Nationalized Banks in India
Nationalized Banks in India
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Nationalized Banks in India
➲ Nationalized Banks in India: Nationalized banks in India have played a crucial role in the country’s economic development. Here are some key statistics and information about nationalized banks in India:
➲ History of Nationalization : The first phase of nationalization occurred in 1969, when 14 major private banks were nationalized.¹ The second phase took place in 1980, with six more banks being nationalized.
✦ Phase 1: Nationalization of 14 Major Banks (1969) : The Indian government nationalized 14 major private banks on July 19, 1969, to promote social welfare and economic development.
The 14 banks nationalized were:
1. Central Bank of India
2. Bank of Maharashtra
3. Dena Bank
4. Punjab National Bank
5. Syndicate Bank
6. Canara Bank
7. Indian Bank
8. Allahabad Bank
9. United Bank of India
10. UCO Bank
11. Bank of India
12. Bank of Baroda
13. Mysore Bank
14. Indian Overseas Bank
✦ Statistics :
✧Total deposits: Rs. 5,970 crore
✧Total advances: Rs. 4,430 crore
✧Number of branches: 8,262
✦ Phase 2: Nationalization of 6 More Banks (1980) : The Indian government nationalized six more private banks on April 15, 1980, to further expand the reach of banking services.
The six banks nationalized were:
1. Andhra Bank
2. Corporation Bank
3. New Bank of India
4. Oriental Bank of Commerce
5. Punjab & Sind Bank
6. Vijaya Bank
✦ Statistics :
✧Total deposits: Rs. 1,44,000 crore
✧Total advances: Rs. 1,03,000 crore
✧Number of branches: 35,000
➲ Post-Nationalization Reforms :
✦ Liberalization : The Indian government introduced liberalization policies in the 1990s, allowing private sector banks to operate.
✦ Consolidation : The government encouraged consolidation in the banking sector, leading to mergers and acquisitions.
✦ Privatization : The government has privatized some nationalized banks, such as IDBI Bank.
➲ Current Status :
✦ Number of Nationalized Banks : There are currently 12 nationalized banks in India.
✦ Total Deposits : The total deposits of nationalized banks stood at Rs. 140.6 lakh crore as of March 2020.
✦ Total Advances : The total advances of nationalized banks stood at Rs. 104.4 lakh crore as of March 2020.
✦ Number of Branches : Nationalized banks have a network of over 59,000 branches across India.
Note : The number of nationalized banks in India currently stands at 12 due to a series of mergers and consolidations in the banking sector. In 2017, there were 27 public sector banks, but the government decided to merge some of these banks to create stronger entities.
As a result, 10 public sector banks were consolidated into four banks, reducing the total number of nationalized banks to 12. These 12 banks are now overseen by the Reserve Bank of India (RBI) and are expected to play a crucial role in promoting financial inclusion and supporting the country’s economic growth.
➲ Here is the list of the 12 nationalized banks in India: State Bank of India (SBI), Punjab National Bank (PNB), Indian Bank, Canara Bank, Bank of Baroda, Indian Overseas Bank (IOB), UCO Bank, Bank of Maharashtra, Punjab and Sind Bank, Bank of India, Central Bank of India & Union Bank of India
➲ Total 20 Nationalized Banks Details :
1. State Bank of India (SBI)
⦿ Formation Date : July 1, 1955
⦿ Chief : Shri Dinesh Kumar Khara (Chairman, SBI)
⦿ Headquarters : Mumbai, Maharashtra
⦿ Motto : “The Nation’s Bank, Partner in Nation Building”
⦿ Branches : Over 24,000 branches across India
⦿ Subsidiaries : State Bank of India has several subsidiaries, including SBI Capital Markets Ltd., SBI Cards and Payment Services Pvt. Ltd., and SBI Mutual Fund.
2. Bank of India (BOI)
⦿ Formation Date : September 7, 1906
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Atanu Kumar Das (Managing Director and CEO, BOI)
⦿ Headquarters : Mumbai, Maharashtra
⦿ Motto : “Relationships Beyond Banking”
⦿ Branches : Over 5,100 branches across India
⦿ Subsidiaries : Bank of India has several subsidiaries, including BOI AXA Investment Managers Pvt. Ltd. and BOI Shareholding Ltd.
