# Public Sector Undertakings in India

Public Sector Undertakings (PSU) in India are government-owned entities in which at least 51% of stake is under the ownership of the Government of India or state governments.These type of firms can also be a joint venture of multiple PSUs. These entities perform commercial functions on behalf of the government. Depending on the level of government ownership, PSUs are officially classified into two categories: Central Public Sector Undertakings (CPSUs), owned by the central government or other CPSUs; and State Public Sector Undertakings (SPSUs), owned by state governments. CPSU and SPSU is further classified into Strategic Sector and Non-Strategic Sector. Depending on their financial performance and progress, CPSUs are granted the status of Maharatna, Navaratna, and Miniratna (Category I and II).
Following India's independence in 1947, the limited pre-existing industries were insufficient for sustainable economic growth. The Industrial Policy Resolution of 1956, adopted during the Second Five-Year Plan, laid the framework for PSUs. The government initially prioritized strategic sectors, such as communication, irrigation, chemicals, and heavy industries, followed by the nationalisation of corporations. PSUs subsequently expanded into consumer goods production and service areas like contracting, consulting, and transportation. Their goals include increasing exports, reducing imports, fostering infrastructure development, driving economic growth, and generating job opportunities. Each PSU has its own recruitment rules and employment in PSUs is highly sought after in India due to high pay and its job security, with most preferring candidates with a GATE score.
In 1951, there were five PSUs under the ownership of the government. By March 2021, the number of such government entities had increased to 365. These government entities represented a total investment of about ₹16,410,000,000,000 as of 31 March 2019. Their total paid-up capital as of 31 March 2019 stood at about ₹200.76 lakh crore. CPSEs have earned a revenue of about ₹24,430,000,000,000 + ₹1,000,000,000,000 during the financial year 2018–19.

## History

When India achieved independence in 1947, it was primarily an agrarian entity, with a weak industrial base. There were only eighteen state-owned Indian Ordnance Factories, previously established to reduce the dependency of the British Indian Army on imported arms.
The British Raj had previously elected to leave agricultural production to the Private sector, with tea processing firms, jute mills (such as the Acland Mill), railways, electricity utilities, banks, coal mines, and steel mills being just some of the economic entities largely owned by private individuals like the industrialist Jamsetji Tata. Other entities were listed on the Bombay Stock Exchange.
Critics of private ownership of India's agricultural and industrial entities—most notably Mahatma Gandhi's independence movement—instead advocated for a self-sufficient, largely agrarian, communal village-based existence for India in the first half of the 20th century. Other contemporary criticisms of India's public sector targeted the lack of well-funded schools, public libraries, universities, hospitals and medical and engineering colleges; a lack seen as impeding an Indian replication of Britain's own industrialization in the previous century.
Post-Independence, the national consensus turned in favor of rapid industrialisation of the economy, a process seen as the key to economic development, improved living standards and economic sovereignty. Building upon the Bombay Plan, which noted the necessity of government intervention and regulation in the economy, the first Industrial Policy Resolution announced in 1948 laid down in broad strokes such a strategy of industrial development. Later, the Planning Commission was formed by a cabinet resolution in March 1950 and the Industrial (Development and Regulation) Act was enacted in 1951 with the objective of empowering the government to take necessary steps to regulate industry.
The first Prime Minister of India, Jawaharlal Nehru, promoted an economic policy based on import substitution industrialisation and advocated a mixed economy. He believed that the establishment of basic and heavy industry was fundamental to the development and modernisation of the Indian economy. India's second five year plan (1956–60) and the Industrial Policy Resolution of 1956 emphasized the development of public sector enterprises to meet Nehru's national industrialisation policy. His vision was carried forward by V. Krishnamurthy, a figure known as the "Father of Public sector undertakings in India". Indian statistician Prasanta Chandra Mahalanobis was instrumental to its formulation, which was later termed the Feldman–Mahalanobis model.
In 1969, Indira Gandhi's government nationalised fourteen of India's largest private banks, and an additional six in 1980. This government-led industrial policy, with corresponding restrictions on private enterprise, was the dominant pattern of Indian economic development until the 1991 Indian economic crisis. After the crisis, the government began divesting its ownership of several PSUs to raise capital and privatize companies facing poor financial performance and low efficiency.

