Top 10 Government Banks in India:
India is the largest democracy in the world, a country where all the regions, religions and ethnicities are bound by the single thread of “Indianess.” The country gained independence in the year 1947 and with it came to the responsibility of rebuilding the country from scratch. The banks had a crucial role to play in channelizing the funds and finances of the country. 1949 saw the nationalization of the banks with the sole objective to synchronize the banking sector with the objectives of socialism adopted by the government of India and to invigorate priority sectors to give a sound base to the fledgling Indian economy. These government banks continue to dominate the Indian commerce and economy till today.
Here is a list of the top 10 government banks in India:
- State Bank of India or SBI
- Bank Of Baroda or BOB
- Punjab National Bank or PNB
- Canara Bank
- Bank of India or BOI
- Union Bank of India
- Central bank of India
- Industrial Development Bank of India or IDBI
- Syndicate Bank
- Indian Bank
A bank helps in various functions like lending loans, receiving deposits, financial services, currency exchange, safe deposits and much more. Nationalized Banks in India are most trusted by people as they are governed by the state and a sense of security prevails when you invest in a government bank. With branches spread across each and every corner of the country, these top 10 government banks in India, provide all types of banking facilities to the people of the country. These banks run drives to help people to open bank accounts, invest money, deposit or seek loans for various purposes like education loans, agricultural loans, loans to set up small scale industry or business and much more. These nationalized banks have played a crucial role in the development of the economy and have created awareness about the financial and banking sector amidst the people of the country.