3. Bank of Baroda (BOB)
⦿ Formation Date : July 20, 1908
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Sanjiv Chadha (Managing Director and CEO, BOB)
⦿ Headquarters : Vadodara, Gujarat
⦿ Motto : “India’s International Bank”
⦿ Branches : Over 9,500 branches across India
⦿ Subsidiaries : Bank of Baroda has several subsidiaries, including BOB Capital Markets Ltd. and Baroda Asset Management India Ltd.
4. Canara Bank
⦿ Formation Date : July 1, 1906
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri V. V. Shenoy (Chief General Manager, Canara Bank)
⦿ Headquarters : Bengaluru, Karnataka
⦿ Motto : “Together We Can”
⦿ Branches : Over 9,000 branches across India
⦿ Subsidiaries : Canara Bank has several subsidiaries, including Canara Robeco Asset Management Company Ltd. and Canara HSBC OBC Life Insurance Company Ltd.
5. Punjab National Bank (PNB)
⦿ Formation Date : May 19, 1894
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Atul Kumar Goel (Managing Director and CEO, PNB)
⦿ Headquarters : New Delhi
⦿ Motto : “The Name You Can Bank Upon”
⦿ Branches : Over 10,900 branches across India
⦿ Subsidiaries : Punjab National Bank has several subsidiaries, including PNB Housing Finance Ltd. and PNB Gilts Ltd.
6. Union Bank of India
⦿ Formation Date : November 11, 1919
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri A. Manimekhalai (Managing Director and CEO, UBI)
⦿ Headquarters : Mumbai, Maharashtra
⦿ Motto : “Good People to Bank with”
⦿ Branches : Over 9,500 branches across India
⦿ Subsidiaries : Union Bank of India has several subsidiaries, including Union Asset Management Company Pvt. Ltd. and Union Trustee Company Pvt. Ltd.
7. Indian Overseas Bank (IOB)
⦿ Formation Date : February 10, 1937
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Partha Pratim Sengupta (Managing Director and CEO, IOB)
⦿ Headquarters : Chennai, Tamil Nadu
⦿ Motto : “Good People to Grow with”
⦿ Branches : Over 3,200 branches across India
⦿ Subsidiaries : Indian Overseas Bank has several subsidiaries, including IOB Health Insurance Company Ltd.
8. UCO Bank
⦿ Formation Date : January 6, 1943
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Soma Sankara Prasad (Managing Director and CEO, UCO)
⦿ Headquarters : Kolkata, West Bengal
⦿ Motto : “Honours Your Trust”
⦿ Branches : Over 4,000 branches across India
⦿ Subsidiaries : UCO Bank has several subsidiaries, including UCO Bank Staff Pension Fund and UCO Bank Officers’ Association.
9. Bank of Maharashtra (BoM)
⦿ Formation Date : September 16, 1935
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri A. S. Rajeev (Managing Director and CEO, BoM)
⦿ Headquarters : Pune, Maharashtra
⦿ Motto : “One Family One Bank”
⦿ Branches : Over 2,000 branches across India
⦿ Subsidiaries : Bank of Maharashtra has several subsidiaries, including Maharashtra Bank Staff Training College.
10. Dena Bank
⦿ Formation Date : May 26, 1938
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Ravi Shankar Pandey (Managing Director and CEO, Dena)
⦿ Headquarters : Mumbai, Maharashtra
⦿ Motto : “Trusted Family Bank”
⦿ Branches : Over 1,800 branches across India
⦿ Subsidiaries : Dena Bank has several subsidiaries, including Dena Bank Staff College.
11. Syndicate Bank
⦿ Formation Date : October 20, 1925
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Mrutyunjay Mahapatra (Managing Director and CEO, Syndicate)
⦿ Headquarters : Manipal, Karnataka
⦿ Motto : “Your Faithful Friend, Your Reliable Bank”
⦿ Branches : Over 4,000 branches across India
⦿ Subsidiaries : Syndicate Bank has several subsidiaries, including Syndicate Bank Staff College.