## Management and classification

The public sector undertakings are headed by the head of board of directors also known as chairperson cum managing director cum chief executive officer and a vice chairperson cum deputy managing director cum co-chief executive officer along with the members of the board of directors also known as executive director cum c-level officer who are Group 'A' gazetted officers appointed by the President of India in case of central public sector undertakings, its subsidiaries & its divisions and appointed by the Governor of States of India in case of state public sector undertakings, its subsidiaries & its divisions.
All of the public sector undertakings have been awarded additional financial autonomy. Public Sector Undertakings are government establishments that have comparative advantages", giving them greater autonomy to compete in the global market so as to "support [them] in their drive to become global giants". Financial autonomy was initially awarded to nine PSUs as Navratna status in 1997. Originally, the term Navaratna meant a talisman composed of nine precious gems. Later, this term was adopted in the courts of the Gupta emperor Vikramaditya and Mughal emperor Akbar, as the collective name for nine extraordinary courtiers at their respective courts.
In 2010, the central government established the higher Maharatna category, which raises a public sector unit's investment ceiling from ₹1,000 crore to ₹5,000 crores. The Maharatna public sector units can now decide on investments of up to 15 per cent of their net worth in a project while the Navaratna companies could invest up to ₹1,000 crore without explicit government approval. Two categories of Miniratnas afford less extensive financial autonomy.
Guidelines for awarding Ratna status are as follows:
| Category | Eligibility | Benefits for investment |
| Maharatna (transl. "Great Jewel" or "Mega Jewel") | Three years with an average annual net profit of over ₹2,500 crores, OR The average annual Net worth of ₹10,000 crores for three years, OR Average annual Turnover of ₹20,000 crore for three years (against Rs 25,000 crore prescribed earlier) | ₹1,000 crore – ₹5,000 crores, or free to decide on investments up to 15% of their net worth in a project |
| Navaratna (transl. "Nine Jewels") | A score of 60 (out of 100), based on six parameters which include net profit, net worth, total manpower cost, the total cost of production, cost of services, PBDIT (Profit Before Depreciation, Interest, and Taxes), capital employed, etc., AND A PSU must first be a Miniratna and have 4 independent directors on its board before it can be made a Navratna. | up to ₹1,000 crore or 15% of their net worth on a single project or 30% of their net worth in the whole year (not exceeding ₹1,000 crores). |
| Miniratna Category-I (transl. "Small Jewel" or "Mini Jewel" Category-I) | Have made profits continuously for the last three years or earned a net profit of ₹30 crores or more in one of the three years | up to ₹500 crore or equal to their net worth, whichever is lower. |
| Miniratna Category-II (transl. "Small Jewel" or "Mini Jewel" Category-II) | Have made profits continuously for the last three years and should have a positive net worth. | up to ₹300 crores or up to 50% of their net worth, whichever is lower. |
PSUs in India are also categorized based on their special non-financial objectives and are registered under Section 8 of Companies Act, 2013 (erstwhile Section 25 of Companies Act, 1956).

## Top profit making CPSUs

Top Profit Making CPSUs in Financial Year 2021–22 :
| S. No. | CPSE Name | Net Profit (₹ crore) | Share (%) |
| 1 | Oil and Natural Gas Corporation Limited (ONGC) | 40,305 | 15.27 |
| 2 | Indian Oil Corporation Limited (IOCL) | 24,184 | 9.16 |
| 3 | Power Grid Corporation of India (PGCIL) | 17,074 | 6.48 |
| 4 | National Thermal Power Corporation (NTPC) | 16,111 | 6.11 |
| 5 | Steel Authority of India Limited (SAIL) | 12,015 | 4.55 |
| 6 | Coal India Limited (CIL) | 11,202 | 4.24 |
| 7 | Gas Authority of India Limited (GAIL) | 10,364 | 3.93 |
| 8 | Rural Electrification Corporation (REC) | 10,046 | 3.81 |
| 9 | Power Finance Corporation Limited (PFCL) | 10,022 | 3.80 |
| 10 | National Mineral Development Corporation Limited (NMDC) | 9,398 | 3.56 |
| Total (1-10) | Total (1-10) | 1,60,742 | 60.91 |
| | Other CPSEs | 1,03,153 | 39.09 |
| Aggregated profit of profit-making CPSEs | Aggregated profit of profit-making CPSEs | 2,63,895 | 100 |

## List of CPSUs

Public Sector Undertakings (PSUs) can be classified as Central Public Sector Undertakings (CPSUs) or State Public Sector Undertakings (SPSUs). CPSUs are administered by the Ministry of Heavy Industries and Public Enterprises. The Department of Public Enterprises (DPE), Ministry of Finance is the nodal department for all the Central Public Sector Undertakings (CPSUs).
As of October 2024, there are 14 Maharatnas, 24 Navratnas and 65 Miniratnas (divided into Category 1 and Category 2).

