List of Top 5 Nationalised Banks In Pune City

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Pune is one of the important cities in India and has more than 7.4 million people living in it. Some of the top banks of India have their branches in Pune.

Today, we decided to inform our readers about 5 of the top nationalized banks in Pune. Here, the list.

State Bank of India:

Let’s start this list with the biggest bank, in terms of infrastructure and asset, in India. State Bank of India has a long history having been around for a hundred years. It was, of course, not called the State Bank of India back in the days. It started as the Imperial Bank of India after three banks namely, Bank of Madras, Bank of Bombay and Bank of Calcutta merged in 1921 and there was no government participation in this joint-stock company.

In 1955 India’s central bank i.e. the Reserved Bank Of India gained some controlling interest in the Imperial Bank and thus, it became the State Bank of India. Currently, RBI does not have any stake in SBI as the stakes were acquired by the Government of India in 2008.

The State Bank of India is one of the biggest corporations in the world and has made its place in the Fortune Global 500 list and has assets worth $590. It has 22,141 branches worldwide and over 58,555 ATMs.

Punjab National Bank:

The next bank on the list is the Punjab National Bank. It is a banking and financial service bank. This is another one of India’s oldest banks even older than the State Bank of India having been founded in 1894 by Dyal Singh Majithia and Lala Lajpat Rai. The current headquarters of Punjab National Bank is situated in Dwarka, New Delhi.

PNB has around eleven thousand branches and more than 13,000 ATMs. The bank recently merged with United Bank of India and Oriental Bank of Commerce. As of 2020 the bank has a total asset of $120 billion and has generated a revenue of $11 billion in this year. It has a rich history and many prominent Indian leaders of the past including Mahatma Gandhi, Jawahar Lal Nehru, Lal Bahadur Shastri, Indira Gandhi had PNB accounts.

Another great fact about the Punjab National Bank is that it was started solely with Indian capital making it the first of its kind. It still stays strong to this day and has more than a hundred thousand employees.

Central Bank of India:

The next national bank on this list is the Central Bank of India. It is headquartered in Mumbai, Maharashtra and has assets worth $50 billion. This bank is also more than 100 years old. The bank was founded by Sorabji Pochkhanawala and the chairman of the bank was Pherozeshah Mehta. The Central Bank of India claims to be the first commercial Indian bank which had been sort of operated by Indians completely as in managed and owned by Indians.

It slowly started expanding by having branches in Hyderabad, Secunderabad, Madras etc. It even had branches in Rangoon before the start of World War 2. The nationalization of this bank happened in 1969. The bank has grown over the years and has more than 4,500 branches and 3,642 ATMs. It employs over 33,000 people.

Bank of Baroda:

Bank of Baroda is headquartered in Vadodara, Gujarat. It is the third-largest public sector bank in India and also is one of the oldest banks having been found in the year 1908 in Baroda by Maharaja Sayajirao Gaekwad III. Maharaja Sayajirao Gaekwad III was the Maharaja of Baroda back then and started the bank with other industrialists.

It opened its first branch in Ahmedabad and slowly started expanding domestically. It also established branches overseas in 1953 in Mombasa and Kampala. These branches helped serve the Indians who were in Kenya and Uganda at the time. It also established a branch in London in 1957 which was a huge leap cause at that time London was the banking centre of the British commonwealth.

Bank of Baroda was nationalised in 1969 along with 12 other banks. Currently, it has over 131 million customers and a total business of $218. It has approximately 9500 branches and 13,193 ATMs.

Indian Bank:

The last bank on this list is the Indian Bank. It is another ‘century-old’ bank and was founded in 1907 by S. RM. M. Ramaswami Chettiar and V. Krishnaswamy Iyer. The current headquarters of the Indian Bank is in Chennai. The Indian Bank was founded at a time when Madras (now Chennai) was facing its worst financial crisis when some of the top financial institutions failed or went bankrupt.

So, this bank was a sort of hope in the midst of the crisis. It slowly expanded and saw some good growth in the post-independence era. By 1967 it already had over 210 branches. Indian Bank was one of the many banks which were nationalised by the Indian Government in 1969. Currently, it has more than 100 million customers and 6100+ branches. By 2019 the bank has done a total business of $60 billion. The total assets of the Indian Bank are worth $110 billion.