Nationalized Banks in India - Check the Full List Here
The Indian government nationalized 14 banks on July 19, 1969, marking the first annual Bank Nationalized Day. The term "public sector banks" is used to describe the vast majority of nationalized banks in India. Nationalization, as defined by the International Monetary Fund (IMF), is the process by which the government seizes and brings privately held assets into public ownership.
History and Significance of Nationalization of Banks
Since India's independence, the country's leaders have made steady economic expansion a top priority. With the advent of the five-year plan in 1951, the private sector saw a surge in the number of commercial banks to 400. All these private banks were out for themselves, and they did not work in the government's best interests. After the passage of the SBI Act in July 1955, SBI (State Bank of India) became the country's first nationalized bank. On July 19, 1960, the State Bank of India and seven of its subsidiaries were nationalized.
In the subsequent years, the Indira Gandhi government made the decision to take over 14 large commercial banks with at least Rs. 50 crore in deposits. The next wave of nationalization took effect in April 1980, when another six banks were taken over by the government. At the end of the second phase of nationalization, the government was in charge of about 91% of India's banking industry. Here's the full list of nationalized banks in India:
| S:No | Bank Names | Year of Nationalisation | Head Office Details |
|---|---|---|---|
| 1 | Andhra Bank | 1980 | The Chairman Allahabad Bank, Head Office, 2, Netaji Subhas Road Calcutta-700 001. |
| 2 | Allahabad Bank | 1969 | The Chairman Andhra Bank, Andhra Bank Building Sultan Bazar, P.B.No.161 Hyderabad-500 001. |
| 3 | Bank of Baroda | 1969 | The Chairman Bank of Baroda, Baroda Corporate Centre, C-26, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai-400 051. |
| 4 | Bank of India | 1969 | The Chairman Bank of India, Head Office Express Towers, Nariman Point, Mumbai-400 021. |
| 5 | Bank of Maharashtra | 1969 | The Chairman Bank of Maharashtra, Lok Mangal 1501, Shivaji Nagar, Post Box No.919 Pune-411 005. |
| 6 | Canara Bank | 1969 | The Chairman Canara Bank, 112, Jayachamarajendra Road Post Box No.6648 Bangalore-560 002. |
| 7 | Central Bank of India | 1969 | The Chairman Central Bank of India, Central Office Chander Mukhi, Nariman Point Mumbai-400 021. |
| 8 | Dena Bank | 1969 | The Chairman Dena Corporate Centre C-10 G Block Bandra Kurla Complex Bandra East Mumbai 400 051. |
| 9 | Corporation Bank | 1980 | The Chairman Corporation Bank, Bharath Building G.H.S. Road, Post Box No.88 Mangalore-575 001 |
| 10 | Indian Bank | 1969 | The Chairman Indian Bank, Building P.B.No.1384, 31, Rajaji Road, Chennai-600 001. |
| 11 | Indian Overseas Bank | 1969 | The Chairman Indian Overseas Bank, Central Office 762, Anna Salai, P.B.No.3765 Chennai-600 002. |
| 12 | Oriental Bank of Commerce | 1980 | The Chairman Oriental Bank of Commerce, E-Block, Connaught Place, P.B.No.329 New Delhi-110 001 |
| 13 | Punjab & Sind Bank | 1969 | The Chairman Punjab & Sind Bank, Bank House 4th floor , 21, Rajendra Place New Delhi-110 008. |
| 14 | Punjab National Bank | 1969 | The Chairman Punjab National Bank, 7, Bhikaji Cama Place, Africa Avenue New Delhi-110 066. |
| 15 | Syndicate Bank | 1969 | The Chairman Syndicate Bank, Post Box No.1, Manipal-576 119 Karnataka State. |
| 16 | UCO Bank | 1969 | The Chairman UCO Bank, Head Office 10, Biplabi Trailokya Maharaj , Sarani Calcutta-700 001. |
| 17 | Union Bank of India | 1969 | The Chairman Union Bank of India, Union Bank Building Central Office, 239, Backbay Reclamation Post Box No.93A,Nariman Point, Mumbai-400 021. |
| 18 | United Bank of India | 1969 | The Chairman United Bank of India, 16, Old Court House Street Calcutta-700 001. |
| 19 | Vijaya Bank | 1969 | The Chairman Vijaya Bank, Administrative Office Janardhan Towers No.2, Residency Road Bangalore-560 025. |