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As of September 2021, how many public sector banks are included in the Indian banking system?

As of September 2021, how many public sector banks are included in the Indian banking system? Correct Answer 12

The correct answer is 12.

Key Points

  • As of September 2021, The Indian banking system consists of 12 public sector banks, 22 private sector banks, 46 foreign banks.
  • 12 public sector banks are;
  1. State Bank of India
  2. Punjab National Bank (With Merger of Oriental Bank of Commerce and United Bank of India)
  3. Bank of Baroda
  4. Canara Bank (With Merger of Syndicate Bank)
  5. Union Bank of India (With Merger of Andhra Bank and Corporation Bank)
  6. Bank of India
  7. Indian Bank (With Merger of Allahabad Bank)
  8. Central Bank of India
  9. Indian Overseas Bank
  10. UCO Bank
  11. Bank of Maharashtra
  12. Punjab & Sind Bank.
  • Public Sector Banks (PSBs) in India are those banks whose majority stake (i.e. more than 50%) is owned by the Ministry of Finance, Government of India.

Related Questions

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4. Scheduled Co-operative Banks consist of Scheduled State Co-operative Banks and Scheduled Urban Co-operative Banks.
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Courses of Action :
I. The case should be raised before the regulatory authority for investigation by the public sector banks as they cannot follow such reduction.
II. Public sector banks must adopt such policy to remain in competition.
III. The public sector banks should advertise their special feature repeatedly so that they do not lose their future customers.
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