12. Indian Bank
⦿ Formation Date : August 15, 1907
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Padmaja Chunduru (Managing Director and CEO, Indian)
⦿ Headquarters : Chennai, Tamil Nadu
⦿ Motto : “Your Own Bank, Working for You”
⦿ Branches : Over 2,800 branches across India
⦿ Subsidiaries : Indian Bank has several subsidiaries, including IndBank Merchant Banking Services Ltd.
13. Central Bank of India
⦿ Formation Date : December 21, 1911
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Matam Venkata Rao (Managing Director and CEO, CBI)
⦿ Headquarters : Mumbai, Maharashtra
⦿ Motto : “Central to You, Since 1911”
⦿ Branches : Over 4,700 branches across India
⦿ Subsidiaries : Central Bank of India has several subsidiaries, including Centbank Financial and Custodial Services Ltd.
14. United Bank of India (UBI)
⦿ Formation Date : July 19, 1950
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Ashok Kumar Pradhan (Managing Director and CEO, UBI)
⦿ Headquarters : Kolkata, West Bengal
⦿ Motto : “The Bank That Begins with ‘U'”
⦿ Branches : Over 2,000
15. Allahabad Bank
⦿ Formation Date : April 24, 1865
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Malay Mukherjee (Managing Director and CEO, Allahabad)
⦿ Headquarters : Kolkata, West Bengal
⦿ Motto : “A Tradition of Trust”
⦿ Branches : Over 3,200 branches across India
⦿ Subsidiaries : Allahabad Bank has several subsidiaries, including Allahabad Bank Financial Services Ltd.
16. Andhra Bank
⦿ Formation Date : November 20, 1923
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri J. Packirisamy (Managing Director and CEO, Andhra)
⦿ Headquarters : Hyderabad, Telangana
⦿ Motto : “Where India Banks”
⦿ Branches : Over 2,900 branches across India
⦿ Subsidiaries : Andhra Bank has several subsidiaries, including Andhra Bank Properties Ltd.
17. Corporation Bank
⦿ Formation Date : March 12, 1906
⦿ Nationalization Date : April 15, 1980
⦿ Chief : Shri P. V. Bharathi (Managing Director and CEO, Corporation)
⦿ Headquarters : Mangalore, Karnataka
⦿ Motto : “A Premier Public Sector Bank”
⦿ Branches : Over 2,400 branches across India
⦿ Subsidiaries : Corporation Bank has several subsidiaries, including Corporation Bank Securities Ltd.
18. Indian Overseas Bank (IOB)
⦿ Formation Date : February 10, 1937
⦿ Nationalization Date : July 19, 1969
⦿ Chief : Shri Partha Pratim Sengupta (Managing Director and CEO, IOB)
⦿ Headquarters : Chennai, Tamil Nadu
⦿ Motto : “Good People to Grow with”
⦿ Branches : Over 3,200 branches across India
⦿ Subsidiaries : Indian Overseas Bank has several subsidiaries, including IOB Health Insurance Company Ltd.
19. Oriental Bank of Commerce (OBC)
⦿ Formation Date : February 19, 1943
⦿ Nationalization Date : April 15, 1980
⦿ Chief : Shri Mukesh Kumar Jain (Managing Director and CEO, OBC)
⦿ Headquarters : Gurugram, Haryana
⦿ Motto : “Where Every Individual is Committed”
⦿ Branches : Over 2,400 branches across India
⦿ Subsidiaries : Oriental Bank of Commerce has several subsidiaries, including OBC Capital Markets Ltd.
20. Vijaya Bank
⦿ Formation Date : October 31, 1931
⦿ Nationalization Date : April 15, 1980
⦿ Chief : Shri R. A. Sankara Narayanan (Managing Director and CEO, Vijaya)
⦿ Headquarters : Bengaluru, Karnataka
⦿ Motto : “A Friend You Can Bank On”
⦿ Branches : Over 2,100 branches across India
⦿ Subsidiaries : Vijaya Bank has several subsidiaries, including Vijaya Bank Securities Ltd.
