There are 12 Public sector banks in India after the government merged many banks to form a single entity. Currently, there are a total of 34 banks functioning in India of which 12 are public sector banks and the rest 22 are private sector banks.
List of 12 Public sector Banks
|State Bank of India (SBI)|
|Punjab National Bank (With Merger of Oriental Bank of Commerce and United Bank of India)|
|Bank of Baroda (With Merger of Dena Bank & Vijaya Bank)|
|Canara Bank (With Merger of Syndicate Bank)|
|Union Bank of India (With Merger of Andhra Bank and Corporation Bank)|
|Bank of India|
|Indian Bank (With Merger of Allahabad Bank)|
|Central Bank of India|
|Indian Overseas Bank|
|Bank of Maharashtra|
|Punjab & Sindh Bank|
What are Public sector Banks?
Public Sector banks are those in which the Government of India has the maximum share. SBI is the largest commercial bank of India. It has the maximum asset, deposit and profits among the banks in India. Punjab National Bank, after the recent merger with the Oriental Bank of Commerce and the United Bank of India, has become the second-largest public sector bank of India.
Private Sector Banks in India
There are 22 Private banks in India. In a private bank, the majority of shares are owned by private entities. HDFC is the Largest, ICICI second largest and Axis is the third-largest private bank in India. Here are some of the top private banks-
|Catholic Syrian Bank|
|City Union Bank|
|IDFC First Bank|
|Jammu & Kashmir Bank|
|Karur Vysya Bank|
|Kotak Mahindra Bank|
|Lakshmi Vilas Bank|
|South Indian Bank|
|Tamilnad Mercantile Bank Limited|
Reserve Bank of India
The Reserve Bank of India (RBI) is the central bank of India, which was established on Apr. 1, 1935, under the Reserve Bank of India Act. The Reserve Bank of India uses monetary policy to create financial stability in India, and it is charged with regulating the country’s currency and credit systems.
RBI formulates, implements, and monitors India’s monetary policy.