General Knowledge - Indian Economy - Discussion

The second nationalization of commercial banks was held in 1980. They were Vijaya Bank Limited, Punjab and Sind Bank Limited, Oriental Bank of Commerce Limited, New Bank of India Limited, Corporation Bank Limited, and Andhra Bank Limited.

At frist time based on the recommendations of Hazare committee 14 banks were nationalised in 1969, second time in 1982 again nationalisation of banks was happend in which 6 banks were nationalised.

Phase 2 nationalised banks are:

Punjab and Sind Bank.
Vijaya Bank.
Oriental Bank of India.
Corporate Bank.
Andhra Bank.
New Bank of India.

Is the total number of nationalized banks in India is 6?

Anyone, please clarify in detail.

Thank you all for sharing the useful information.

IDBI and OBC are nationalised bank.

After independence the Government of India(GOI) adopted planned economic development for the country(India). Accordingly, five year plans came into existence since 1951. This economic planning basically aimed at social ownership of the means of production. However, commercial banks were in the private sector those days.

In 1950-51 there were 430 commercial banks. The Government of India had some social objectives of planning. These commercial banks failed helping the government in attaining these objectives. Thus, the government decided to nationalize 14 major commercial banks on 19th July, 1969.

All commercial banks with a deposit base over Rs.50 crores were nationalized. It was considered that banks were controlled by business houses and thus failed in catering to the credit needs of poor sections such as cottage industry, village industry, farmers, craft men, etc. The second dose of nationalization came in April 1980 when banks were nationalized.

Last nationalize bank is Bharatiya Mahila Bank Ltd. As on date 23/09/14 number of nationalized banks is 21.

Is j&k bank nationalized?

RBI nationalized: 01/01/1949.

SBI nationalized: 01/07/1955.