Nationalization of Banks in India

nationalization of banks, banks ka rastriyakaran

Today we will discus about Nationalization of Bank in India. The Nationalised bank dominate the all banking system in Bharat. First history of nationalization of banks in India dates bank to mid 20th century, when Imperial Bank of India was nationalized (under the SBI Act of 1955) and re-christened as State Bank of India in July 1955. Then on July 19, 1960, its 7 subsidiaries nationalised with our deposits over 200 crores rupees. These seven subsidiaries of State Bank of India were State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad or SBH, State Bank of Indore or SBI, State Bank of Mysore or SBM, SBP or State Bank of Patiala, SBS or State Bank of Saurashtra and also SBT or State bank of Travancore nationalized.

However, the major nationalization of Banks happened in 1969 by the them Indian Prime Minister Indra Gandhi. The nationalized 14 major commercial banks were Allahabad Bank (AB), Andhra Bank (AB), Bank of Baroda (BB), Bank of India (BOI), Bank of Maharashtra (BOM), Central bank of India (CBI), Indian Bank (IB), Corporation Bank (CB), Dena Bank (DB), Canara Bank (CB), Indian Overseas Bank (IOB), OBC (Oriental Bank of Commerce), Punjab and Sindh Bank (PSB), Punjab National Bank (PNB), Syndicate Bank (SB), UCO Bank, Union Bank of India (UBI), United bank of India (UBI) and Vijaya Bank (VB).

In 1980, the second phase of nationalization of Indian banks took place, in which 7 more banks were nationalized with nationalized banks deposits over 200 crores. After the nationalization of banks there was a big jump in the our deposit and advance with the other banks. In present time, the SBI is the indian very large commercial bank of India and State bank of India is one rank of the top five banks in the world wide. It serves 90 million customers through a network of 9000 branches.

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