Nationalised banks dominate the banking system in India. The history of nationalized banks in India dates back to mid-20th century, when Imperial Bank of India was nationalized and re-christened as State Bank of India (SBI) in July 1955. These subsidiaries of SBI were State Bank of Bikaner
and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Indore (SBIR), State Bank of Mysore (SBM), State Bank of Patiala (SBP), State Bank of Saurashtra (SBS), and State Bank of Travancore (SBT). However, the major nationalization of banks happened in 1969 by the -Prime Minister Indira Gandhi. The major objective behind nationalization was to spread banking infrastructure in rural areas and make cheap finance available to Indian farmers. The nationalized 14 major commercial banks were 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 (OBC), Punjab and Sind Bank, Punjab National Bank (PNB), Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India (UBI), and Vijaya Bank.
The second phase of nationalization of Indian banks took place, in which 7 more banks were nationalized with deposits over 200 crores. The Government of India held a control over 91% of the banking industry in India. After the nationalization of banks there was a huge jump in the deposits and advances with the banks. Presently, the State Bank of India is the largest commercial bank of India and is ranked one of the top five banks worldwide. It serves 90 million clients through a network of 9,000 branches.
These have made a positive impact on the India company scenario and augmented the credibility of the India corporate sector. The future of India Company actually looks very promising indeed.
List of Nationalized Banks in India:
Nationalised banks in India are the major players in Indian banking system dominating the industry. Not only that, the nationalized banks in India also play essential role in the economic development of the country at the same time.
List of Nationalized Banks in India:
Following is the list of Nationalized Banks in India:
- 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
- United Bank of India
- Vijaya Bank.
- IDBI Bank.
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