What is Nationalized Bank

 What Are Nationalized Banks

What is Nationalized Bank- Hello friends, so in today's article we are going to talk about nationalized bank like what is nationalized bank, earlier how many nationalized banks were there, now how many nationalized banks are there, Why banks were nationalized, why nationalized banks were merged, what are its benefits, etc., will be known in detail in the article. So let's start reading this article till the end.

What Are Nationalized Banks

What is nationalized bank?

 What is Nationalized Bank- Before knowing about nationalized bank, let us know what is nationalization. See, when the private sector is transferred to the government sector, it is called nationalization. In which the government buys or takes more than half of the private sector's shares.

        Similarly, when the private sector banks are transferred to the public sector and the government buys more than 50% of its shares or the government has more than half of its shares, then it is called a nationalized bank.

When did the nationalization of banks happen?

     See, first RBI was nationalized on January 1, 1949, after that SBI was nationalized in July 1955 and then after that the banks whose deposit capital was more than Rs. Private banks were nationalised. Whose names are given below:-

1. Central Bank of India- Nationalization- 19 July 1969
2.   Bank of India- Nationalization-19 July 1969
3. Punjab National Bank- Nationalization- 19 July 1969
4. Bank of Baroda - Nationalization - 19 July 1969
5.   Dena Bank- Nationalization- 19 July 1969
6. UCO Bank- Nationalization- 19 July 1969
7. Canara Bank- Nationalization- 19 July 1969
8.   United Bank- Nationalization- 19 July 1969
9. Syndicate Bank- Nationalization- 19 July 1969
10. Union Bank of India- Nationalization- 19 July 1969
11. Allahabad Bank- Nationalization- 19 July 1969
12.   Indian Bank- Nationalization- 19 July 1969
13. Indian Overseas Bank - Nationalization - 19 July 1969
14.   Bank of Maharashtra- Nationalization- 19 July 1969

After that, on April 15, 1980, six private banks with a capital of 200 crores were nationalized by the then Prime Minister Rajiv Gandhi. After this the number of nationalized banks increased to 20.

1. Andhra Bank - Nationalization - 15 April 1980
2.   Corporation Bank - Nationalization - 15 April 1980
3.   New Bank of India - Nationalization - 15 April 1980
4.   Oriental Bank of India- Nationalization- 15 April 1980
5. Punjab and Sind Bank - Nationalization - 15 April 1980
6.   Vijaya Bank- Nationalization- 15 April 1980

After the merger of New Bank of India with PNB in the year 1993, the number of public sector banks came down to 19.

What is Nationalized Bank-Nationalization of State Bank of India in 1955, nationalization of 14 banks in 1969 and then nationalization of 6 banks in 1980, the total number of nationalized banks in India increased to 21 in order to speed up the Indian economy and strengthen public sector banks. . But after August 2019, the central government merged 10 big banks into 4 banks. After which now the number of nationalized banks i.e. government banks has remained 12.

1. State Bank of India - State Bank Of India
2.   Punjab National Bank - Punjab National Bank
3. Bank of Baroda - Bank Of Baroda
4. Canara Bank
5. Union Bank - Union Bank
6. Indian Bank - Indian Bank
7. Bank of India - Bank Of India
8. Central Bank of India - Central Bank
9. Indian Overseas Bank - Indian Overseas
10. Punjab and Sindh Bank - Punjab Sindh Bank
11. Bank of Maharashtra - Bank Of Maharashtra
12. Uco Bank - Uco Bank

Objectives of Nationalization of Banks

What is Nationalized Bank-Objectives of Nationalization of Banks In Hindi- The objective of nationalization is to deploy the savings of the people to the maximum possible extent and use them for productive purposes. Its objective is to reduce the intra- and intra-regional imbalance to prevent the urban-rural divide. Its objective was to ensure socio-economic welfare, which is enshrined in the Preamble of the Constitution of India. One of the major objectives of nationalization of banks was to expand banking in rural areas to ensure financial inclusion.

What was the effect of nationalization of banks on the people

What is Nationalized Bank-Effect Of Nationalization Of Banks In Hindi-Nationalization of banks made the Indian development process smooth and streamlined, especially in the period of Green Revolution. Nationalization of banks instilled public confidence in India's banking system. After two major phases of nationalization in India, 80% of the banking sector came under government ownership. Government ownership gave the public unquestionable confidence and immense faith in the stability of public sector banks.

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