Answer Posted / dkgmonalisagupta
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
with deposits over 200 crores. 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 deposits over 200 crores. 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. It serves 90 million customers through a
network of 9,000 branches.
List of Public Sector Banks in India is as follows:
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 and Sind Bank
Punjab National Bank
State Bank of Bikaner & Jaipur
State Bank of Hyderabad
State Bank of India (SBI)
State Bank of Indore
State Bank of Mysore
State Bank of Patiala
State Bank of Saurashtra
State Bank of Travancore
Syndicate Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank
IDBI Bank
| Is This Answer Correct ? | 7 Yes | 0 No |
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