Nationalized banks in India – how many are there?

Nationalized banks in India

Nationalized banks in India – भारत में राष्ट्रीयकृत बैंक What are nationalized banks in India? These banks are own and operated by the government of India. These conditions come under the regulation act of banking. There is always confusion when asked about the number of nationalized banks. This is mainly because the State Bank of India is often counted.

nationalised banks in india
Nationalised banks in india

This bank is not to be included, however, it is, in fact, a nationalized bank. The reason this bank is not counted is that it was nationalized several years before all the others plus it is regulated by a special body design for it that is different from the regulations act for banking. This should explain why this state bank is not recognized as a nationalized bank.

Top Nationalised Banks in India

It is estimated that there is about twenty of these banks that were nationalized in both rounds of nationalization. The first round was in 1969 and fourteen banks were nationalize in that process and only six in the next round in 1980. There was a merger of two banks, New bank of India and PBN and this is why the nationalized bank in India count stands at nineteen today.

 TOP nationalised banks in india
TOP nationalised banks in india

Below is a list of the top Nationalized banks in India.

  • Allahabad bank
  • Indian overseas bank
  • Bank of Boroda
  • Central bank of India
  • Bank of India
  • Indian Bank
  • Bank of Maharashtra
  • Dena Bank
  • Canara bank
  • Punjab national bank
  • UCO bank
  • Syndicate bank
  • Union bank

A bit of history

 nationalised banks in india wiki
nationalised banks in india wiki

This is a brief history of these types of banks. To get more in-depth information about the banks you can visit the web page at nationalized banks of India wiki. The process was established in 1955 after the then Imperial Bank was nationalized and the name was changed to the State Bank of India. There were seven subsidiaries that where nationalized later in the same year and they include Travancore State Bank, Hyderabad State Bank, Indore State Bank, Saurashtra State Bank, Mysore State bank Jaipur and Bikaner State Bank and the Patiala State Bank. They made a deposit of approximately 200 crores. The people of India will often times refer to public sector banks as nationalized banks but in reality, they are not the same things. In Nationalized banks he government seize control of the bank’s assets while a public sector bank has more than half of its shares owned by the government.

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