Top 10 Public Sector Banks in India 2016

Public Sector Banks are those banks in which a major part of stake is owned by the Government. Public Sector Banks keeps a strong hold on the banking sector in India and impact the economy of the country.

The history of Banking in India dates back to the year 1770, when the first bank was started. Presently, there are more than 100 banks operating in India and providing financial services to customers.
There are 27 public sector banks in India, which provide excellent and prompt services to customers. This post describes about the top 10 public sector banks in India 2016 by market capitalization.

1. State Bank of India

State Bank of India is the king among all public sector banks in India and leads this front. Incorporated in the year 1955, State Bank of India presently has more than 13,000 branches in the country and over 190 foreign offices in the world.
State Bank of India is known for technologically advanced products and recently, SBI has launched SBIinTouch cards, which allow users to make payments by simply waving or touching card near contactless readers. These cards uses Near Field Communication Technology, in which card establish communication with contact less reader present in its proximity.
Headquartered in Mumbai, State Bank of India is the first bank to install ATM in Dras, a town located in Jammu and Kashmir. Apart from banking, SBI also provides services in fields like Life Insurance, General Insurance and Capital Markets through its subsidiaries.
Market Capitalization: Rs 1,43,067 Crore (As on 23rd January 2016)

 

2. Bank of Baroda

Bank of Baroda is the next public sector bank and stand at second position in the list of top 10 best public sector banks in India 2016. Incorporated in the year 1908, Bank of Baroda has more than 100 branches and offices in 25 countries in the world.
Winner of Excellence in Banking (PSU Sector) Award, Bank of Baroda has a workforce of more than 49,000 employees. Also, Bank of Baroda is present widely across the nation with more than 5,000 branches.
Market Capitalization: Rs 30,093 Crore (As on 23rd January 2016)

3. Punjab National Bank

Next public sector bank is Punjab National Bank, which came into existence in the year 1894. Punjab National Bank has a strong presence with more than 6,000 branches in the country and 5 overseas branches.
Headquartered in New Delhi, Punjab National Bank has a workforce of more than 62,000 employees. Winner of Golden Peacock Award, Punjab National Bank perform Corporate Social Responsibility by organizing blood donation camps, medical camps and tree plantation.
Market Capitalization: Rs 18,173 Crore (As on 23rd January 2016)

 

4. IDBI Bank

The Next Public Sector Bank is IDBI Bank, which was established in the year 1964 and in the last financial year, its income crossed the mark of Rs 32,000 Crore. Headquartered in Mumbai, IDBI has a workforce of more than 18,000 employees and over 1,600 branches in the country.
Market Capitalization: Rs 11,400 Crore (As on 23rd January 2016)

 

5. Central Bank of India

Central Bank of India is the next public sector bank, which was started in the year 1911 and among the oldest banks in India. Headquartered in Mumbai, Central Bank of India has a workforce of more than 40,000 employees.
Central Bank of India owns more than 4,000 branches in the country and among the first banks in India to launch credit cards in India.
Market Capitalization: Rs 10,546 Crore (As on 23rd January 2016)

6. Canara Bank

Canara Bank is another leading public sector bank and placed at sixth place in the list of top 10 best public sector banks in India 2016. Incorporated in the year 1906, Canara Bank owns more than 5,000 branches in India and 7 overseas branches.
Headquartered in Bangalore, Canara Bank has 8 subsidiaries operating in different domains and sponsors regional rural banks. Also, Canara Bank in partnership with UNEP (United Nations Environment Programme) started solar loan programme to provide financial assistance for installing solar power systems in homes in South India.
Market Capitalization: Rs 10,118 Crore (As on 23rd January 2016)

 

7. Union Bank of India

Union Bank of India is another swiftly growing public sector bank, which was incorporated in the year 1919. Union Bank of India in the financial year 2014-2015 generated profit of more than 1,600 Crore.
Winner of Express Uptime Champion Award 2014, Union Bank of India has a strong customer base in the country and employ more than 25,000 people.
Market Capitalization: Rs 8,273 Crore (As on 23rd January 2016)

 

8. Bank of India

8th position is occupied by Bank of India, a leading public sector bank started in 1906. Headquartered in Mumbai, Bank of India is a swiftly growing public sector bank and presently has more than 4,500 branches in India.
Market Capitalization: Rs 8,180 Crore (As on 23rd January 2016)

 

 

9. Syndicate Bank

Next is Syndicate Bank, a public sector bank that came into existence in the year 1925. Headquartered in Manipal, Karnataka, Syndicate Bank has generated total income of more than Rs 23,000 Crore in the financial year 2014-15 and owns over 3,300 branches in the country.
Market Capitalization: Rs 4,895 Crore (As on 23rd January 2016)

 

10. Indian Bank

Indian Bank is a leading public sector bank, which came into existence in the year 1907. Headquartered in Chennai, Indian Bank has overseas branches in Colombo and Singapore and owns 2 subsidiaries.
Market Capitalization: Rs 4,421 Crore (As on 23rd January 2016)