Nationalised Banks In India
To use financial institutions as the instrument of promoting economic and social development in a more purposeful manner and to overcome the monopoly over financial resources, the government of India nationalised 20 commercial banks during the tenure of Prime Minister of Indira Gandhi.
On July 19, 1969, the first nationalisation of 14 banks took place with the following banks:
1. Bank of India
2. Union Bank of India
3. Bank of Baroda
4. Bank of Maharashtra
5. Punjab National Bank
6. Indian Bank
7. Indian Overseas Bank
8. Central Bank of India
9. Canara Bank
10. Syndicate Bank
11. United Commercial Bank
12. Allahabad Bank
13. United Bank of India
14. Dena Bank
On April 15, 1980 the second nationalisation took place with the following banks:
1. Andhra Bank
2. Corporation Bank
3. New Bank of India
4. Oriental Bank of Commerce
5. Punjab and Sind Bank
6. Vijaya Bank
In October 1993 the new bank of India was merged with Punjab National Bank, in March 2007, Bhart Overseas Bank merged with Indian Overseas Bank therefore, at present there are only 19 nationalised banks in the country besides the RBI.
To use financial institutions as the instrument of promoting economic and social development in a more purposeful manner and to overcome the monopoly over financial resources, the government of India nationalised 20 commercial banks during the tenure of Prime Minister of Indira Gandhi.
[Post Image Courtesy of Ambro at FreeDigitalPhotos.net]
On July 19, 1969, the first nationalisation of 14 banks took place with the following banks:
1. Bank of India
2. Union Bank of India
3. Bank of Baroda
4. Bank of Maharashtra
5. Punjab National Bank
6. Indian Bank
7. Indian Overseas Bank
8. Central Bank of India
9. Canara Bank
10. Syndicate Bank
11. United Commercial Bank
12. Allahabad Bank
13. United Bank of India
14. Dena Bank
On April 15, 1980 the second nationalisation took place with the following banks:
1. Andhra Bank
2. Corporation Bank
3. New Bank of India
4. Oriental Bank of Commerce
5. Punjab and Sind Bank
6. Vijaya Bank
In October 1993 the new bank of India was merged with Punjab National Bank, in March 2007, Bhart Overseas Bank merged with Indian Overseas Bank therefore, at present there are only 19 nationalised banks in the country besides the RBI.
Nationalised Banks In India
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