The public sector banks are described as banks that are operated by the government and whose owners are also members of the Indian government. A bank is also classified as a public sector bank if the government owns more than 51% of the bank’s stock. In India, there are now 12 public sector banks. The Reserve Bank of India, which is controlled by the Indian government’s financial department, is in charge of all banks. The Indian government usually picks one chief of this public sector bank, who is in charge of making all of the bank’s operational decisions.

The list of the 12 public sector banks are:

The heads and establishment years of the public sector banks:

1. State Bank of India: The State Bank of India was established as the Imperial Bank of India in 1921. After that, in 1955, the Imperial Bank of India was converted to the State Bank of India.

• The president of the State Bank of India is Dinesh Kumar Khara
• The Chief Financial officer of the State Bank of India is Charanjit Singh Atra
• There are four managing directors of the state bank of India: 

• Swaminathan Jankiraman

• Ashwani Kumar Tiwari

• Ashwani Bhatia

• Shriniwasulu Shetty   

2. Punjab National Bank: The Punjab National Bank was founded in 1894, and its headquarters are located in New Delhi. Atul Kumar Goyal is the Chief Executive Officer of the Punjab National Bank.

3. Indian Bank: The Indian Bank was founded by the Indian government in 1907, and its headquarters are in Chennai, Tamil Nadu. Shanti Laal Jain is the Indian Bank’s Managing Director.

4. Canara Bank: Canara Bank was founded by the Indian government in 1906, and its headquarters are in Bengaluru, Karnataka. Lingam Venkat Prabhakar is the Chief Executive Officer of Canara Bank.

5. Union Bank of India: The Union Bank of India was founded by the Indian government in 1919, and its headquarters are in Mumbai, Maharashtra. G. Raj Kiran Roy is the Union Bank of India’s Chief Executive Officer.

6. Indian Overseas Bank: The Indian Overseas Bank was founded by the Indian government in 1937, and is headquartered in New Delhi. The headquarters of the Indian Overseas Bank is in Chennai, Tamil Nadu. Parth Pratim Sengupta is the Chief Executive Officer of the Indian Overseas Bank.

7. UCO Bank: The UCO Bank was founded by the Indian government in 1943, and its headquarters are located in Kolkata, West Bengal. Atul Kumar Goyal is the Chief Executive Officer of the UCO Bank.

8. Bank of Maharashtra: The Bank of Maharashtra was created by the Indian government in 1935, and its headquarters are located in Pune, Maharashtra. A S Rajiv is the Bank of Maharashtra’s Chief Executive Officer.

9. Punjab and Sindh Bank: The Punjab and Sindh Bank was founded by the Indian government in 1908, and its headquarters are in New Delhi. S. Krishnan is the Punjab and Sindh Bank’s Chief Executive Officer.

10. Bank Of India: The Bank Of India was founded by the Indian government in 1906, and its headquarters are in Mumbai. Atanu Kumar Das is the Bank Of India’s Chief Executive Officer.

11. Central Bank Of India: The Central Bank of India was founded by the Indian government in 1911, and its headquarters are in Mumbai. Matam Venkat Rao is the Chief Executive Officer of the Central Bank of India.

12. Bank Of Baroda: The Bank of Baroda was founded by the Indian government in 1908, and its headquarters are in Vadodara, Gujarat. Sanjiv Chadda is the Chief Executive Officer of the Bank Of Baroda.

Conclusion

The list of the 12 public sector banks are covered above. The government owns the banks in the public sector. All public sector banks are regulated by the Reserve Bank of India, which is the country’s central bank.