If you are planning to invest in PSU (Public Sector) bank stocks in 2023, it’s crucial to make informed decisions to maximize your returns. With online stock trading in India gaining popularity, investors have a plethora of options to choose from, making it challenging to select the top-performing stocks. To help you with this decision, we have curated a list of the 5 best PSU bank stocks to watch out for in 2023. So, let’s get started.
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1. State Bank of India
State Bank of India (SBI) dominates the Indian public banking industry. It was founded in 1806. It has been active for over 200 years and is now operating globally in 32 nations.
SBI is a Fortune 500 company and a large-cap stock. It offers retail, business, and investment banking. The bank also has a strong presence in the asset management and insurance business.
SBI is one of the best-performing PSU banks in India and continues to remain attractive to investors.
- SBI Share Price as of April 2023: ₹ 540+
- Market Cap: Around ₹ 4.86 trillion
2. Bank of Baroda
Bank of Baroda (BOB) is a government bank founded in 1908. BOB is one of India’s biggest banks. It was combined with two other public sector banks, Vijaya Bank and Dena Bank, in April 2019, becoming India’s third-largest bank.
On Forbes Global 2000 Companies list, Bank of Baroda was ranked 954 in 2022. Being a large-cap banking stock, the Bank of Baroda can be a good banking stock to invest in the portfolio.
- Bank of Baroda Share Price as of April 2023: ₹ 170+
- Market Cap: Around ₹ 918.69 billion
3. Canara Bank
Canara Bank is India’s one of largest public sector banks, established in 1906. With a large network of 9,720 branches and 12,147 ATMs, Canara Bank also has a global presence.
The bank offers several unique features, such as the first intercity ATM network, ISO certification, an exclusive Mahila banking branch, and credit cards for farmers’ agricultural consultancy services. This helps Canara Bank stand out from its competitors and provide a satisfactory customer experience.
- Canara Bank Share Price as of April 2023: ₹ 290+
- Market Cap: Around ₹ 538.16 billion
4. Federal Bank
Federal Bank is based in Kerala, India. Founded in 1931, Federal Bank has evolved into one of the largest banks in India. The bank offers a variety of services including investments and business banking, international banking, and personal banking.
Federal Bank has 1,272 branches in India and also has representative offices overseas, such as Abu Dhabi & Dubai.
- Federal Bank Share Price as of April 2023: ₹ 130+
- Market Cap: Around ₹ 279.17 billion
5. Union Bank
Union Bank of India is a government-owned bank that has more than 153 million users and assets worth ₹18,69,042 crore.
It has around 8,700 branches across India, 3 overseas branches in Hong Kong, Dubai, and Sydney, and representative offices in Shanghai, Beijing and Abu Dhabi. It also has a wholly-owned subsidiary in the United Kingdom (UK).
- Union Bank Share Price as of April 2023: ₹ 70+
- Market Cap: Around ₹494.17 billion
The top PSU banks to watch out for, as outlined in this article, are Union Bank, SBI, Federal Bank, Canara Bank, and Bank of Baroda. These banks have displayed consistent financial growth, making them attractive investment options for interested investors. It is advisable to stay informed about the latest market trends and to utilize the services of a reliable online stock investing platform, such as Dhan, to maximize the investment potential of these banks.