List of Nationalized Banks in India
List of Nationalized Banks in India
The financial institution is a economic institute this is legal to receive cash and offer loans to its clients. The banking system in India sprang again inside the British length. Initially, the financial institution presented simply the fundamental services, but now you can avail numerous different services inclusive of-
Investing the deposits in price range
It become on July 14, 1969, while Bank Nationalized Day got here into existence. It changed into the day whilst the government of India nationalized 14 banks. Mostly all the nationalized banks in India are known as Public sector banks.
Nationalization is the technique in which government takes over the non-public assets and receives them below public possession. Till 2017 there had been 27 public quarter banks in India, but after the amalgamation of the banks as in step with the announcement of the Finance Minister of India Nirmala Sitharaman, there are best 19 nationalized banks.
List of Nationalized Banks in India
Today we are going to speak about the listing of Nationalized Banks (Government Banks) in India.
Types of Banks in India
Here is the type of varieties of banks in India-
- Commercial Banks:
These banks are similarly categorized into 4 categories:
Private Sector Banks
Public Sector Banks (or Nationalized Banks)
Regional rural banks
- Small Finance Banks
three. Payments Banks
four. Co-operative Banks
Also Read: Different Types of Banks in India
What is a Nationalized Bank?
They are the public area assets which might be owned or managed through the kingdom or central authorities. Nationalized banks got here into incidence while previously the banks that came under personal zone banks had been shifted to the general public region by using the act of nationalization.
Post-independence, the authorities of India took severa steps to enhance the u . S .’s financial improvement, and one of the essential steps they took become establishing RBI in April 1935. Later in 1948, below the phrases of the RBI Act, they gave observe to nationalized the banks after which in 1949.
It took a variety of years, after which in 1969, after the ordinance of then Prime Minister Indira Gandhi, 14 largest industrial banks in India were fashioned under the regulatory authority of RBI.
These banks had more than 85% share of the entire bank deposits within the united states, after which in 1980, 6 more banks were commercialized. This manner that there are, in general, 19 banks which can be to be protected in the listing of nationalized banks in India. Today, nationalized banks have more than 50% stake in the entire banking zone.
Reasons for the nationalization of the banks
The reason why banks were nationalized in India are-
Their foremost reason was social welfare as they desired to provide monetary offerings to help individuals and different sectors so that they could develop, and along side them, the country’s economy might additionally get higher
Another thing become for developing banking conduct amongst human beings. As before that, humans did now not have the addiction of depositing money in the bank or getting other economic solutions from the bank
Expansion of banks was every other motive that the government of India deliberate to nationalize the banks
The important aspect was to restriction personal monopoly. There were quite a few personal banks inside the bank that might manipulate the marketplace and provide loans at higher rates and provide less hobby on savings. To avert this sort of state of affairs, a listing of government banks in India become organized, and the banks were nationalized
Banks were nationalized so that the local imbalance might be lessened
Yet every other cause was that they desired to prioritize region lending.
Also Read: List of Banks in India
List of Nationalized Banks in India
Here is a table containing all the Nationalized Banks In India:
Nationalized Banks Headquarter Tag Line
- Punjab National Bank ( With the merger of Oriental Bank Of Commerce and United Bank Of India) New Delhi The call you could Bank Upon
- Indian Bank( With Merger of Allahabad Bank) Chennai Your Tech-friendly bank
- State Bank of India Mumbai With you all the way, Pure Banking Nothing Else, The Nation’s banks on us
- Canara Bank( With Merger Of Syndicate Bank) Bangalore Together we can
- Union Bank of India( With Merger Of Andhra Bank and Corporation Bank) Mumbai Good human beings to financial institution with
- Indian Overseas bank Chennai Good human beings to develop with
- UCO Bank Kolkata Honors Your Trust
eight. Bank of Maharashtra Pune One Family One Bank
nine. Punjab and Sind Bank Rajendra Place, New Delhi Where Service Is A Way Of Life
- Bank of India Mumbai Relationships past Banking
- Central Bank of India Mumbai Central To you Since 1911, Build A Better Life Around Us
- Bank of Baroda Gujarat India’s International Bank
Here is the list of all of the government banks in India and some essential statistics about them-
- Punjab National Bank
Punjab National Bank bank that became instituted on April 12, 1895, in Lahore. PNB turned into nationalized in 1969 and is founded in Delhi. It is a state-owned company bank that began its operations with Rs 2 lac and running capital of Rs.20,000.
They render several financial offerings which include savings and modern bills, all types of loans, debit and credit cards, Investment, buying and selling, and much extra. They have a client base of one hundred eighty million customers, 10910 branches, and greater than 13000 ATMs across the kingdom.
- Indian Bank
Indian Bank bank become integrated on August 15, 1907, and nowadays it’s miles serving clients as a central authority bank in India. It is founded in Chennai, and its modern-day CEO is Padmaja Chunduru. Indian bank has two subsidiary corporations which can be IndBank Housing Ltd and IndBank Merchant Banking Services Ltd.
