Nationalisation, also spelled nationalization, is the process of taking an industry or assets into government ownership by a national government or state.
In 1950-51 there were 430 commercial banks in India. The Government of India had 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.
The nationalisation of commercial banks took place with an aim to achieve following major objectives:
- Social Welfare
- Controlling Private Monopolies
- Expansion of Banking
- Reducing Regional Imbalance
- Priority Sector Lending
- Developing Banking Habits
List of Nationalized Banks in India
- Allahabad Bank
- Andhra Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- Indian Bank
- Indian Overseas Bank
- Oriental Bank of commerce
- Punjab National Bank
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Banka
- Punjab and Sind Bank
Nationalized banks offer job openings from time to time.
