Government banks in India are the most trustworthy public sector banks where the government holds more than 50% equity. Punjab National Bank (PNB) is one of the largest government banks in Punjab. Public sector banks constantly offer various government schemes for public benefit, those are listed below.
- Pradhan Mantri Jan Dhan Yojana (PMJDY),
- Sukanya Samridhhi Yojana
- Atal Pension Yojana
- Sovereign Government Bond
- RBI Bond
Financial initiatives by Government Banks
There are a total of 12 government banks in Punjab that offer loans, accept deposits, provide insurance, and many other essential public services. Here is a list of government banks operating in Punjab and their major initiatives taken for this state.
- Punjab National Bank:
PNB is the second largest public sector bank in India, and it has branches in 219 districts of Punjab. It was established aiming to provide at least one national bank to every citizen of India.
- Punjab & Sind Bank:
It was founded to provide support to the weaker section of the society. It is continuously serving people with various schemes like PSB Apna Vahan, PSB Vyapar, PSB Education Loan, and PSB Apna Ghar as part of its mission.
- State Bank of India:
It is the largest Indian multinational government bank, having branches in more than 60 districts of Punjab. SBI recently has taken the initiative to satisfy customer needs and announced that it will open 35 new agricultural processing cells to reduce the risk of the agricultural loan portfolio.
- Central Bank of India:
The first Indian commercial bank introduced the Cent Agri Infra and Cent Agri Gold Loan Scheme to support harvest management infrastructure in the country as well as in Punjab.
- Canara Bank:
It is one of the leading commercial banks in India operating internationally. It offers various banking services on deposits, loans, and insurance similar to other government banks.
- Indian Overseas Bank:
It has branches in 24 districts of Punjab. It provides a diverse range of banking services by giving special attention to the micro, small, and medium enterprise scheme. It also provides agricultural loans for supporting farmers groups in capital needs.
- Indian Bank:
It has inaugurated a customer outreach program in Ludhiana to help the business grow. It has signed an MOU with NBFCs for priority sector lending.
- Bank of Baroda:
It is one of the leading government-owned nationalized banks and inaugurated a new zonal office in 2024 in Ludhiana with the commitment of providing better banking services throughout the state of Punjab.
- Union Bank of India:
This is one of the major government banks in Punjab, which has taken several initiatives for financial inclusion in rural areas, such as Union Digi-gaon and Union Adarsh Gram.
- Uco Bank:
Agriculture is the backbone of Punjab, and UCO Bank, with its several branches in Punjab, offers the Agri Mudra loan, the UCO Krishi Kanakadhara scheme, and many more.
- Bank of Maharashtra:
It has branches in 28 districts of Punjab, and it is promoting digital banking in rural development seamlessly. In its recent press release, it disclosed that it financed various projects in Punjab, mostly in agriculture, MSME, and the power sector.
- Bank of India:
It is providing superior banking services in Punjab with government-sponsored schemes like “Mahila Samman Savings Certificate,” Priyadarshini Yojana, and many more.
