Bank Nationalisation in India

On July 01, 1955, Imperial Bank of India converted into the State Bank of India . (on the recommendation of All India Rural Credit Survey Committee) On July 19, 1969, 14 bigger commercial banks were Nationalised. ( with deposits over 50 crores.) ( The Govt. promulgated Banking Companies (Acquisition and Transfer of Undertakings) ordinance 1969 to acquire with with deposits over 50 crores. The main objective behind this bank nationalisation was to spread banking infrastructure in rural india and make cheap finance available to Indian farmers.) (The second phase of bank nationalisation took place in 1980 during the prime ministerial tenure of Indira Gandhi, in which 6more banks were nationalised with deposits over 200 crores.) On 15th April 1980, - 6 Banks got Nationalised List of Nationalised Banks in India: 1. Allahabad Bank 2. Andhra Bank* 3. Bank of Baroda 4. Bank of India 5. Bank of Maharashtra 6. Canara Bank 7. Central Bank of India 8. Corporation Bank* 9. Dena Bank 10. Indian Bank 11. Indian Overseas Bank 12. Oriental Bank of Commerce* 13. Punjab and Sind Bank* 14. Punjab National Bank 15. Syndicate Bank 16. UCO Bank 17. Union Bank of India 18. United Bank of India 19. Vijaya Bank*