They are serving greater than 100 million clients and feature 20924 employees. Indian financial institution has greater than 6000 branches and 5428 ATMs unfold throughout the us of a. They provide diverse banking offerings to their clients including debit and credit score playing cards, net banking, loans, deposit money owed, Investment, and greater.
Also Read: List of Private Banks in India
three List of Nationalized Banks in India
This bank is generally known as SBI, and it turned into known as the Imperial Bank of India. Later it became renamed and nationalized on July 1, 1955, and the name modified to State Bank of India. This is the most important public-region financial institution in India, with a total of 1/4th proportion within the overall deposits and loans markets.
This financial institution turned into made after the merger of banks that is Bank of Calcutta and the Bank of Bombay. They have a history of two hundred years with 209567 personnel. SBI has 22141 branches and 58555 ATMs nationwide.
Four List of Nationalized Banks in India
It is an Indian state-owned International banking and money services financial institution. They are established in Vadodara, Gujarat. This bank turned into based in the course of pre-independence days in 1908. Later it become nationalized in 1969 by the government of India. They are the second largest Indian financial institution based totally on overall property.
The main offerings they provide are private banking, enterprise banking, on-line banking, corporate banking, all sort of loans and investment offerings, and extra. Bank of Baroda serves more than 132 million clients and has 8230 general branches and 13400 ATMs unfold throughout the us of a.
Five. Bank of India
Bank Of India was installed on September 7, 1906, through a group of businessmen in Mumbai. It was nationalized in 1969 with other 13 banks. They have more than 5100 branches and round 3418 ATMs unfold across the breadth and length of India. They are headquartered in Mumbai.
Bank of India started out with a paid-up capital of Rs five million, and these days it has turn out to be one of the reputed nationalized banks in India. Some of the influential services that they deliver are a deposit account, different loans, Investments, debit and credit cards, cell and net banking, and greater.
Also Read: Types of Joint Accounts Available in Banks in India
- Canara Bank
Canara Bank financial institution became established in 1906 by way of Ammembal Subba Rao Pai. Initially, it became called Canara Hindu Permanent Fund, after which later, in 1910, it turned into renamed Canara Bank Limited. It has recently merged with Syndicate bank that has made its property and sales higher. They are situated in Bangalore, Karnataka.
It has a total of 10403 bank branches and 13406 ATMs throughout the kingdom. Canara Bank offers employment to greater than 90000 human beings in the united states of america. The major offerings which they provide are non-public banking, credit score and debit cards, corporate and NRI banking, bank deposits, loans, Investment, and greater.
- Central Bank of India
Central Bank Of India turned into included in 1911 by way of Sir Sorabji Pochkhanawala. This bank become one monetary company of India that became closely monitored and managed with the aid of Indians. In 1918, the Central bank of India opened its department in Hyderabad, and later in 1969, it become nationalized with the other banks, and at that point, it already had 195 branches.
To date, it has 4715 bank branches and 5319 ATMs nationwide. The Central Bank of India performed a chief role in building the first Indian change bank introduced as the Central Exchange Bank of India in around 1936 in London.
- Bank of Maharashtra
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This financial institution changed into founded on September sixteen, 1935, in Pune via G. Kale and D.K. Sathe. They have the biggest community of branches in Maharashtra and feature more than 15 million clients globally. As of December 2020, they’d a total enterprise of Rs. 2,66,000 Lakh Crore.
In general, there are 1900 financial institution branches, and they offer employment to greater than 13000 human beings within the u . S .. Some of the crucial offerings they provide are savings account, financial savings deposits, term deposits, modern-day account, playing cards ( debit and credit score), net and cell banking, loans (schooling, company, vehicle, domestic, agriculture, and so forth.), on-line buying and selling, extra.
Nine. Indian Overseas financial institution
Indian Overseas bank
This bank become included on February 10, 1937, by Thiru M. Chidambaram Chettiar. The primary goal in the back of putting in place this bank changed into to promote forex operations and growth foreign banking transactions. They have greater than 3700 bank branches and 728 ATMs spread across the united states of america.
They are based in Chennai. They now not only have financial institution branches in India but have some branches foreign places as nicely in Seoul, Colombo, Bangkok, and Singapore. Indian Overseas Bank has consultant offices in Dubai, Guangzhou, and Vietnam. They provide numerous financial institution offerings including deposit money owed, fashionable banking, and economic services including deposit schemes, remittances, exchange finance, unique loans, etc.
Also Read: List of Scheduled Banks in India
- Punjab & Sind Bank
Punjab and Sind Bank became founded via Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh on June 24, 1908. The major motive behind opening this bank become to uplift the negative land culminated in. They desired to assist the weaker section of society to assist increase their widespread of residing.
They have a total of 1554 branches in India and 623 bank branches which might be positioned in Punjab itself. They are situated in Delhi and have been nationalized in 1980. The foremost offerings that they provide are deposits, personal banking, retail banking, investments, corporate banking, internet banking, cellular banking, and greater.
