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Nationalised Banks in India
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.
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