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What is the reason behind the nationalisation of bank?
Coolpankaj374
The nationalization of banks in India started in 1955 with the take over the Reverse Bank of India and major move done under the Prime Minister Indira Gandhi. The reasoning behind nationalizing the banks were to break the ownership and control of banks that were family owned; to stop the concentration of wealth and economic power and to increase saving to all citizens in the country and to answer the needs of the priority sectors.
Wiki User
∙ 9y ago
Wiki User
∙ 12y agoBank Nationalization is the process by which the government of India takes over full or majority stake/control on the bank and makes it a government bank. Banks may be Nationalized in order to protect customer interest or by a government policy decision. There are many nationalized banks in India. Their names and year of nationalization are as follows:
1. Allahabad Bank - 19 July 1969
2. Bank of Baroda - 1969
3. Bank of India - 1969
4. Bank of Maharashtra - 1969
5. Canara Bank - 1969
6. Central Bank of India - 1969
7. Corporation Bank - 1980
8. Dena Bank - 1969
9. Indian Bank - 1969
10. Indian Overseas Bank - 1969
11. Oriental Bank of Commerce - 1980
12. Punjab & Sind Bank - 1980
13. Punjab National Bank - 1969
14. Syndicate Bank - 1969
15. UCO Bank - 1969
16. Union Bank of India - 1969
17. United Bank of India - 1969
18. Vijaya Bank - 1980
Apart from these, there is State Bank of India which was nationalized in 1955.
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