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Nationalised Banks: Full List of Nationalised Banks in India

By oneindia staff

On July 19, 1969 Bank Nationalised Day Came into existence, where 14 banks are nationalised by the government of india. Most of the nationalised banks in india are also refered to 'public sector banks'. According to the IMF (International Monetary Fund), Nationalisation is a process by which the government takes over private assets and brings them under public ownership.

Nationalised Banks: Full List of Nationalised Banks in India

Nationalisation of banks means to take the banks under government undertaking. Banks after nationalisation comes directly under Banking regulation Act 1949. RBI (Reserve bank of India), India's Central bank become the first nationalised banks in india after the indian independence. RBI later become the regulatory authority for banking in India. At that time most of the banks are private control, but later it pulled few of the banks under its control to finance India's growing financial needs. At Present there are exactly 19 nationalised banks in india as per the RBI official website.

List of Nationalised Banks in India and Their Head offices:

Here's the list of the 19 nationalised banks in India that are currently listed on the RBI website

S:No Bank Names Year of Nationalisation Head Office Details
1 Andhra Bank 1980 The Chairman

Allahabad Bank,

Head Office, 2, Netaji Subhas Road

Calcutta-700 001.

2 Allahabad Bank 1969 The Chairman

Andhra Bank,

Andhra Bank Building Sultan Bazar, P.B.No.161

Hyderabad-500 001.

3 Bank of Baroda 1969 The Chairman

Bank of Baroda,

Baroda Corporate Centre, C-26, G-Block, Bandra-Kurla Complex,

Bandra (East), Mumbai-400 051.

4 Bank of India 1969 The Chairman

Bank of India,

Head Office Express Towers, Nariman Point,

Mumbai-400 021.

5 Bank of Maharashtra 1969 The Chairman

Bank of Maharashtra,

Lok Mangal 1501, Shivaji Nagar, Post Box No.919

Pune-411 005.

6 Canara Bank 1969 The Chairman

Canara Bank,

112, Jayachamarajendra Road Post Box No.6648

Bangalore-560 002.

7 Central Bank of India 1969 The Chairman

Central Bank of India,

Central Office Chander Mukhi, Nariman Point

Mumbai-400 021.

8 Dena Bank 1969 The Chairman

Dena Corporate Centre

C-10 G Block Bandra Kurla Complex Bandra East

Mumbai 400 051.

9 Corporation Bank 1980 The Chairman

Corporation Bank,

Bharath Building G.H.S. Road, Post Box No.88

Mangalore-575 001

10 Indian Bank 1969 The Chairman

Indian Bank,

Building P.B.No.1384, 31, Rajaji Road,

Chennai-600 001.

11 Indian Overseas Bank 1969 The Chairman

Indian Overseas Bank,

Central Office 762, Anna Salai, P.B.No.3765

Chennai-600 002.

12 Oriental Bank of Commerce 1980 The Chairman

Oriental Bank of Commerce,

E-Block, Connaught Place, P.B.No.329

New Delhi-110 001

13 Punjab & Sind Bank 1969 The Chairman

Punjab & Sind Bank,

Bank House 4th floor , 21, Rajendra Place

New Delhi-110 008.

14 Punjab National Bank 1969 The Chairman

Punjab National Bank,

7, Bhikaji Cama Place, Africa Avenue

New Delhi-110 066.

15 Syndicate Bank 1969 The Chairman

Syndicate Bank,

Post Box No.1, Manipal-576 119

Karnataka State.

16 UCO Bank 1969 The Chairman

UCO Bank,

Head Office 10, Biplabi Trailokya Maharaj , Sarani

Calcutta-700 001.

17 Union Bank of India 1969 The Chairman

Union Bank of India,

Union Bank Building Central Office,

239, Backbay Reclamation Post Box No.93A,Nariman Point,

Mumbai-400 021.

18 United Bank of India 1969 The Chairman

United Bank of India,

16, Old Court House Street

Calcutta-700 001.

19 Vijaya Bank 1969 The Chairman

Vijaya Bank,

Administrative Office Janardhan Towers No.2, Residency Road

Bangalore-560 025.

Background of Nationalisation:

After the independence, the government of india have adopted planned economic development of the country. In 1951, five years plan came into existence and at that time during the period of 1950-51 there were almost 400+ commercial banks who worked under the privare sectors. All these private banks work for their own agenda and not helped the government in acheiving its goals and ojectives. In July 1955 only, SBI (State Bank of India) became the first nationalised bank in india under the SBI Act of 1955. Also seven subsidiaries bank of State Bank became Nationalized on 19th July 1960.

Nationalised Banks in India - Steps Taken by Indira Gandhi:

On July 1969, the indian government decided to nationalize 14 major commercial banks those have minimum Rs.50 crores of deposit. This was initiated by former prime minister of india, Indira Gandhi. In April 1980, the second phase of nationalization came into effect and 6 more banks were nationalized. After the second phase of nationalization, the Government of India controlled around 91% of the banking business of India. The nationalization of Bank provided the government of India more control of credit delivery.

Objectives of Nationalized Banks in India:

Some of the main objectives of nationalization banks in india were:

Social Welfare : Most of the small, village industries and agricultural sectors need funds for their development and expansion and further economic development

Controlling Private Monopolies : Prior to nationalization, majority of banks were controlled by private sector and corporate families. It was necessary for the government to check these monopolies in order to ensure a smooth supply of credit to socially desirable sections.

Expansion of Banking : It was necessary to expand banking across the country. The nationalization of banks was a key for expanding banking network in the un-banked areas.

Reducing Regional Imbalance : It was a absolute necessity to introduce banks in the rural areas where the banking facilities were not available. Nationalization of bank was necessary in order to reduce this regional imbalance.

Developing Banking Habits : In India maximum population live in rural areas. For the progress of the county and economic development, it is necessary to develop the banking habit among such a large population. Nationalization of banks was needed to achieve the goal.

Priority Sector Lending : Agriculture sector and its associated activities were the largest contributor to the national income and were marked as the priority sectors. But unfortunately the agriculture sector was deprived of their due share in the credit. Nationalization was must for making the funds available to that sector.

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