Nationalised Banks
Nationalised Banks are those which started their operation as private sector Banks, but later their ownership was taken over by the Government through some Acts, Orders, Notification or Ordinance.
Some of the major events that took place in the nationalisation of Banks are :
- Earlier RBI was owned by the State, in 1949 RBI was nationalised
- RBI was bestowed with the control of Imperial Bank of India in 1955
- In 1969, 14 no of private banks were nationalised
- Again, in 1980, 6 no of private banks were nationalised.
The list of the Nationalised banks are available in the website of Reserve Bank of India. They are regulated by Reserve bank of India. They are covered by various standards and regulations. To name some of them :
The step to nationalise banks was a major step in instilling faith of people in the Banking industry. Since, they are owned by the Government, the default risk related to deposits was eradicated and with the deposits, the Government is able to take steps in developing the economy. Even today, most of the people prefer parking their savings with Nationalised banks due to security aspects.
List of Nationalised Banks in India
- 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
- Punjab & Sind Bank
- Punjab National Bank
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
Recommended Read :
- Private Sector Banks
- Nationalised Banks in India
- Public Sector Banks in India
- Scheduled Banks India
- Co Operative Society
- What is a Commercial Bank?
- Kerala Banks
- What are Non Scheduled Banks?
- What is a Foreign Bank Foreign Banks in India?
- What is a Co Operative Bank?
- What is Core Banking?
- What is Transaction Fee What is Its Significance?
- What Does Know Your Customer Kyc Mean?
- What is a Bank Statement?
- What is a Cheque?
- What is a Banking Transaction?
- What is Networth?
- What is a Bank Deposit?
There is a lot more banks available in those some belongs to public sector, private sector, foreign banks and cooperative banks etc. when I read the article it gave me a clear picture about the nationalized banks along with the list of the banks. Since these banks are owned by government there will a more security