The Banks which were earlier in private sector and then transferred to the public sector by the act of nationalization know as Nationalized Banks. The first nationalized bank in India was Imperial Bank of India and it re-christened as State Bank of India. Here, we at Govt Rojgaar providing the list of 19 nationalized banks in India.
Let’s take a comprehensive look at the details of nationalized banks in India such as established year, total amount etc.
1. Allahabad Bank: Founded in 1865, this is one of the oldest established joint stock banks in India. Allahabad Bank was nationalized on July 19, 1969. The bank's total in 2016 was approximately Rs 18,884.94 crores.
2. Andhra Bank: Andhra Bank was founded in the year 1923. It is a medium-sized public sector bank which was nationalized in April 1980. The turnover of this bank for the year 2016 was around Rs 18027.42 crores. Andhra Bank was the pioneer of credit cards in India.
3. Bank of Baroda: This bank was established in 1908, some 109 years ago. The turnover raised by this bank was Rs 42199.92 crores in 2016. Services offered by this bank are international banking and financial services. The bank's headquarter is situated in Vadodara, Gujarat. It was nationalised in 1969.
4. Bank of India: Bank of India was established in the year 1906 and was nationalised in the year 1969. This commercial bank is growing rapidly and provides exclusive financial services to its consumers. Situated in Mumbai, Maharashtra, this bank earned a turnover of Rs 41796.47 crores in the year 2016.
5. Bank of Maharashtra: This bank was founded in the year 1935 and its headquarter is in Pune, India. It is a private sector bank, which has the largest number of branches in the state of Maharashtra. Bank of Maharashtra was nationalised in the year 1969 and accumulated a total turnover of Rs 13052.98 crores in the year 2016.
6. Canara Bank: Canara Bank is one of the oldest public sector banks. The bank has branches in other countries such as Hong Kong, Shanghai, Moscow, etc. It was established in the year 1906 and was nationalised in the year 1969. The total turnover generated by this bank was Rs 48942 crores in 2016.
7. Central Bank of India: It was founded in the year 1911 and was nationalized in 1969. The headquarter of this bank is in Mumbai, the financial capital of India. The bank earned a turnover of Rs 25887.89 crores in 2016.
8. Corporation Bank: Corporation Bank is 111 years old. It was established in the year 1906. Its headquarter is in Mangalore and also has representative branches in Hong Kong, Dubai etc. This bank was nationalised in the year 1980 and produced a turnover of Rs 19441.24 crores in 2016.
9. Dena Bank: This bank was founded in 1938 by Devkaran Nanjee and was nationalised in 1969. It generated a total turnover of Rs 10645.73 crores in 2016, although in 2017 it has started making losses. It is headquartered in Mumbai, India.
10. Indian bank: One of the top performing public sector banks in India, Indian Bank was founded on 15 August 1907. It has its headquarters in Chennai, India. It also has overseas branches in Colombo and Singapore. The bank was nationalized in 1969 and generated revenue of Rs 7370.16 crores in 2016.
11. Indian Overseas Bank: This major public sector bank is situated in Chennai, India, and provides banking services at various places like Dubai, Bangkok, Shanghai, to name a few. It was established in the year 1937 and was nationalized in 1969. The total turnover of this bank is Rs 23517.29 crores in 2016.
12. Oriental Bank of Commerce: OBC or Oriental Bank of Commerce was founded in Lahore in 1943. Currently, it is headquartered in Gurugram, India. It has generated a turnover of Rs 20,058.71 crores in 2016. It was nationalised in the year 1980.
13. Punjab and Sind Bank: This bank was founded in 1908 and provides banking and financial services all over India. The bank generated a turnover of Rs 8744.34 crores in 2016. Punjab and Sind Bank was nationalised in the year 1969.
14. Punjab National Bank: Punjab National Bank was founded in the year 1894 and is one of the oldest banks. It has its branches in UK, Dubai, Kabul etc. It was nationalised in the year 1969. The total turnover earned by this bank in 2016 was Rs 47424.35 crores.
15. Syndicate Bank: Syndicate bank was nationalised in the year 1969 and is one of the major banks in India. It has its headquarters in Manipal, India. The turnover generated by Syndicate bank in 2016 was Rs 6913.09 crores.
16. UCO Bank: UCO Bank or United Commercial Bank was established in 1943. This bank was nationalized in 1969. It had a turnover of Rs 18560.97 crores in the year 2016 and is one of the most trusted banks in India.
17. Union Bank of India: This bank was initiated in 1919 and was nationalized in 1980. It generated a revenue of Rs 32198.80 crores in the year 2016. It has its representative offices in Shanghai, Abu Dhabi, Beijing, etc.
18. United Bank of India: United Bank of India was founded 1950 and was nationalised in 1969. Headquartered in Kolkata, this bank was able to generate a turnover of Rs 9936.67 crores in 2016.
19. Vijaya Bank: This bank was established in 1931 in Mangalore, India, but now has its headquarters in Bengaluru. It generated a revenue of Rs. 12379 crores in the year 2016. It was nationalized in the year 1980. It provides facilities like consumer banking, corporate banking, banking and finance services etc.