Public sector banks in India - Wikipedia Public sector banks in India Public Sector Banks ( PSBs ) are banks where a majority stake ( i.e. more than 50 % ) is held by a government. The shares of these banks are listed on stock exchanges. There are a total of 21 PSBs in India. Contents 1 Public - Sector Banks 2 Emergence of public sector banks 3 Public sector banks before the economic liberalisation 4 See also 5 References Public - Sector Banks Nationalised Banks Allahabad Bank Andhra Bank Bank of India Bank of Baroda Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Punjab & Sindh Bank Punjab National Bank Syndicate Bank State Bank of India UCO Bank Union Bank of India United Bank of India Vijaya Bank IDBI Bank Emergence of public sector banks The Central Government entered the banking business with the nationalization of the Imperial Bank Of India in 1955. A 60 % stake was taken by the Reserve Bank of India and the new bank was named as the State Bank of India. The seven other state banks became the subsidiaries of the new bank when nationalised on 19 July 1960. The next major nationalisation of banks took place in 1969 when the government of India, under prime minister Indira Gandhi, nationalised an additional 14 major banks. The total deposits in the banks nationalised in 1969 amounted to 50 crores. This move increased the presence of nationalised banks in India, with 84 % of the total branches coming under government control. The next round of nationalisation took place in April 1980. The government nationalised six banks. The total deposits of these banks amounted to around 200 crores. This move led to a further increase in the number of branches in the market, increasing to 91 % of the total branch network of the country. The objectives behind nationalisation were : To break the ownership and control of banks by a few business families, To prevent the concentration of wealth and economic power, To mobilize savings from masses from all parts of the country, To cater to the needs of the priority sectors... total public sector banks are 21 including IDBI. Public sector banks before the economic liberalisation The share of the banking sector held by the public banks continued to grow through the 1980s, and by 1991 the public sector banks accounted for 90 % of the banking sector. A year later, in March, 1992, the combined total of branches held by public sector banks was 60,646 across India, and deposits accounted for Rs. 1, 10,000 crore. The majority of these banks were profitable, with only one out of the 21 public sector banks reporting a loss. Problem, with nationalised banks reporting a combined loss of Rs. 1160 crores. However, the early 2000s saw a reversal of this trend, such that in 2002 - 03 a profit of Rs. 7780 crores by the public sector banks : a trend that continued throughout the decade, with a Rs. 16856 crore profit in 2008 - 2009. See also List of banks in India References Jump up ^ http://www.rbi.org.in/commonman/English/scripts/banksinindia.aspx/ Jump up ^ `` Nationalisation of Banks in India ''. India Finance and Investment Guide. Indiamart. Archived from the original on 3 January 2014. Retrieved 29 March 2016. Jump up ^ Banerjee, Abhijit V. ; Cole, Shawn ; Duflo, Esther ( 2004 ). `` Banking Reform in India ''. India Policy Forum ( 1 ). Retrieved 31 October 2011. ^ Jump up to : `` Chapter 3 : Public sector banks : an overview and identification of weak banks ''. Reports. Reserve Bank of India. 4 October 1999. Retrieved 31 October 2011. Banking in India Reserve bank Reserve Bank of India Public sector banks Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank IDBI Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Post Bank of India Punjab & Sind Bank Punjab National Bank State Bank of India Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank Private sector banks Axis Bank Bandhan Bank Catholic Syrian Bank City Union Bank DCB Bank Dhanlaxmi Bank Federal Bank HDFC Bank ICICI Bank IDFC Bank IndusInd Bank Jammu & Kashmir Bank Karnataka Bank Karur Vysya Bank Kotak Mahindra Bank Lakshmi Vilas Bank Nainital Bank RBL Bank ( Ratnakar Bank ) South Indian Bank Tamilnad Mercantile Bank Limited Yes Bank Cooperative banks Buldhana Urban Cosmos Bank Repco Bank Saraswat Bank Shamrao Vithal Co-operative Bank TNSC Bank Rajkot Nagrik Sahakari Bank Foreign banks ABN AMRO Abu Dhabi Commercial Bank Antwerp Diamond Bank Australia and New Zealand Banking Group Bank Maybank Indonesia Bank of America Bank of Bahrain and Kuwait Bank of Ceylon The Bank of Tokyo - Mitsubishi UFJ Barclays Citibank India Credit Suisse DBS Bank Deutsche Bank HSBC Rabobank Royal Bank of Scotland Scotiabank Standard Chartered Regional Rural Banks Andhra Pradesh Grameena Vikas Bank Andhra Pragathi Grameena Bank Assam Gramin Vikash Bank Bangiya Gramin Vikash Bank Gramin Bank of Aryavart Kerala Gramin Bank North Malabar Gramin Bank Pallavan Grama Bank Pandyan Grama Bank Paschim Banga Gramin Bank Sarva UP Gramin Bank South Malabar Gramin Bank Uttar Bihar Gramin Bank Vananchal Gramin Bank List of regional rural banks in Uttar Pradesh Interbank networks Cirrus NFS PLUS ATM networks BANCS Cashnet CashTree India 1 ATM ( White Label ATM ) Indicash ( White Label ATM ) MITR Electronic funds transfers IMPS NEFT RTGS UPI ( VPA ) AEPS Cards MasterCard Debit MasterCard Maestro RuPay Visa Visa Debit Visa Electron Visa payWave Defunct banks Alliance Bank of Simla Arbuthnot & Co Bank of Bombay Bank of Calcutta Bank of Chettinad Bank of Cochin Bank of Hindostan Bank of Madras Bank of Madura Bank of Rajasthan Bank of Thanjavur Bareilley Corporation Bank Bengal Central Bank Bharat Overseas Bank Bharatiya Mahila Bank Centurion Bank of Punjab Chartered Bank of India, Australia and China Commercial Bank of India Dass Bank Exchange Bank of India & Africa Global Trust Bank Grindlays Bank Hindustan Commercial Bank Imperial Bank of India ING Vysya Bank Lakshmi Commercial Bank Lord Krishna Bank Madhavpura Mercantile Cooperative Bank Mercantile Bank of India, London and China Miraj State Bank Nath Bank Nedungadi Bank New Bank of India Oriental Bank Corporation Oudh Commercial Bank Palai Central Bank Pandyan Bank Sikkim Bank State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Saurashtra State Bank of Travancore Times Bank United Industrial Bank United Western Bank Related topics ATM usage fees in India Banks Board Bureau Banking Codes and Standards Board of India Bharat Bill Payment System De-Materialisation ( DEMAT ) Foreign Exchange ( FOREX ) Indian Financial System Code ( IFSC ) List of banks in India National Payments Corporation of India Prepaid Payment Instruments in India Structured Financial Messaging System ( SFMS ) Retrieved from `` https://en.wikipedia.org/w/index.php?title=Public_sector_banks_in_India&oldid=796646787 '' Categories : Government - owned banks of India Lists of banks in India Public sector in India Hidden categories : Use dmy dates from October 2015 Use Indian English from October 2015 All Wikipedia articles written in Indian English Talk Contents About Wikipedia हिन्दी தமிழ் Edit links This page was last edited on 22 August 2017, at 07 : 26. 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Question: total no of public sector banks in india
Answer: 21