Indian History

Nationalisation of Banks

The Government of India issued an ordinance 'Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969' and nationalised the 14 largest commercial banks with effect from the midnight of 19 July 1969. These banks contained 85 percent of bank deposits in the country.
The Government of India nationalised 6 more commercial banks on April 15, 1980. In 1993 government merged New Bank of India with Punjab National Bank and resulted in the reduction of the number of nationalised banks from 20 to 19.
Nationalised Banks:
1. Allahabad Bank
2. Andhra Bank
3 .Bank of India
4. Bank of Baroda
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 & Sindh Bank
14. Punjab National Bank
15. Syndicate Bank
16. UCO Bank
17. Uion Bank of India
18. United Bank of India
19. Vijaya Bank