July 19, 1969, remains one of the pivotal dates in India’s economic history — the day the government nationalised 14 major commercial banks, reshaping who controlled the country’s financial system almost overnight. More than five decades later, that legacy has evolved into a leaner, more consolidated set of public sector banks that now lead India’s push toward digital banking, sovereign green bonds, and increasingly sophisticated corporate lending. This list covers the top 10 biggest nationalised banks in India in 2026, ranked by market capitalisation.
| Rank | Bank | Founded | Market Cap (₹ Lakh Crore) |
| 1 | State Bank of India | 1955 | 9.0+ |
| 2 | Bank of Baroda | 1908 | 1.28-1.59 |
| 3 | Punjab National Bank | 1894 | 1.17-1.48 |
| 4 | Union Bank of India | 1919 | 0.98-1.44 |
| 5 | Canara Bank | 1906 | 0.98-1.40 |
| 6 | Indian Bank | 1907 | 0.78-1.15 |
| 7 | Bank of India | 1906 | 0.66-0.70 |
| 8 | Indian Overseas Bank | 1937 | 0.65-0.73 |
| 9 | Bank of Maharashtra | 1935 | 0.51-0.63 |
| 10 | UCO Bank | 1943 | 0.33-0.37 |
1. State Bank of India (SBI)
SBI stands not just as India’s largest nationalised bank but as the undisputed leader across the entire domestic banking sector, with a market capitalisation exceeding ₹9 lakh crore.
- Operates over 23,085 branches nationwide, the largest physical banking network in the country
- Serves a client base of roughly 48 crore customers across India
- Total assets exceed ₹60-72 lakh crore, dwarfing every other public sector competitor
- Traces its institutional lineage back to 1806, though its modern form was established in 1955
2. Bank of Baroda
Bank of Baroda holds the position of India’s second-largest public sector bank, founded in 1908 by Sayajirao Gaekwad III in the princely state of Baroda.
- Market capitalisation ranging roughly ₹1.28-1.59 lakh crore depending on market conditions
- Operates more than 8,500 branches with presence in 24 countries worldwide
- Ranked 455 on the Forbes Global 2000 list based on recent data
- Government of India holds a controlling stake of roughly 63.97 percent
3. Punjab National Bank (PNB)
Punjab National Bank, founded in 1894, carries genuine historical weight as one of India’s oldest nationalised banks, headquartered in Delhi.
- Market capitalisation ranging roughly ₹1.17-1.48 lakh crore
- Operates over 10,189 branches, among the largest branch networks of any PSU bank
- Total assets estimated at approximately ₹18.18 lakh crore
- Serves as sponsor bank for several Regional Rural Banks across northern India
4. Union Bank of India
Union Bank of India, founded in 1919 and headquartered in Mumbai, has built a substantial national presence through both organic growth and strategic mergers.
- Market capitalisation ranging roughly ₹0.98-1.44 lakh crore
- Operates more than 8,621 branches across India
- Total assets estimated around ₹11.5-13 lakh crore
- Absorbed Andhra Bank and Corporation Bank during India’s 2020 public sector bank merger wave
5. Canara Bank
Canara Bank, founded in 1906 and headquartered in Bengaluru, has grown into one of South India’s most significant public sector banking institutions.
- Market capitalisation ranging roughly ₹0.98-1.40 lakh crore
- Operates over 9,861 branches nationwide
- Total assets estimated around ₹13.5-16 lakh crore
- Absorbed Syndicate Bank during the 2020 consolidation, significantly expanding its footprint
6. Indian Bank
Indian Bank, founded in 1907 and headquartered in Chennai, has built a strong regional presence particularly across South India.
- Market capitalisation ranging roughly ₹0.78-1.15 lakh crore
- Operates more than 5,922-6,003 branches
- Total assets estimated around ₹8 lakh crore
- Merged with Allahabad Bank in 2020, extending its reach into eastern India
7. Bank of India
Bank of India, founded in 1906 and headquartered in Mumbai, holds a solid mid-tier position among India’s nationalised banking institutions.
- Market capitalisation ranging roughly ₹65,808-69,531 crore
- Operates more than 5,202-5,306 branches nationwide
- Total assets estimated at approximately ₹10.4 lakh crore
- Maintains a long-established reputation within the Indian public sector banking sector
8. Indian Overseas Bank (IOB)
Indian Overseas Bank, founded in 1937 and headquartered in Chennai, carries genuine international banking heritage reflected in its very name.
- Market capitalisation ranging roughly ₹65,433-73,000 crore
- Operates more than 3,269-3,494 branches
- Historically built around facilitating overseas trade and remittance services for Indian businesses abroad
- Continues serving both domestic retail customers and international trade finance needs
9. Bank of Maharashtra
Bank of Maharashtra, founded in 1935 and headquartered in Pune, has built a particularly strong regional presence within Maharashtra and surrounding states.
- Market capitalisation ranging roughly ₹50,677-62,724 crore
- Operates more than 2,641 branches
- Sponsors several Regional Rural Banks across Maharashtra
- Represents one of the smaller but consistently stable nationalised banks by market capitalisation
10. UCO Bank
UCO Bank, founded in 1943 and headquartered in Kolkata, rounds out this list as one of India’s established eastern-region nationalised banks.
- Market capitalisation ranging roughly ₹33,192-37,455 crore
- Operates more than 3,302 branches nationwide
- Maintains a historically strong presence across eastern India
- Continues serving as a foundational public sector banking institution in the region
Frequently Asked Questions
Q1. Which is India’s largest nationalised bank?
State Bank of India holds that position decisively, with a market capitalisation exceeding ₹9 lakh crore and over 23,085 branches, dwarfing every other public sector bank in scale.
Q2. Is SBI technically a “nationalised” bank like PNB or Bank of Baroda?
SBI is technically governed under a separate act (the SBI Act) rather than the 1969/1980 bank nationalisation acts, but it’s majority government-owned and universally included alongside nationalised banks in industry rankings.
Q3. How did bank mergers in 2020 affect India’s nationalised bank rankings?
The 2020 consolidation significantly reshaped the sector, with banks like Punjab National Bank, Canara Bank, Union Bank of India, and Indian Bank absorbing smaller PSU banks to create fewer, larger, more competitive institutions.
Q4. Are deposits in nationalised banks safer than private banks in India?
Both nationalised and private banks carry the same DICGC deposit insurance coverage up to the standard limit, though nationalised banks carry implicit government backing given their majority state ownership.