### List of Maharatna

* Oil and Natural Gas Corporation (ONGC)
* Bharat Heavy Electricals Limited (BHEL)
* Bharat Petroleum Corporation Limited (BPCL)
* Coal India Limited (CIL)
* Gas Authority of India Limited (GAIL)
* Hindustan Petroleum Corporation Limited (HPCL)
* Indian Oil Corporation Limited (IOCL)
* National Thermal Power Corporation (NTPC)
* Power Grid Corporation of India (PGCIL)
* Power Finance Corporation Limited (PFCL)
* Rural Electrification Corporation Limited (REC)
* Steel Authority of India Limited (SAIL)
* Oil India Limited (OIL)
* Hindustan Aeronautics Limited (HAL) (since 12 October 2024)

### List of Navratna

* Bharat Electronics Limited (BEL)
* Container Corporation of India (CONCOR)
* Engineers India Limited (EIL)
* Mahanagar Telephone Nigam Limited (MTNL)
* National Aluminium Company (NALCO)
* NBCC (India) Limited
* National Mineral Development Corporation (NMDC)
* NLC India Limited (Neyveli Lignite)
* Rashtriya Ispat Nigam Limited (RINL)
* Shipping Corporation of India (SCI)
* Rail Vikas Nigam Limited (RVNL)
* ONGC Videsh Limited
* Rashtriya Chemicals & Fertilizers Limited (RCF)
* Ircon International
* RITES Limited
* National Fertilizers Limited (NFL)
* Housing And Urban Development Corporation Limited (HUDCO)
* Indian Renewable Energy Development Agency (IREDA)
* Central Warehousing Corporation (CWC)
* Mazagon Dockyard Limited
* RailTel Corporation of India Limited (RCIL) (since 30 August 2024)
* SJVN Limited
* NHPC Limited
* Solar Energy Corporation of India (SECI)
* Indian Railway Catering and Tourism Corporation (IRCTC)
* Indian Railway Finance Corporation (IRFC)

### List of Miniratna
#### Miniratna Category-I

* Airports Authority of India (AAI)
* ONGC Videsh Limited
* Antrix Corporation (ANTRIX)
* Balmer Lawrie
* Braithwaite & Co.
* Bharat Coking Coal Limited (BCCL)
* Bharat Dynamics Limited (BDL)
* Bharat Earth Movers Limited (BEML)
* Bharat Sanchar Nigam Limited (BSNL)
* Bridge and Roof Company (India)
* Central Electronics Limited (CEL)
* Central Coalfields Limited (CCL)
* Central Mine Planning & Design Institute Limited
* Chennai Petroleum Corporation (CPCL)
* Cochin Shipyard (CSL)
* Cotton Corporation of India Limited (CCIL)
* EdCIL (India) Limited (EdCIL)
* Garden Reach Shipbuilders & Engineers (GRSE)
* Goa Shipyard (GSL)
* Hindustan Copper (HCL)
* HLL Lifecare
* Hindustan Newsprint
* Hindustan Paper Corporation Limited
* Hindustan Steelworks Construction Ltd.
* HSCC India Limited
* Indian Tourism Development Corporation (ITDC)
* Indian Rare Earths (IRE)
* Indian Railway Catering and Tourism Corporation (IRCTC)
* Indian Railway Finance Corporation (IRFC)
* India Trade Promotion Organisation (ITPO)
* Kudremukh Iron Ore Company (KIOCL)
* Mahanadi Coalfields (MCL)
* MOIL Limited (MOIL)
* Mangalore Refinery and Petrochemicals Limited (MRPL)
* Mineral Exploration Corporation Limited (MECL)
* Mishra Dhatu Nigam
* MMTC Ltd. (MMTC)
* MSTC Limited
* National Fertilizers (NFL)
* National Projects Construction Corporation
* National Small Industries Corporation (NSIC)
* National Seed Corporation (NSC)
* Northern Coalfields (NCL)
* North Eastern Electric Power Corporation Limited (NEEPCL)
* Numaligarh Refinery
* Pawan Hans Helicopters Limited
* Projects and Development India Limited (PDIL)
* Rashtriya Chemicals & Fertilizers (RCF)
* Security Printing and Minting Corporation of India
* South Eastern Coalfields (SECL)
* Telecommunications Consultants India (TCIL)
* THDC India Limited
* Western Coalfields (WCL)
* WAPCOS Limited

