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do you know when the banks got nationalised and why?
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Answer Posted / karthika ayyappan
Nationalised banks dominate the banking system in India. The
history of nationalised banks in India dates back to
mid-20th century, when Imperial Bank of India was
nationalised (under the SBI Act of 1955) and re-christened
as State Bank of India (SBI) in July 1955. Then on 19th July
1960, its seven subsidiaries were also nationalised . 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 nationalisation of banks happened in 1969
by the then-Prime Minister Indira Gandhi. The major
objective behind nationalisation was to spread banking
infrastructure in rural areas and make cheap finance
available to Indian farmers. The nationalised 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.
In the year 1980, the second phase of nationalisation of
Indian banks took place, in which 7 more banks were
nationalised . With this, the Government of India held a
control over 91% of the banking industry in India. After the
nationalisation of banks there was a huge jump in the
deposits and advances with the banks. At present, the State
Bank of India is the largest commercial bank of India and is
ranked one of the top five banks worldwide.
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