Saturday, August 09, 2014

List of Nationalized Banks In India




What is Nationalization of Banks?

It is the process of undertaking or taking custody of private banks by Government of India, means administration, operational activities and controlling power through government of India only.











(A) The first nationalised bank in India was the Imperial Bank of India which later became State Bank of India in 1955.

1) State Bank of India (  State Bank of saurashtra(Merged in 2008) and State Bank of Indore Merged in 2010)

2) State Bank of Bikaner & Jaipur

3) State Bank of Hyderabad

4) State Bank of Mysore

5) State Bank of Patila

6) State Bank of Travancore

Total = 6



(B) In the year 1969 July -19, 14 Major banks, whose deposits exceeded 50 crores had been nationalized by Government of India.

1. Allahabad Bank  
2. Bank of Baroda 
3. Bank of India 
4. Bank of Maharashtra 
5. Canara Bank  
6. Central Bank of India 
7. Dena Bank 
8. Indian Bank 
9. Indian Overseas Bank 
10. Punjab National Bank 
11. Syndicate Bank 
12. UCO Bank 
13. Union Bank of India  
14. United Bank of India 

(C) Again in the year April - 1980, 6 banks with more than 200 crores reserves got nationalized by Government of India.

1) Andhra Bank
2) Corporation Bank
3) New Bank of India
4) Oriental bank of Commerce
5) Punjab and Sindh Bank
6) Vijaya Bank
Note
In 1980, in order to provide government more power and command over credit delivery, six more commercial banks in India were nationalized. In 1993, New Bank of India merged with Punjab National Bank (PNB), which brought the number of nationalized banks in India to 19. It's also the only merger between two Indian nationalized banks. In the following years, the nationalized banks in India saw a growth rate of around 4%, which was close to average growth rate of country's economy.
(B-C) 20 Banks - 1 Bank merged = 19 Banks

(D) IDBI:

 The Industrial Development Bank of India Limited commonly known by its acronym IDBI is one of India's leading public sector banks and 4th largest Bank in overall ratings. RBI categorised IDBI as "other public sector bank".It was established in 1964 by an Act of Parliament to provide credit and other facilities for the development of the fledgling Indian industry. It is currently the tenth largest development bank in the world in terms of reach with 871 ATMs, 504 branches and 316 centers. Some of the institutions built by IDBI are The National Stock Exchange of India (NSE), The National Securities Depository Services Ltd. (NSDL) and the Stock Holding Corporation of India (SHCIL) IDBI BANK , as a private bank after government policy for new generation private banks.
IDBI Bank Ltd. to be Treated on PAR with Nationalised Banks / SBI
Ministry of Finance has vide its circular no. F.No. 7/96/2005-BOA dated December 31, 2007 advised Secretaries of all Ministries/Departments of Government of India that the bank may be treated on par with Nationalised Banks/State Bank of Indiaby Govt. Departments / Public Sector Undertakings / other entities for all purposes, including deposits / bonds / investments / guarantees etc. and Government business.+






(E) BMB:
Bharatiya Mahila Bank Ltd is the first of its kind in the Banking Industry in India formed with a vision of economic empowerment for women. Incorporated under the Companies Act 1956 on 5 August 2013, the Bank received the certificate of commencement of Business on 22 August 2013 and the Banking License from RBI on 25 September 2013. The Bank’s Corporate Office is at the IFCI Towers, 9th floor, Nehru Place, New Delhi .
Inaugurated on 19 November 2013, the Bank, at present has 23 branches across the country and aims to add 55 - 60 branches in the current financial year.
While the Bank will be focussing on the entire pyramid of Indian women, special attention will be given to economically neglected, deprived, discriminated, underbanked, unbanked, rural and urban women to ensure inclusive and sustainable growth. The Bank with a team of professionals with rich experience and expertise has designed and developed new products and services to suit the needs of women of all segments including Self Help Groups, women entrepreneurs, salaried women, HNIs and Corporates.

The Total Nationalized Banks in India are 27.