#### Miniratna Category-II (11)

* Artificial Limbs Manufacturing Corporation of India
* Bharat Pumps & Compressors
* Broadcast Engineering Consultants India Limited
* Engineering Projects (India) Limited
* FCI Aravali Gypsum and Minerals (India) Limited
* Ferro Scrap Nigam Limited
* HMT International Limited
* Indian Medicines Pharmaceutical Corporation Limited
* MECON
* National Film Development Corporation of India (NFDC)
* Rajasthan Electronics and Instruments Limited

### List of Other CPSEs

* Agrinnovate India Ltd.
* AFC India Limited
* Anushakti Vidhyut Nigam Limited
* Aravali Power Company Private Limited (APCPL) Jharli, Jhajjar
* Bengal Chemicals and Pharmaceuticals Limited
* Bengal Immunity Limited
* Biotechnology Industry Research Assistance Council (BIRAC)
* Bharat Broadband Network (BBNL)
* Bharat Coal Gasification and Chemicals Ltd (BCGCL)
* Bharat Gold Mines Limited
* Bharat Wagon and Engineering
* Bharat Immunologicals and Biologicals Corporation
* Bharatiya Reserve Bank Note Mudran
* Brahmaputra Valley Fertilizer Corporation Ltd (BVFCL)
* Brahmaputra Cracker and Polymer Limited
* BrahMos Aerospace
* BHAVINI
* Biotech Consortium India Limited
* BHEL Electrical Machines Ltd. (EML)
* Bhor Sagar Port Limited
* BEML Midwest ltd.
* Bundelkhand Saur Urja Limited
* Convergence Energy Services Limited
* CSC e-Governance Services India Limited
* Cement Corporation of India
* Central Inland Water Transport Corporation Limited (CIWTC)
* Certification Engineers International Limited
* City and Industrial Development Corporation
* Chenab Valley Power Projects
* Damodar Valley Corporation (DVC)
* Dedicated Freight Corridor Corporation of India
* Delhi Metro Rail Corporation (DMRC)
* Delhi Transco Limited
* Delhi Transport Corporation
* Deposit Insurance and Credit Guarantee Corporation
* Digital India Corporation
* Dredging Corporation of India
* Electronics Corporation of India Limited (ECIL)
* Energy Efficiency Services Limited (EESL)
* Export Credit Guarantee Corporation of India
* Fresh & Healthy Enterprises Limited
* Fertilizer Corporation of India
* Fertilisers and Chemicals Travancore Limited
* Food Corporation of India (FCI)
* Green Gas Limited
* Green Valley Renewable Energy Limited
* Government e Marketplace
* Grid Conductors Ltd
* Hemisphere Properties India Limited
* Hindustan Antibiotics Limited
* Hindustan Insecticides Limited
* Hindustan Organic Chemicals Limited (HOCL)
* Hindustan Fertilizers Corporation Limited (HFCL)
* Hindustan Prefab Limited
* Hindustan Shipyard Limited(HSL)
* Hindustan Salts Limited
* Hindustan Urvarak & Rasayan Limited(HURL)
* Hindustan Vegetable Oils Corporation
* Hindustan Teleprinters Limited (HTL)
* HSCC (India) Limited
* Hotel Corporation of India Limited (HCIL)
* Jal Power Corporation Ltd.
* Jute Corporation of India
* Karnataka Soaps and Detergents Limited
* Khadi Natural
* Khanij Bidesh India Ltd.
* Life Spring Hospitals (P) Ltd.
* Kolkata Metro Rail Corporation
* Konkan Railway Corporation
* Konkan LNG
* Krishnapatnam Railway Company Limited
* Karnataka Vijayanagar Steel Limited, NMDC Steel
* Madras Fertilizers
* Mahanagar Gas
* Millennium Telecom Ltd.
* Metal & Steel Factory
* Meja Urja Nigam Private Limited (MUNPL)
* National Research Development Corporation
* National Capital Region Transport Corporation
* National Centre for Financial Education
* National Dairy Development Board
* National Highways and Infrastructure Development Corporation Limited (NHIDCL)
* National Highways Logistics Management Company
* National Projects Construction Corporation Ltd (NPCC)
* National Payments Corporation of India (NPCI)
* National Land Monetisation Corporation (NLMC)
* National Informatics Centre Services Inc. (NIC)
* National Industrial Corridor Development Corporation Limited
* Narmada Hydroelectric Development Corporation
* National High Power Test Laboratory(NHTPL)
* National Textile Corporation
* NIIF Infrastructure Finance Limited
* Orissa Drugs & Chemicals Ltd (ODCL)
* Bharat Refractories Limited, Bokaro
* NewSpace India Limited
* NEPA Mills Ltd.
* NSEIT
* NSPCL (NTPC- SAIL Power Company Limited)
* Open Network for Digital Commerce
* Infrastructure Development Finance Company (IDFC Limited)
* Industrial Finance Corporation of India Limited
* Indian Dairy Machinery Company Ltd. (IDMC)
* India Debt Resolution Company Limited (IDRCL)
* IHB Limited (a joint venture of IOCL, HPCL & BPCL)
* Indian Financial Technology and Allied Services
* Indian Highway Management Company Limited (IHMCL)
* Indian Vaccine Corporation Limited
* Indian Medicine Pharmaceutical Corporation Ltd.
* Indian Immunologicals Limited
* India Infrastructure Finance Company Limited (IIFCL)
* Indian Port Rail Corporation Limited(IPRCL)
* India Ports Global Limited
* Indraprastha Gas Limited
* Indradhanush Gas Grid Limited (IGGL)
* Infrastructure Leasing & Financial Services
* India SME Asset Reconstruction Company Limited
* India Government Mint
* Indian Potash Limited
* Indian Strategic Petroleum Reserves Ltd
* Inland & Coastal Shipping Ltd.
* Inland Waterways Authority of India
* Instrumentation Limited
* Intelligent Communication Systems India Limited (ICSIL)
* Irrigation and Water Resources Finance Corporation Limited
* Petronet LNG
* Pipavav Railway Corporation Ltd. (PRCL)
* Power System Operation Corporation
* Praga Tools
* Prize Petroleum Company Limited
* Protean eGov Technologies Ltd (Formerly NSDL e-Governance Infrastructure Limited)
* PTC India (formerly Power Trading Corporation India Limited)
* Punjab Logistics Infrastructure Limited
* Railway Energy Management Company Limited (REMCL)
* Rajasthan Drugs & Pharmaceuticals Limited(RDPL)
* Ramagundam Fertilizers and Chemicals Limited
* Ratnagiri Gas and Power
* Ratle Hydroelectric Power Corporation (RHPC)
* Receivables Exchange of India Ltd (RXIL)
* Ropeways and Rapid Transport System Development Corporation
* Sagarmala Development Company
* SIDCUL CONCOR Infra Company Limited
* Semiconductor Complex Limited
* Smith Stanisteet Pharmaceuticals Limited
* Sethusamudram Corporation Limited
* Security Printing and Minting Corporation of India
* Sponge Iron India Ltd (SIIL)
* STCI Finance Limited
* State Farms Corporation of India
* Tourism Finance Corporation Of India Ltd.
* Tusco Limited.
* Talcher Fertilizers Limited.
* The Industrial Credit Company Limited
* UTI Infrastructure Technology and Services Limited (UTIITSL)
* Triveni Structurals Limited
* Utkarsha Aluminium Dhatu Nigam Limited
* UV Asset Reconstruction Company Limited
* Armoured Vehicles Nigam Limited
* Advanced Weapons and Equipment India Limited
* Gliders India Limited
* India Optel Limited
* Munitions India Limited
* Troop Comforts Limited
* Yantra India Limited
* Indo-Russia Rifles (IRRPL)

