Indian finance and Investment GuideIndiamart














Nationalisation of Banks in India

The nationalisation of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. It nationalised 14 banks then. These banks were mostly owned by businessmen and even managed by them.

Befor the steps of nationalisation of Indian banks, only State Bank of India (SBI) was nationalised. It took place in July 1955 under the SBI Act of 1955. Nationalisation of Seven State Banks of India (formed subsidiary) took place on 19th July, 1960.

The State Bank of India is India's largest commercial bank and is ranked one of the top five banks worldwide. It serves 90 million customers through a network of 9,000 branches and it offers -- either directly or through subsidiaries -- a wide range of banking services.

The second phase of nationalisation of Indian banks took place in the year 1980. Seven more banks were nationalised with deposits over 200 crores. Till this year, approximately 80% of the banking segment in India were under Government ownership.

After the nationalisation of banks in India, the branches of the public sector banks rose to approximately 800% in deposits and advances took a huge jump by 11,000%.

  • 1955 : Nationalisation of State Bank of India.
  • 1959 : Nationalisation of SBI subsidiaries.
  • 1969 : Nationalisation of 14 major banks.
  • 1980 : Nationalisation of seven banks with deposits over 200 crores.





IndiaMART

Search B2B Marketplace
Business Marketplace
Wholesale Catalogs
Industry Portals
Travel to India Send Gifts to India