Nationalized Banks in India 2020: List
Key Takeaway
In this post, we will discuss the Headquarters, Taglines, and Head/MD/Chairman of various Indian Nationalized Banks.
Nationalized Banks in India 2020: List
In this post, we will discuss the Headquarters, Taglines, and Head/MD/Chairman of various Indian Nationalized Banks.
What is a Nationalized Bank?
A private bank that the Government of India has acquired through under a separate Parliament Act and hasmore than 50% stakein it is known as a Nationalized Bank. It is also known as thePublic Sector Bank.
However, SBI, the largest bank in India may not be considered as a nationalized bank. Because SBI was formed by the amalgamation of three banks in the British era through a royal charter. So, at the time RBI acquired the Imperial Bank under a separate Parliament Act(SBI Act) in 1955, it was a joint-stock company and had a private equity shareholding since its inception.
Though smaller compared to the Govt's shareholdings, the Government doesn't have a 100% autonomy on the bank. Thus,SBI is considered as a Public Sector Bank.
Before we discuss the list, let's have a look at the recent Mega Bank Merger.
Recent Mega Bank Mergers in 2020
The financial sector in India has undergone a huge change after the Mega Bank Merger that happened onApril 1, 2020,when six of the country's largest banks merged. Initially,there were 19 nationalized banks, after the merger the number is down to 12. Below is the list of banks, which merged:
Total no. of Nationalized Banks in India –12Allahabad Bankmerged intoIndian Bank.Andhra Bank&Corporation Bankmerged withUnion Bank of India.Syndicate Bankmerged withCanara Bank.Oriental Bank of Commerce & United Bank of Indiamerged intoPunjab National Bank.
List of Nationalized Banks, Headquarters, Head and Year of Nationalization(16)
| Item | Detail |
|---|---|
| The first phase of bank nationalization happened in | July 19, 1969(14 banks; worth 50 crore) |
| The Indian Prime Minister during the First Nationalization of Banks in 1969 | Indira Gandhi* |
| Finance Minister during the first phase of bank nationalization(1969) | Indira Gandhi |
| The second phase of bank nationalization took place in | April 15, 1980 |
| Nationalized Banks and their TaglinesBank of Baroda | India’s International Bank |
| Bank of India | Relationship Beyond Banking |
| Bank of Maharashtra | One Family One Bank |
| Canara Bank | Together We Can |
| Indian Bank | Your Own Bank |
| Indian Overseas Bank | Good People to Grow With |
| Punjab and Sind Bank | Where Service Is A Way Of Life |
| Punjab National Bank | A Name You Can Bank Upon.SBI – With You-All The Way, Pure Banking Nothing Else, The Nation Banks on us, A Bank of the Common Man. The Banker To Every Indian.UCO Bank – Honors Your Trust |
| Union Bank of India | Good People to Bank With.📝SideNotes:The nationalization of Banks took place in –July 19, 1969 |
| Total no. of Nationalized Banks in India | 12*(Previous Year PSC Question – Civil Excise Officer, 2014)The Oldest Bank –State Bank of India |
| The Largest public sector bank in India | State Bank of India.(Previous Year PSC Question – Lab Technical Assistant, Banking Assistance (VHSE) 2015)Bank with more branches in India – State Bank of India |
| The first exclusive gold banking outlet of SBI is | Sona Ghar, Hyderabad.(Previous Year PSC Question – Lab Technical Assistant, Banking Assistance (VHSE) 2015)The Bank holds the second position for maximum branches – State Bank of India.SBI associate banks were nationalized on – 1959.(Previous Year PSC Question – Lab Technical Assistant, Banking Assistance (VHSE) 2015)In 1955, the Imperial Bank of India was nationalized and renamed as – State Bank of India.(Previous Year PSC Question – Junior Instructor, 2016)Imperial Bank of India is now known as – State Bank of India.(Previous Year PSC Question – Assistant Grade II, Kerala Forest Development Corporation 2016)* No. of Nationalized banks in the year 2014 was 20, but we're listing it as 19 according to the current statistics* |
* Time-sensitive data — verify for latest information