Nationalised Banks: Full List of Nationalised Banks in India
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.
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
Head Office, 2, Netaji Subhas Road
|2||Allahabad Bank||1969||The Chairman
Andhra Bank Building Sultan Bazar, P.B.No.161
|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,
|5||Bank of Maharashtra||1969||The Chairman
Bank of Maharashtra,
Lok Mangal 1501, Shivaji Nagar, Post Box No.919
|6||Canara Bank||1969||The Chairman
112, Jayachamarajendra Road Post Box No.6648
|7||Central Bank of India||1969||The Chairman
Central Bank of India,
Central Office Chander Mukhi, Nariman Point
|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
Bharath Building G.H.S. Road, Post Box No.88
|10||Indian Bank||1969||The Chairman
Building P.B.No.1384, 31, Rajaji Road,
|11||Indian Overseas Bank||1969||The Chairman
Indian Overseas Bank,
Central Office 762, Anna Salai, P.B.No.3765
|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
Post Box No.1, Manipal-576 119
|16||UCO Bank||1969||The Chairman
Head Office 10, Biplabi Trailokya Maharaj , Sarani
|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,
|18||United Bank of India||1969||The Chairman
United Bank of India,
16, Old Court House Street
|19||Vijaya Bank||1969||The Chairman
Administrative Office Janardhan Towers No.2, Residency Road
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.