Nationalization of Banks

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Nationalization of Banks : : Reserve Bank of India |  Imperial Bank of India |  Regional Rural Banks |  Other Financial Institutions

In order to have more control over the banks, 14 large commercial banks, the reserves of which were more than Rs.50 crore each, were nationalized on July 19, 1969.

The banks were :

  • The Central Bank of India
  • Bank of India
  • Punjab National Bank
  • Canara Bank
  • United Commercial Bank
  • Syndicate Bank
  • Bank of Baroda
  • United Bank of India
  • Union Bank of India
  • Dena Bank
  • Allahabad Bank
  • Indian Bank
  • Indian Overseas Bank
  • Bank of Maharashtra

On April 15, 1980, those 6 private sector banks whose reserves were more than [rupee] 200 crore each were nationalized.

These banks were :

  • Andhra Bank
  • Punjab and Sindh Bank
  • New Bank of India
  • Vijaya Bank
  • Corporation Bank
  • Oriental Bank of Commerce

In Sept 1993, the New Bank of India was merged with the Punjab National Bank.

These nationalized banks, together with Regional Rural Banks (RRBs), come under the category of Public Sector Commercial Banks.

The other kind of commercial banks are private Sector Commercial Banks.

At present there are 20 nationalized banks besides the RBI.

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