Top 10 Government Banks in India By Market Capitalization

Top 10 Government Banks in India

In choosing a bank in India, there are many options available which can be confusing. In 2024, numerous government-owned institutions offer various financial services for individuals and businesses. We have created an easy-to-understand guide with the top 10 government banks in India, to help you make better decisions. This list will provide information on established leaders as well as uprising stars in India’s banking sector.

Top 10 Government Banks in India

1. State Bank of India (SBI)

State Bank of India (SBI)

The State Bank of India (SBI), as the leading government bank in India, occupies the top position on our list. Established in 1806 and recognized for being this nation’s oldest commercial entity, SBI has expanded its operations with an extensive network covering over 22405 branches across the country alongside a substantial presence of approximately 63977 ATMs in addition to numerous business correspondence outlets reaching upwards of 71889. By March 2024 data suggests that SBI’s market share exceeded more than twenty percent for both deposits and loans, evidencing its prominent status within India’s banking sector.

State Bank of India plans to raise up to Rs 20,000 crore in FY25 through long-term bonds via public issue or private placement. This follows their Rs 20,000 crore infrastructure bond sale last year. SBI recently raised Rs 5,000 crore through perpetual bonds and $100 million through its London branch. The bank reported a 21.6% YoY growth in net profit for FY24. While its current market cap as of June 2024 is standing at 763,857.54 Crore INR.

SBI provides an extensive variety of financial products as well services like retail, corporate, plus investment banks are available with them .It has been leading in digital banking too by frequently updating to improve customers experience at the bank which is highly reliable and popular among more than a few million people living in India.

2. Bank of Baroda

Bank of Baroda

The Bank of Baroda, founded in 1908 and headquartered in Vadodara, Gujarat, is India’s prestigious government-owned financial institution that maintains a significant presence across the nation as well globally with operations spanning over 24 countries. By prioritizing innovation and digital transformation to meet customer needs effectively, it provides an extensive array of banking solutions encompassing retail, corporate, international business segments catered worldwide.

This publicly owned bank with market cap of 142,781.31Crore INR, operates across 24 nations and plans to double its tech team size to about 3000 members by FY2026, while also investing in their infrastructure and launching a platform based on artificial intelligence (AI). Renowned for being innovative as well as dedicated towards financial inclusion, the Bank of Baroda provides complete banking solutions. The bank actively supports government programs like Pradhan Mantri Jan Dhan Yojana scheme to further its commitment.  

3. Punjab National Bank (PNB)

Punjab National Bank (PNB)

PNB (Punjab National Bank), which ranks as India’s second-largest public sector lender since its inception in 1894, has a long history across the country with a strong presence. By March of this year 2024, PNB revealed an impressive increase to over Rs. ₹2,22,574 crore for total retail credit which shows robust performance. Formed by merging Punjab National Bank alongside Oriental Bank and United Bank – each bringing their strengths together in offering enhanced services.

In the last few months, Punjab National Bank (PNB) shared plans for raising 75 billion Indian Rupees (USD 890 million). The bank’s CEO Atul Kumar Goel anticipates an increase in loan growth to be around 12% by the financial year 2025. This follows the impressive results achieved so far, as total retail credit increased up till March of this last fiscal period reaching a figure of Rs. 2,23 billion (in crore). According to latest stats, it has a market cap of 135,842.90 Crore INR.

Being one in top 10 government banks in India, PNB is renowned for its dedication to technological improvements that enhance customer experience and satisfaction through various services, including banking in sectors such as personal or corporate needs also catering to the agricultural segment with great precision.

4. Indian Overseas Bank (IOB)

Indian Overseas Bank (IOB)

Indian Overseas Bank (IOB),  known to be one of   top 10 government banks in India established in 1937 and headquartered in Chennai, has been focusing on expanding its presence globally while serving the Indian diaspora specifically with NRI products. For Q4 of 2024, IOB reported an impressive increase of net profit by 24% reaching ₹808 crore and a total fiscal year growth in net profit to around ₹2665.66 crores. 

The bank’s asset quality has improved with gross NPAs falling to 3.1%. Their business increased significantly, crossing the mark of  ₹5 lakh crore, also witnessing CASA (Current Account Savings account) growth by around 43.90% and planning on opening as many new branches reaching a count up to 88 shortly.

The IOB provides many kinds of banking solutions designed for Non-Resident Indians (NRIs). They offer remittance services, special NRI accounts plus loans. Also, they support community development projects which has earned them recognition due to their social responsibility work. Lastly, there’s UCO Bank – an established and reputable government-owned bank that dates back to 1943 with its headquarters in Kolkata serving across India broadly offering diverse financial products for both individuals and companies alike. Current Market cap of Indian Overseas Bank stands at 121,731.53 Crore INR.