## List of CPSUs privatized

* Air India – sold to Tata Group in 2020
* Axis Bank, split from UTI was privatized in 2007
* Bharat Aluminium Company – sold to Vedanta Limited in 2000, BALCO closed in 2002
* CMC Limited – sold to Tata Consultancy Services in 2001, merged with TCS in 2016
* Lagan Engineering – in 2001
* Hindustan Zinc Limited – sold to Vedanta Limited in 2001
* HTL Limited - sold to HFCL in 2001
* Maruti Udyog Limited - sold to Suzuki
* Modern Food Industries – sold to Hindustan Unilever in 2000
* Neelachal Ispat Nigam Limited - sold to Tata Steel Long Products in 2022
* Paradeep Phosphates Limited(PPL) - sold to Adventz Group in 2001
* Videsh Sanchar Nigam Limited – sold to Tata Group in 2002
* Jessop & Company – sold to Ruia Group in 2003 but bankrupt in 2013
* ICICI Bank, ICICI Ltd. a government entity, parent company of ICICI Bank was merged with ICICI Bank leading to its privatization in 2002.
* Indian Petrochemicals Corporation Limited – sold to Reliance Industries in 2002 and merged with reliance in 2007.
* IDFC in 2005 via IPO cutdown ownership from 100% to 34.91% In October 2024 IDFC merged into IDFC Bank leading to full privatization.
* Protean eGov Technologies, formerly known as NSDL e-Gov Infrastructure Limited(a subsidiary of NSDL), Government of India to sell stakes via SUUTI(Specified Undertaking of The Unit Trust of India), IDBI Bank, Union Bank of India and State Bank of India through IPO in 2023.

