Banks classified as public sector are ones in which the government owns over 50% of the total shares. For public sector banks, all financial guidelines are developed by the government. The government oversees public sector banks, which function to give depositors confidence that their money is secure.
The State Bank of India is the largest public sector bank in India. By launching initiatives for the benefit of their clients, public sector banks consistently act in the public interest. Additionally, their fees are lower than those of private banks. In addition to serving the public good, nationalized banks in India make enormous profits.
In order to enter the banking industry after gaining independence, the Indian government began nationalising the Imperial Bank of India in 1955. The State Bank of India was renamed after the Reserve Bank of India acquired 60% of the company.
The Indian government nationalized fourteen more banks in 1969. During the final ten years of the 1900s, public sector banks experienced significant expansion.
The development of public sector banks was impacted by numerous political shifts in the early 21st century, and these banks announced significant losses. These banks resumed their growth trajectory in 2002–03, recording a ₹7780 crore profit.
List of Top 7 Bank – Public in India (BSE) based on Net Sales.
| Company Name | Net Sales (Rs. cr) |
| SBI | 332,103.06 |
| Bank of Baroda | 89,588.54 |
| PNB | 85,144.11 |
| Canara Bank | 84,424.78 |
| Union Bank | 80,743.34 |
| Bank of India | 47,647.72 |
| Indian Bank | 44,942.21 |
Source: BSE, India, last updated 24 February, 2024
This news is a creative derivative product from articles published in famous peer-reviewed journals and Govt reports:
Reference:
1. Vohra, P. (2013). A Study of Financial Performance Analysis of Indian Banking Sector. Emerging Trends in Banking and Finance-Edited By Pavnesh Kumar, ISBN, (978-93), 5142-515.
2.Kumar, M. B. U., & Chodisetty, R. C. M. (2024). USING ALTMAN Z-SCORE MODEL OF FINANCIAL SOUNDNESS OF BANKING INDUSTRY IN INDIA BY–A CASE STUDY ON SELECT PUBLIC SECTOR BANKS IN INDIA-AN EMPIRICAL EVIDENCE. EPRA International Journal of Environmental Economics, Commerce and Educational Management (ECEM), 11(1), 10-20.
Disclaimer: This news is for information and research purposes only. It is not intended for financial advice.
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