Eleven. UCO Bank
UCO Bank financial institution become incorporated in 1943 by Ghanshyam Das Birla. Initially, it became known as United Commercial Bank, but its name modified to UCO Bank more than one years returned. They are established in BTM Sarani, Kolkata. They have over 4000 service gadgets and 49 zonal offices all over India. UCO Bank additionally operates in Singapore and Hong Kong.
In general, they’ve 2100 ATMs and have more than 22000 employees running for them. Some of the most important financial services they offer are patron banking, corporate banking, finance, coverage, investment banking, loan loans, private banking, wealth control, and many others.
- Union Bank of India
Union Bank Of India
It was mounted in 1907 and was nationalized in 1969 with the opposite banks. It was inaugurated by Mahatma Gandhi and had more than 60% government reduce in it. When India were given freedom from Britishers at that time, this financial institution had four branches, 3 in Mumbai and one in Saurashtra.
It has more than 4000 financial institution branches and 4411 ATMs unfold throughout the u . S .. Recently in 2021, it merged with Andhra Bank and Corporation Bank, which has expanded its property and income as nicely. The foremost services they provide are corporate banking, finance and coverage, investment banking, loan loans, personal banking, wealth management, and greater.
Also Read: Merchant Banking in India
This was the whole listing of presidency banks in India that are also the nationalized banks.
Along with the information of countrywide banks, it’s far important for us to realize about the latest banks that merged with them-
Sl. No Acquirer Banks Banks to be Merged
- Punjab National Bank(PNB) Oriental Bank of Commerce and United Bank of India
- Indian Bank Allahabad Bank
- Canara Bank Syndicate Bank
- State Bank of India Bhartiya Mahila Bank, SB of Bikaner and Jaipur, SB of Patiala, SB of Travancore
- Union Bank of India Andhra Bank and Corporation Bank
- IndusInd Bank
Bharat Financial (SKS Microfinance)
- Bank of Baroda Vijaya Bank and Dena Bank
Big Bank Mergers
The authorities of India announced the mergers on August 30, 2019. The important reason of mergers became to bolster the banking quarter and boom the wealth of shareholders. These banks had been merged because they were the usage of a similar CBS platform that would enjoy the rapid awareness of gains.
The Finance Minister said that they desire to create next-technology banks, and for that, it’s miles essential which you might want banks which have a sturdy country wide presence and worldwide attain. The accurate part of the merger become that the employees had been now not taken out; alternatively, they had been adjusted in distinctive banks.
Also Read: 20 Best Banks for Business Loan in India
Although, there were a complete of 27 banks which have merged lately, and the quantity has reduced to twelve. Let us recognise approximately some of the mergers in element:
- Punjab National Bank, Oriental Bank of Commerce, and United Bank
This amalgamation happened in August 2019. PNB is the primary financial institution in them, and it made it the second one-biggest public region financial institution with a market of Rs 17.Ninety five lakh crore. This amount is 1.5 times more than PNB prior to the merger. Now, they have got a total of 11 437 financial institution branches.
The total worker power at the time of the merger of every bank become-
PNB- 65, 116
OBC- 21, 729
United Bank- 13, 804.
- Canara Bank and Syndicate Bank
The 2d massive merger become of Canara Bank and Syndicate Bank. Both the banks are from South India, and among them, Canara bank became the leader financial institution which made it the fourth-biggest public quarter financial institution. Its commercial enterprise multiplied highly after the merger and reached Rs. 15.20 Lakh crore.
Together they have 10 391 bank branches, 12829 ATMs, and a combined power of 91 685 employees. This merger changed into accomplished to improve the reach of banking services to the bigger public.
Three. Union Bank of India, Andhra Bank, and Corporation Bank
Union Bank have become the anchor bank among the different public sector banks. This alliance become announced in 2019, and it made Union Bank of India the 5th biggest public sector financial institution after the consolidation with Andhra Bank and Corporation Bank.
It has increased the enterprise size of Union Bank of India to 14.Fifty nine Lakh and a total of 9609 bank branches.
Four. Indian bank and Allahabad Bank
Indian Bank have become the primary financial institution, and Allahabad Bank changed into absorbed in it. This amalgamation made Indian Bank the seventh-biggest Public Sector bank as its commercial enterprise length improved to eight.08 lakh crores. The principal advantage of this merger is that now they have got a nationwide presence and branches, which has accelerated its community exceptionally.
Frequently Asked Question
Q1) How many National Banks are there in India?
There are a complete of 12 National Banks in India. Earlier, the listing changed into comparatively larger, but after the mergers and acquisitions, the contemporary list as of 2021 is 12.
Q2) How many banks have been amalgamated in India?
A total of 10 banks had been amalgamated into 4.
Q3) What are the names of all the country wide banks?
They are 12 in variety, and their names are Punjab National Bank, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Union Bank of India, Indian Overseas Bank, Punjab, and Sind Bank, Indian Bank, UCO Bank, and Bank of Maharashtra, State Bank Of India.
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This changed into the listing of nationalized banks in India and their recent merger with different public quarter banks. One critical aspect to notice is that the majority the nationalized banks are public zone banks wherein the principal stake is authorities. This listing might help you select the financial institution as per your requirement plus provide you with facts on their established order and history.