See, in India, people have a different level of trust when it comes to government banks in the country, and why shouldn’t it be like this? You are getting a guarantee from the government that your money and investments will be safe with a government-owned bank, so why not go down this path? Like, many of you already know that SBI, or State Bank Of India is the biggest government bank in the country right now, but did you know that there are so many other banks down the list that are hitting it big? Yes, that’s the very reason why we are here with a list of the top 10 biggest government banks in India as of 2024. Alright, let’s get to the list right away because there is a lot to talk about that will be intriguing and kinda surprising for many of you. Here we go.
1. State Bank of India (SBI)
We don’t think anyone would even be surprised to see SBI’s name on this list, it literally is the biggest government bank in India, and it has been holding that title for a very long time now. Speaking of 2024, well, right now SBI has around 22,542 branches in India, yes, the reach of this bank is that big in the country. Not just that though, in 2024, they went even beyond their rivals, as shown in the profitability report where a 21.59% increase in net profit was recorded, totaling ₹61,077 crores.
2. Punjab National Bank (PNB)
Oldest banks of India? Yes, you have to put PNB aka Punjab National Bank at the top of that list if you are about to go down that path. Just so you know, PNB has been in operation since 1894, and it remains one of the most trusted brands of banking in the country, that really shows in the 2024 year when the bank did really well financially. The bank reported 159% year-on-year growth in net profit from the previous year, a clear reflection of proper risk management. With gross NPAs going down to 4.98%, it is evident that PNB’s focus on improving asset quality has indeed resulted in something good.
3. Bank of Baroda (BoB)
People think of the Bank Of Baroda as some new bank that popped up just a while ago, but that’s not the case at all, this bank has been standing strong in the country ever since 1908. Having wide international coverage, BoB had a bright year in 2024 during which it declared a profit of ₹4,727.81 crore. And just so you know, a significant jump in retail advances of 20.9% makes this year’s performance by BoB so special. The success of the bank in the attraction of international deposits which increased by 34.7% is proof of its capability to manage global capital, that’s for sure.
4. Bank of India (BoI)
Since its establishment in 1906, the Bank of India (BoI) has played a significant role in supporting the developmental aspects of the Indian economy, that’s what we are pretty certain of. In 2024, BoI launched its targeted growth strategy, with a focus on the important retail, agricultural, and MSME sectors. BoI, which has reduced gross NPAs to an impressive 9.30%, is clearly successful in terms of both profitability enhancement and risk management right here in India.
5. Canara Bank
Established in 1906, Canara Bank is another historical institution that has a dominant customer base and a large number of branches. The results of the bank in 2024 were quite stable, with an overall global business growth of 11.07%, can you even believe that? Right here in India, Canara Bank’s strategic focus on retail lending, particularly home loans, saw a rich growth of 23.54%. Canara Bank’s range of initiatives to improve asset quality, such as reducing gross NPAs to 4.14% means that the emphasis is on maintaining financial stability in the midst of a growing number of market competitors, which is indeed admirable.
6. Union Bank of India
Over just a century old, Union Bank Of India also holds a pretty steady place in the Indian financial scene, mainly because of the backing of the Indian government, you know? The bank’s net profit in 2024 was up by 13.68%, thanks to the company exposing it to the market in the Retail, Agriculture, and MSME divisions. The bank’s success in reducing gross NPAs which today stand at 4.54% and the increased capital adequacy ratio of 17.02% just goes to show how steadily this bank is growing, even though it is not in the top ranks, but it sure has maintained its place really well over the years.
7. Indian Bank
Just so you know, it might seem like kinda an underrated player in this game but Indian Bank has been making steady progress since it was established in 1907 (just like some other banks on this list) and it reached a total commercial business volume of ₹12.23 lakh crore in 2024. Did you know that already? It also expanded its scope for digital banking which caused the bank to have a broader customer base, and that was something very recent.
8. Central Bank of India
Founded in 1911, the Central Bank of India touched new growth peaks in 2024 with a net profit of approximately 61.13%. How did that happen? Well, the bank’s meticulous targeting and methods in lending money and things being focused on establishing good recovery portfolios among customers who were unable to pay off their loans sum up mainly to the fact that the reduction in gross NPAs to 4.50% and improvement in asset quality are the factors representing the success of the bank. And just so you know, this bank’s capital ratio is 14.74%.
9. Indian Overseas Bank (IOB)
Indian Overseas Bank is an incredible bank that has an established international presence that stretches all the way from the Middle East to the Southeast Philippines and reported an impressive growth rate in 2024, you know? This very year, you see, the bank’s profit went up by 28.69%, and the key factor that caused this was the significant rise in asset quality which was reflected through the decrease in the rate of NPAs which drew up to a record low of 3.10%.
10. UCO Bank
Last on our list will be UCO Bank which is a bank that has been in the business since 1943 and followed a revolutionary growth strategy in 2024 and that’s why we have included it to this very list. The higher cost of the majority of its loan clients has led the bank to have 147% growth on retail, agriculture, and MSME loans. Sure, there were a few issues faced by UCO Bank just like some other banks in India, mainly after RBI’s updated guidelines, but this particular bank seems to be doing well.
Conclusion
There you have it. The lower ranks on this list have been changing quite a bit, but the top spot holders on this list like PNB, SBI, and Bank of Baroda, are the players that have been doing pretty well for decades now. All in all, if you are looking for that perfect bank to put your money into, then there are no better options than these banks, on top of all that, these banks are backed by guarantees, so why not give them a shot?
