10 Best Public Sector Banks

    For almost a decade after Indian independence, banking was not regulated in the country. It was in 1955 that the Central Government entered the banking business when it decided to nationalise the Imperial Bank of India. 60% of the stake of the bank was taken by the Reserve Bank of India and the new bank was named as the State Bank of India. The 7 other state banks were attached to the State Bank of India as its subsidiaries in 1959. In 1969, the Indira Gandhi government decided to nationalise 14 other major banks. This move increased the presence of nationalised banks in India, with 84% of the total branches coming under government control. The major problems with nationalised banks arose in the 1990s after the liberalisation when they began to leak money and were reporting losses. However, in the new millennium, the nationalised banks were able to buck the trend and again became profitable. Despite the amalgamation of private sector banks into the Indian banking space, public sector banks see a much larger percentage of business mostly owing to the penetration as well as the trust that people, especially in the rural areas, have on them. We have put together a list of the ten best public sector banks across the country.

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    10Indian Overseas Bank:

    Indian Overseas Bank was established in 1937 at Chennai with the sole objective of encouraging foreign exchange operations and overseas banking. It was established by Thiru M. Ct. M. Chidambaram Chettyar simultaneously at Madras, Karaikudi and Rangoon. It went on to establish another branch in Penang, Kuala Lumpur in 1938 and followed it up with one in Singapore in 1941. The major customers of the bank were the Nattukottai Chettiars who were a merchant class and had migrated to Sri Lanka, Myanmar, Malaysia, Singapore, Java, Sumatra and Saigon from Tamil Nadu.

    Post the World War II, Indian Overseas Bank came up with a branch in Colombo, Sri Lanka in 1946 and followed it up with another branch in Bangkok. During the 1960s, Indian Overseas Bank acquired quite a few weaker banks like Coimbatore Standard Bank in 1963, Nanjinnad Bank and Coimbatore Vasunthara Bank in 1964, Srinivasa Perumal Bank in 1966 etc.

    In 1969, Indian Overseas Bank was nationalised. At that time, 20 of its 80 branches were located outside India. Post nationalisation, Indian Overseas Bank started growing its operations in India. In 1988–89, Indian Overseas Bank acquired Bank of Tamil Nadu, and its 99 branches, in a rescue. In 2000, Indian Overseas Bank engaged in an initial public offering that brought the government’s share in the bank’s equity down to 75%. In 2001 IOB acquired the Mumbai-based Adarsha Janata Sahakari Bank, which gave it a branch in Mumbai. Then in 2009 IOB took over Shree Suvarna Sahakari Bank, which had been in administration since 2006. It had nine branches in Pune, two in Mumbai and one in Shirpur. As of today, Indian Overseas Bank has more than 3400 domestic branches along with 8 overseas branches. It has a network of more than 3300 ATMs across India and has branches in Singapore, Colombo, Seoul, and Bangkok. It has representative offices in Guangzhou, Vietnam, and Dubai.

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    8 COMMENTS

    1. SBI & PNB treat their customers as if they are beggers, may be they wish to have beggers like Nirav et al as their customers. IDBI service though good, It has very bad financials which make you scary about your money in the bank.

      • Agreed that PSU Banks could not be bothered whether they win or loose a customer! For these PSU Banks, the employees work like in any other Govt. Sector — EPFO, MCD, SBI, UCO, etc wherein all they are interested in to get their salary (with minimal work ethics), housing and ultimately get their Retirement benefits!
        Sad but True!

    2. Canara bank is one of the best customer friendly bank, i must say. I have seen it serving the senior citizen very politely and encouraging the youth customers in various way.

    3. SBI TOP MANAGEMENT SHOULD COME OUT AND GET THE FEED BACK OF THE CUSTOMER.SBI IS VERY BAD.EMPLOYEES ARE THINKING THEY ARE THE KING.RUDELY BEHAVING WITH THE CUSTOMER.

    4. I think the list is as Dubious as it should be, Most of the public and private sector don’t give a damn shit to their customers and to top the list is SBI. During modi’s rule banks performances are all time low and all the banks don’t care.

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