Banks are financial institutions acting as intermediatory in the economic landscape. Banks are crucial aspects of the economic system involved in capital creation, saving, and lending. Indian Banking system has its root in the British Economic system, where banks were initially foreign-owned and acted as tools for financial exploitation of India.
The nationalized banks are those banks that were ones owned by the private players but due to the financial or socio-economic exigencies, the ownership was acquired by the government. In more technical terms Nationalised Banks have such an ownership structure where the government is the majority shareholder i.e. >50%. The list of nationalized banks is important for competitive exams from a question perspective and is also relevant for banking aspirants who wish to join one of the Government banks.
Candidates must know that there is no fixed number of nationalized banks. The list of nationalized banks keeps on changing from time to time. Throughout the history of Independent India, there have been two major instances of Bank Nationalisation, the Bank Nationalisation of 1969 was a major one.
As of today, there are 12 nationalized banks in India. Read this article to know more about the List of Nationalised Banks in India and other important aspects related to the banking sector. If you are preparing for competitive exams and are looking for expert guidance, you can check out our daily FREE Current Affairs.
Source: https://timesofindia.indiatimes.com/
As of July 2020 after the recent mergers of government banks, there are a total of 12 nationalized banks in India.
Nationalized Banks Headquarter Tag Line
1. Punjab National Bank ( With the merger of Oriental Bank Of Commerce and United Bank Of India) New Delhi The name you can Bank Upon
2. Indian Bank( With Merger of Allahabad Bank) Chennai Your Tech-friendly bank
3. State Bank of India Mumbai With you all the way, Pure Banking Nothing Else, The Nation’s banks on us
4. Canara Bank( With Merger Of Syndicate Bank) Bangalore Together we can
5. Union Bank of India( With Merger Of Andhra Bank and Corporation Bank) Mumbai Good people to bank with
6. Indian Overseas bank Chennai Good people to grow with
7. UCO Bank Kolkata Honors Your Trust
8. Bank of Maharashtra Pune One Family One Bank
9. Punjab and Sind Bank Rajendra Place, New Delhi Where Service Is A Way Of Life
10. Bank of India Mumbai Relationships beyond Banking
11. Central Bank of India Mumbai Central To you Since 1911, Build A Better Life Around Us
12. Bank of Baroda Gujarat India’s International Bank
Check out Different Types Of Banks In India: Know Their Functions, Categories, And More Details
Bank Nationalisation is a policy decision, which is undertaken keeping certain goals in mind. From time to time Central Government can carry out the nationalization of banks. Though candidates must note that Nationalisation as a policy call has lost the favor of Governments post-liberalization of 1991. Nariman committee on banking reforms 1991 and 1998 has called for more private banks in India. More recent government reports like documents have called for Two nationalized banks of global standing. Yet besides knowing the list of nationalized banks candidates must be aware of the reason for bank nationalization.
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