The nationalization of banks in India began in 1969 when 14 banks were brought under government control, followed by the nationalization of 6 more banks in 1980. The primary objective of nationalizing banks was to ensure that the banking system was used to meet the developmental needs of the country, including expanding access to credit in rural areas, promoting small-scale industries, and directing credit to priority sectors like agriculture and exports. In this blog, you’ll find a list of nationalized banks in India, what these banks mean and how they work. Continue reading to know more!
About Nationalised Bank
Nationalized banks are financial institutions that are owned and operated by the government of India. These banks were created through the nationalization process in which the government acquired a majority stake in private banks to increase its control over the banking sector.
Nationalised Banks in India
Here is the list of nationalized banks in India as of 2021:
- Allahabad Bank
- Andhra Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- Indian Bank
- Indian Overseas Bank
- Oriental Bank of Commerce
- Punjab & Sind Bank
- Punjab National Bank
- Syndicate Bank
- UCO Bank
- Union Bank of India
- Vijaya Bank
Detailed Information About Nationalised Banks
You can read in detail about the nationalized bank. Here is the Details Information given about Nationalised banks in Indian
State Bank Of India
|Mumbai, India||Pure Banking, Nothing Else||Dinesh Kumar Khara.|
The biggest bank in India is the State Bank of India. According to the Fortune Global 500 report, SBI is placed 236. In 1955, the bank was established. SBI now has the largest branch network in India thanks to the merger with its five partner banks.
Punjab National Bank
|New Delhi, India||The name you can Bank Upon||Atul Kumar Goel.|
The Indian government owns the banking and financial services company Punjab National Bank. In 1894, the bank was started. OBC Bank and United Bank are combined with PNB Bank. With 18 lakh crore rupees in assets and the second-largest branch network in the nation, the new bank will overtake the Public Sector Bank of India.
Bank Of Baroda
|Vadodara, Gujarat||India’s International Bank||Sanjiv Chadha|
An international bank from India is called the Bank of Baroda. It was founded in 1908 and is currently the third-largest public sector bank in the nation. With a combined business of Rs. 14.82 lakh crore, Bank of Baroda, Vijaya Bank, and Dena Bank would become the third-largest lender in the nation.
|Bengaluru, Karnataka||Together We Can||Lingam Venkat Prabhakar|
One of India’s oldest public sector banks is Canara Bank. Canara Hindu Permanent Fund, the name under which the bank was created in 1906, was later changed to Canara Bank Limited in 1910. The fourth-largest Public Sector Bank in the nation will be created by the merger of Canara Bank and Syndicate Bank. The bank’s overall revenue will be Rs. 15.2 lakh crore. Additionally, it will grow to be India’s third-largest bank branch network.
|Mumbai, India||Good People to Bank With||Rajkiran Rai G.|
One of India’s largest public sector banks is the Union Bank of India. 90% of the company’s share capital is owned by the government. In 1919, the bank was established. with the merger of Corporation Bank and Andhra Bank.
Bank Of India
|Mumbai, India||Relationship Beyond Banking||Atanu Kumar Das|
Bank of India is the founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications) and one of the top 5 banks in India.
|Chennai, India||Your Own Bank||Shri Shanti Lal Jain.|
Indian Bank has overseas branches in Colombo and Singapore. It was founded in 1907. With Merger of Allahabad Bank.
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Ans. There are 12 Public Sector Banks in India in 2022.
Ans. After the massive merger, the total number of Public Sector Banks (PSBs) in India has come down from 27 banks in 2017 to 12 in 2021.
Ans. There are currently 12 nationalised banks operating in India. They are Punjab National Bank, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Union Bank of India, Indian Overseas Bank, Punjab and Sind Bank, Indian Bank, UCO Bank, and Bank of Maharashtra, as well as State Bank of India.
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