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:
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." |