General Knowledge - Indian Economy - Discussion

SBI is the 1st nationalized bank in India in 1st july 1955.

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.

Dear all for yours kind information India first nationalize bank is RBI on 1 Jan 1949.

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.

I have confused, please answer me now how many banks are nationalized.

Which one is the second most nationalised bank?

Please tell me that how many bank are total nationalized and which bank is 1st nationalized, and also answer me that how many private bank in India, and which bank is largest in India?

State bank of India since 1960 is first nationalized bank of India.