## List of Central PSUs (Financial Services)
### Nationalised banks

Currently there are 12 Nationalised Banks in India (Government Shareholding power is denoted in %, as of 30 September 2024):
* State Bank of India (57.51%)
* Bank of Baroda (63.97%)
* Union Bank of India (74.76%)
* Punjab National Bank (70.08%)
* Canara Bank (62.93%)
* Punjab & Sind Bank (98.25%)
* Indian Bank (73.84%)
* Bank of Maharashtra (86.46%)
* Bank of India (73.38%)
* Central Bank of India (93.08%)
* Indian Overseas Bank (96.38%)
* UCO Bank (95.39%)

### Regional rural banks

Currently there are 43 Regional Rural Banks in India, as of 1 April 2020:
Andhra Pradesh
* Andhra Pragathi Grameena Bank
* Andhra Pradesh Grameena Vikas Bank
* Chaitanya Godavari Gramin Bank
* Saptagiri Gramin Bank
Arunachal Pradesh
* Arunachal Pradesh Rural Bank
Assam
* Assam Gramin Vikash Bank
Bihar
* Dakshin Bihar Gramin Bank
* Uttar Bihar Gramin Bank
Chhattisgarh
* Chhattisgarh Rajya Gramin Bank
Gujarat
* Baroda Gujarat Gramin Bank
* Saurashtra Gramin Bank
Haryana
* Sarva Haryana Gramin Bank
Himachal Pradesh
* Himachal Pradesh Gramin Bank
Jammu and Kashmir
* J&K Grameen Bank
* Ellaquai Dehati Bank
Jharkhand
* Jharkhand Rajya Gramin Bank
Karnataka
* Karnataka Gramin Bank
* Karnataka Vikas Grameena Bank
Kerala
* Kerala Gramin Bank
Madhya Pradesh
* Madhyanchal Gramin Bank
* Madhya Pradesh Gramin Bank
Maharashtra
* Maharashtra Gramin Bank
* Vidharbha Konkan Gramin Bank
Manipur
* Manipur Rural Bank
Meghalaya
* Meghalaya Rural Bank
Mizoram
* Mizoram Rural Bank
Nagaland
* Nagaland Rural Bank
Odisha
* Odisha Gramya Bank
* Utkal Grameen Bank
Puducherry
* Puduvai Bharathiar Grama Bank
Punjab
* Punjab Gramin Bank
Rajasthan
* Baroda Rajasthan Kshetriya Gramin Bank
* Rajasthan Marudhara Gramin Bank
Tamil Nadu
* Tamil Nadu Grama Bank
Telangana
* Telangana Grameena Bank
Tripura
* Tripura Gramin Bank
Uttar Pradesh
* Baroda Up gramin bank
* Gramin Bank of Aryavart
* Prathama UP Gramin Bank
Uttarakhand
* Uttarakhand Gramin Bank
West Bengal
* Paschim Banga Gramin Bank
* Bangiya Gramin Vikash Bank
* Uttarbanga Kshetriya Gramin Bank

### Nationalized insurance companies

Currently there are 7 Nationalized Insurance Companies (Government Shareholding power denoted in %, as of 1 April 2020):
* Life Insurance Corporation of India(96.50%)
* General Insurance Corporation of India (85.78%)
* New India Assurance (85.44%)
* National Insurance Company(100%)
* The Oriental Insurance Company(100%)
* United India Insurance Company(100%)
* Agriculture Insurance Company of India(100%)

### Nationalized Market exchanges

Currently there are 7 Nationalized Financial Market Exchanges in India:
* Bombay Stock Exchange
* Calcutta Stock Exchange
* Indian Commodity Exchange
* Metropolitan Stock Exchange
* Multi Commodity Exchange
* National Commodity and Derivatives Exchange
* National Stock Exchange of India