Nationalized banks
Nationalization refers to the process under which any private industry or unit is taken under public ownership by the government of any state. The nationalized banks, as running in India, are chief players in the banking sector and play a very essential role in economic development as well as growth of the nation. This bank nationalization started in India in 1955 when SBI was nationalized under the State Bank of India Act, 1955. After this, seven subsidiary branches of SBI were also nationalized in 1960.
Another major development took place when the Government of India nationalized 14 commercial banks in 1969, followed by nationalization of six banks in 1980. The list of nationalized banks which are running in India as on date is as follows:
SBI and its subsidiaries.
Indian Bank
Andhra Bank
Bank of India
Indian Overseas Bank
Bank of Baroda
Oriental Bank of Commerce
Punjab National Bank
UCO Bank
Syndicate Bank
Canara Bank
Union Bank of India
Central Bank of India
United Bank of India
Corporation Bank
Vijaya Bank
Dena Bankk
Canara Bank
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Dhanlaxmi Bank Net Banking
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Central Bank of India
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Indian Overseas Bank (IOB) net banking
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Union Bank of India
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Punjab National Bank
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Indian Bank Net Banking
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Allahabad Bank
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Bank of India
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Andhra Bank
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