Punjab National Bank (PNB) and Canara Bank have crossed the milestone of total business reaching Rs 30 lakh crore in the September quarter, expanding this club of public-sector banks to four while the other eight have a long distance to catch up.

PNB had almost reached the landmark at the end of the June quarter with total deposits and advances combining for Rs 29.98 lakh crore. But it took the subsequent quarter for the bank to achieve its milestone, joining market leader State Bank of India (SBI) and Bank of Baroda.

The state-run bank’s total business rose 11.95% to Rs 31.20 lakh crore as of 30 September 2026 compared to Rs 27.87 lakh crore a year ago.

The bank’s loan book grew 14.80% YoY to Rs 13.43 lakh crore versus Rs 11.70 lakh crore in Q2 of FY26. 

Deposits grew at a slower pace of 9.90% YoY to Rs 17.77 lakh crore as against Rs 16.17 lakh crore in the earlier year.

The credit-to-deposit ratio climbed to 75.56% from 72.33%,  according to provisional figures announced by the lender.

State-owned Canara Bank also made the leap, ending September at Rs 30.71 lakh crore, up 15.83% from its total business of Rs 26.51 lakh crore a year ago.

The lender’s loan book grew 19.35% YoY to Rs 13.74 lakh crore from Rs 11.51 lakh crore in Q2 of FY26.

Deposits grew 13.13% to Rs 16.97 lakh crore as of 30 September 2026.

Meanwhile, Bank of Baroda’s total business had crossed the Rs 30-lakh crore landmark in the March quarter. It ended the second quarter of FY27 at Rs 32.64 lakh crore, up 17.45% from Rs 27.79 lakh crore in the year-ago period.

While the bank posted loan growth of 18.27% to Rs 15.12 lakh crore in the September quarter, deposits rose 16.75% to Rs 17.51 lakh crore during the same period.

SBI remains the only other public-sector bank with its total business above the Rs 30-lakh crore mark. In fact, it is more than three times the size of Bank of Baroda, with total business standing at Rs 110 lakh crore as of 30 June 2026. While its gross advances stood at Rs 50.47 lakh crore, deposits reached Rs 60.06 lakh crore. The bank has not yet announced its business updates for the fiscal second-quarter of FY27 ending September. 

Next Tier

The next tier, in the above-Rs 20 lakh crore range, is occupied by Union Bank of India. The lender’s total business stood at Rs 22.10 lakh crore as of 30 September, with deposit growth in the fiscal second quarter trailing significantly behind loan growth.

While the bank’s deposits grew 6.87% YoY to Rs 13.19 lakh crore, its loan book rose 18.53% to Rs 11.56 lakh crore.

Between Rs 15-20 lakh crore Tier

There are two state-owned banks whose total business figures fall in the Rs 15 lakh crore to Rs 20 lakh crore range. 

Bank of India took its business to Rs 18.92 lakh crore in the September quarter, up 21.07% from the year-ago period. The lender posted strong growth with deposits up 21.60% YoY at Rs 10.38 lakh crore and credit rising 20.43% to Rs 8.54 lakh crore.

Indian Bank’s business grew 14.2% YoY to Rs 15.96 lakh crore in the September quarter. Its deposits stood at Rs 8.73 lakh crore, up 12.4%, while advances rose 16.6% to Rs 7.23 lakh crore.

Above Rs 5 lakh crore Tier

In the above-Rs 5 lakh crore range are Central Bank of India, UCO Bank, Indian Overseas Bank and Bank of Maharashtra. Central Bank saw its total business grow 20.55% YoY to Rs 8.90 lakh crore as of 30 September 2026, with deposits up 14.43% to Rs 5.09 lakh crore and advances up 29.83% to Rs 3.81 lakh crore.

UCO Bank’s business grew 18.84% to Rs 6.37 lakh crore, with deposits up 14.05% to Rs 3.49 lakh crore and advances up 24.68% to Rs 2.88 lakh crore.

Indian Overseas Bank and Bank of Maharashtra have yet to announce their provisional business update figures for the September quarter.

Aiming to reach Rs 3 lakh crore in FY27

Punjab & Sind Bank, which aims to take its total business to Rs 3 lakh crore by the end of this fiscal year, closed September at Rs 2.79 lakh crore, up 15.77% YoY. While its deposits grew 12.98% to Rs 1.53 lakh crore, advances stood at Rs 1.26 lakh crore, up 19.37%.