Introduction
Nationalized Banks in India are the key players in the Indian banking structure governing the finance industry. Not just that, the nationalized banks of India also play crucial role in the financial progress of the country at the same time.The past of nationalization of Indian banks epochs back to the year 1955 after the Imperial Bank of India was first nationalized and was rechristened as the State Bank of India, under the State Bank of India Act, 1955.Later on July 19 in the year 1960, the 7 companies of SBI such as the State Bank of Hyderabad shortly called as SBH, State Bank of Indore, State Bank of Saurashtra shortly called as SBS, State Bank of Mysore shortly called as SBM, State Bank of Bikaner and Jaipur shortly called as SBBJ, State Bank of Patiala shortly called as SBP, and State Bank of Travancore shortly called as SBT were also made as national banks with credits of more than Rs200 crores.
The Base
The banking business in India has become a major tool for the growth of the country's economy by the year 1960. The business also became a huge employer generating a number of openings for the job seekers in the country. In order to extend the banking infrastructure to rural areas, the then Prime Minister of India, Indira Gandhi took the inventiveness to nationalize certain marketable banks. She submitted a study paper titled 'Stray thoughts on Bank Nationalization' in the All India Congress Meeting, which received positive feedback from the crowd.The Initiative
On July 19 in the year 1969, 14 profitable banks were nationalized, which acquired presidential approval on August 9 in the year 1969. In the year 1980, in order to offer more power and command over the credit transfer to the government of India, 6 more profitable banks in India were nationalized.
In the year 1993, the New Bank of India merged with the Punjab National Bank shortly called as PNB, which made the number of nationalized banks in India to rise up to 19. It is also the only union between two different Indian nationalized banks. As years followed, the nationalized banks in India have seen a significant growth rate of around nearly 4%, which was very close to the average growth rate of the country's economy.
List of Nationalized Banks in India
Following is the list of Nationalized Banks in India:1. Allahabad Bank
2. Andhra Bank
3. Bank of Baroda
4. Bank of India
5. Bank of Maharashtra
6. Bhartiya Mahila Bank
7. Canara Bank
8. Central Bank of India
9. Corporation Bank
10. Dena Bank
11. IDBI Bank
12. Indian Bank
13. Indian Overseas Bank
14. Oriental Bank of Commerce
15. Punjab National Bank
16. Punjab & Sind Bank
17. Syndicate Bank
18. UCO Bank
19. Union Bank of India
20. United Bank of India
21. Vijaya Bank