In 1969, the Government of India nationalised 14 major private banks; one of the big banks was Bank of India.
At 8.30 pm on the night of July 19, 1969, then prime minister Indira Gandhi announced to the nation that 14 major commercial banks which between them controlled 85 percent of bank deposits in the country, had been nationalised.
Six scheduled commercial banks were nationalised in 1980. The banks which were nationalised in 1980 were Vijaya Bank Limited, Punjab and Sind Bank Limited, Oriental Bank of Commerce Limited, New Bank of India Limited, Corporation Bank Limited, Andhra Bank Limited.
This article discussed the broad backdrop which led to bank nationalisation. The next article will focus on the 14 banks that were nationalised. Amol Agrawal is a faculty member at Ahmedabad University.
Throughout the history of Independent India, there have been two major instances of Bank Nationalisation, the Bank Nationalisation of 1969 was a major one. As of today, there are 12 nationalized banks in India.
Currently, there are a total of 34 nationalized banks in India of which 12 are Indian government banks and the rest 22 are private sector banks. Below is a list of all banks in India.
The State Bank of India (SBI) was not nationalised in 1969. SBI was already nationalised in 1955. Prior to its nationalisation, SBI was known as the Imperial Bank of India.
On 19th July 1969, a major process of nationalization was carried out and 14 major commercial banks in India were nationalized. The second phase of nationalization Indian Banking Sector Reform was carried out in 1980 with six more banks.
The oldest bank in India is The Madras Bank (1683), followed by the Bank of Bombay, founded in 1720, which is then followed by the Bank of Hindustan, founded in 1770.
The first bank in India to be nationalized was the Reserve Bank of India which happened in January 1949. Further, 14 other banks were nationalized in July 1969. Bank of India, PNB, and many others were part of this nationalization.
State Bank of India (SBI), state-owned commercial bank and financial services company, nationalized by the Indian government in 1955.
On July 19, 1969, 14 major lenders that accounted for 85% of bank deposits in the country at that time were nationalised. ... These banks with deposits of over Rs 50 crores nationalised ' to serve better the needs of development of the economy in conformity with national policy objectives'.
The Nedungadi Bank was the first private sector bank in India, founded in 1899 by Rao Bahadur T.M. Appu Nedungadi in Kozhikode, Kerala.
The Pakistani banking sector, which had experienced rapid growth, faced an unexpected move in 1974 when through a parliamentary act; the Government of Pakistan nationalized the industry and seized control of all assets.
The second phase of nationalization started in the year 1969 with the nationalization of 14 main commercial banks in India. In the year 1980, six more commercial banks were nationalized & became public sector banks.
They are 12 in number, and their names are Punjab National Bank, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Union Bank of India, Indian Overseas Bank, Punjab, and Sind Bank, Indian Bank, UCO Bank, and Bank of Maharashtra, State Bank Of India. Recommended: What is Bearer Cheque?
Till 1969, the State Bank of India (SBI) was the only bank that was not privately owned. It was called the Imperial Bank before its nationalisation in 1955.
Its 60% stake was bought by RBI and SBI came under the control of the Government as Public Sector Undertaking. In 1969, SBI was already under the control of the government hence there was no need to nationalize it. Therefore, although SBI is a Public Sector Bank but is not included in the list of nationalized banks.
Epilogue. The Reserve Bank of India, which is the central bank of India, acquired a controlling interest in the Imperial Bank of India in 1955, which was renamed on 30 April 1955 to the State Bank of India.
HDFC Bank currently ranks as the largest private bank in India, both by assets and market capitalization. The company has the third-largest market capitalization on the Indian stock exchanges, with $112.76 billion.
List of Government Banks in India | 12 Public Sector Banks. Government Banks or Public Sector Banks are the banks that are owned by the government of the day. In such banks, the Government of the country is the major shareholder with possession of more than 51% share of the bank. Check hare the updated list of govt.
1. State Bank of India. With a legacy of over 200 years, State Bank of India (SBI) traces its ancestry to the Bank of Calcutta founded in 1806 and is the oldest commercial bank in the Indian subcontinent. SBI is an Indian multinational, public sector banking and financial services statutory body.
What's the total number of banks in the United States in 2021? The FDIC lists 4,983 banks in total.