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Banking & Credit ::Nationalized Bank

Banking System in India is dominated by nationalized banks. The nationalization of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. The major objective behind nationalization was to spread banking infrastructure in rural areas and make available cheap finance to Indian farmers. Fourteen banks were nationalized in 1969. Before 1969, State Bank of India (SBI) was the only public sector bank in India. SBI was nationalized in 1955 under the SBI Act of 1955. The second phase of nationalization of Indian banks took place in the year 1980. Seven more banks were nationalized with deposits over 200 crores.

1 Allahabad Bank 10 IDBI Bank 19 State Bank of India
2 Andhra Bank 11 Indian Bank 20 Syndicate Bank
3 Bank of Baroda 12 Bharatiya Mahila Bank 21 UCO Bank
4 Bank of India 13 State Bank of Mysore 22 Union Bank of India
5 Bank of Maharastra 14 State Bank of Travancore 23 United Bank of India
6 Canara Bank 15 Indian Overseas bank 24 Vijaya Bank
7 Central Bank 16 Oriental Bank of commerce 25 State Bank of Bikaner & Jaipur
8 Corporation Bank 17 Punjab & Sind Bank 26 State Bank of Hyderabad
9 Dena Bank 18 Punjab National Bank 27 State Bank of Patiala
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