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
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


 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.

Wednesday, July 23, 2014

State Bank of India and its subsidiaries

Image result for sbi images

List of Subsidiaries of SBI

State Bank of India is the largest government owned bank in India. SBI along with its subsidiaries has more than 25000 branches across India and more than 40000 ATMs. Given below are the subsidiaries of SBI –

1. State Bank of Bikaner & jaipupr
2. State Bank of Hyderabad
3. State Bank of Mysore
4. State Bank of Patiala
5. State Bank of Travancore
6. State Bank of Indore – It was merged with SBI in the year 2010
7. State Bank of Saurashtra – – It was merged with SBI in the year 2008
The government is planning to merge all other subsidiaries also with SBI in coming future.

Thursday, July 17, 2014

What is Piggy Bank ?

 Piggy bank (sometimes penny bank or money box) is the traditional name of a coin container usually used by children.The piggy bank is known to collectors as a "still bank" as opposed to the "Mechanical  Banks" popular in the early 20th century. These items are also often used by corporations for promotional purposes. The use of the name 'piggy bank' gave rise to its widely-recognized 'pig' shape, and many financial services companies use piggy banks as logos for their savings products.

Piggy banks are typically made of ceramic or Porcelain.They are generally painted and serve as a pedagogical device to teach the rudiments of thrift and savings to children; money can be easily inserted. Many piggy banks have a rubber plug located on the underside; others are made of vinyl and have a removable nose for easy coin access. Some incorporate electronic systems which calculate the amount of money deposited.[Books, film, and other dramas often portray piggy banks that have no opening besides the slot for inserting coins; characters will usually have to smash the piggy bank to get at the money within as a visual representation of their desire for money.