5. Canara Bank

Canara Bank

Canara Bank, established in 1911, stands as another prominent top 10 government banks in India with a significant presence across India. The bank boasts over two-thirds (62.93%) of ownership from the Indian Government since 2024 and is headquartered in Mumbai, Maharashtra. With an extensive network covering branches to ATMs nationwide, Canara Bank provides ease for their customers’ banking needs anytime they require it.

Among these services are savings and current accounts, loans of various types such as home mortgages or personal financing options along with a variety of investment products offered by the bank. In addition to financial support and assistance in India, this government-affiliated institution is also recognized for its efforts towards social responsibility through active involvement in community development initiatives.  This bank holds a market cap of 108,938.52 Crore INR.

6. Union Bank of India

Union Bank of India

Union Bank of India was founded in 1919 as an important government-owned institution with a strong market standing today. With over four out of every five shares owned by the government (83.49%), this bank is reliable, trustworthy, and well-appreciated among clients to date (as per data from the year 2024). The head office for Union Bank of India resides in Mumbai city of Maharashtra state. 

This institution offers a broad spectrum of banking services that cater to retail customers as much as they do the corporate sector too, spreading its network all across this country and known widely on customer satisfaction grounds only. A notable aspect is their commitment towards digital transformation for secure online banking solutions offering convenient ways in today’s modern era of technology usage. Bank has a market cap of 108,938.52 Crore INR.

7. Indian Bank

Indian Bank

Established in 1907, Indian Bank is an important publicly-owned bank with a base in Chennai, Tamil Nadu. With the majority ownership at about 80% by the government, it prioritizes stability and customer satisfaction above all else. It has expanded across India due to its dedication towards community improvement and financial independence for everyone. 

They provide various services like retail banking or corporate ones along with those tailored specifically toward agriculture-related needs too. Notably, they’ve been active in government programs promoting inclusive finance which have led them to recognition over time. Banks has a market cap of 73,806.89 Crore INR. 

8. UCO Bank

UCO Bank

UCO Bank, This is a government-owned banking institution, known for its trustworthiness and good reputation. It was established in the year 1943, with its main office located in Kolkata. UCO Bank has an extensive network throughout India that includes more than 4,000 service units and 43 zonal offices across the country. 

They provide a full spectrum of financial products and services such as savings accounts to loans for both individuals as well as businesses including investments plus insurance options too. The UCO Bank, which has a customer-oriented strategy and many awards for excellent service and performance, is involved in continually improving its operations.

In 2024 it put into action new features like online account opening, mobile banking as well and contactless payments to enhance the experience of their customers with them. The UCO Bank is strong financially and dedicated to serving the country still today. It’s a trusted partner for many Indians. UCO bank publicly traded stocks currently hold a market cap of 65,626.25 Crore INR.

9. Bank of India

Bank of India

The Bank of India was founded way back in 1906 making it one the oldest government banks around. Its main office resides proudly in Mumbai.

The Indian Government owns a big chunk of this bank at about 81%, showing how stable it is within the market. They offer all kinds of financial services from individual customers through corporations up to investment banking, really catering to everyone’s needs. Plus they are committed to helping people who may not have access to such resources by implementing programs and initiatives focused towards underserved communities. It holds a market cap of 54,516.30 Crore INR.

10. Central Bank of India

Central Bank of India

The Central Bank of India was established way back in the year 1911, making it a well-trusted government-owned banking institution with its headquarters set up in Mumbai city which extends itself all over India contributing significantly towards social development and economic growth within rural areas too. It’s one of the top 10 government banks in India that actively participate in projects aiming for better financial inclusion, especially among the underserved sections across our nation, thus playing an influential role in national progression schemes.

Recently it made headlines about reducing its cost-to-income ratio from 58.18% during FY24 to under 50 % by the Financial Year (FY) of 2025, the CEO Mr MV Rao confirmed this news stating that they’re working on improving process efficiency and cutting down costs for higher profits. The bank also intends to diminish bad loans while striving towards enhancing asset quality over time, demonstrating its commitment to long-term growth strategies and a more responsible banking culture overall. Currently it holds a market cap of 74,184 Crore INR.


Selecting a bank is crucial for managing finances, we hope our guide on top 10 government banks in India. Banks helped you with useful info in 2024, Each of them offers distinct services and caters to diverse customers while prioritizing satisfaction. Align your financial objectives when choosing, and stay up-to-date as the banking sector evolves quickly. These stable, innovative government banks cover a broad range, perfect for fulfilling all sorts of financial needs.

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