
Next is Central Bank of India, one of the oldest banks in India and came into existence in the year 1911. Central Bank of India is presently widely across the country with more than 4,300 branches in over 25 states in India. Loans, NRI Banking, Credit Card, Debit Card and Deposits are some of the services offered by the bank.
This bank stands at the third position in the list of Top 10 Nationalised Banks in India 2017.
Market capitalization: Rs 15,864 Crore
2. Punjab National Bank
Punjab National Bank is next on this list which stand at 2nd in the list ofTop 10 Nationalised Banks in India 2017. Punjab National Bank was started in the year 1894 and presently a leading nationalised bank with more than 6,000 branches and over 7,000 ATMs in the country.
Punjab National Bank is known for quality services and some of the services offered by the bank include Personal Banking and Agricultural Banking.
Market Capitalization: Rs 27,716 Crore
1. Bank of Baroda
When its about Nationalised Banks in India, then Bank of Baroda stands in the first position. The history of Bank of Baroda dates back to the year 1908, when it was founded by a group of businessmen and in the year 1969, the bank was nationalised. At present, Bank of Baroda has more than 5,000 branches and over 8,000 ATMs across the country, which provide quality and prompt services to customers.
Apart from India, Bank of Baroda has more than 100 branches in over 20 countries across the globe. Some of the services offered by Bank of Baroda include Wealth Management, Credit Cards, Debit Cards and Loans. Bank of Baroda also offers internet banking service under the name of Baroda Connect.
Market Capitalization: Rs 36,874 Crore