Nationalized Banks in India - Check the Full List Here

14 Nationalized Banks of India.

11 Jan 2023 18:58 IST

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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

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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."