Nationalization of banks refers to the process of transferring ownership and control of banks from the private sector to the government. In India, nationalization of banks took place in two phases, the first in 1969 and the second in 1980. The main objective behind the nationalization of banks was to promote social welfare and economic growth by making banking services more accessible to the masses.
Nationalised banks in India are owned and managed by the government and are governed by the Reserve Bank of India. These banks have a wide presence across the country with numerous branches and ATMs, and offer various banking services such as personal banking, corporate banking, and international banking. They have played a significant role in the economic growth and development of the country by providing financial assistance to various sectors and industries
List of Nationalised Banks in India
Nationalised banks in India refer to those banks that are owned and managed by the Indian government. They were nationalized in two phases, first in 1969 and then in 1980, with the aim of promoting social welfare and economic development.
Currently, there are 12 nationalised banks in India, which are as follows:
| S.No | Bank Name |
|---|---|
| 1 | State Bank of India |
| 2 | Punjab National Bank (With Merger of Oriental Bank of Commerce and United Bank of India) |
| 3 | Bank of Baroda |
| 4 | Canara Bank (With Merger of Syndicate Bank) |
| 5 | Union Bank of India (With Merger of Andhra Bank and Corporation Bank) |
| 6 | Bank of India |
| 7 | Indian Bank (With Merger of Allahabad Bank) |
| 8 | Central Bank of India |
| 9 | Indian Overseas Bank |
| 10 | UCO Bank |
| 11 | Bank of Maharashtra |
| 12 | Punjab & Sind Bank |
These banks have a widespread presence across the country, with a large number of branches and ATMs. They offer a wide range of banking services, including personal banking, corporate banking, and international banking. The nationalised banks in India have played a significant role in the economic growth and development of the country, by providing financial assistance to various sectors and industries.
List of Government and Private Banks in India
Check out list of all government and private banks from below link.
List of Scheduled Banks in India