Nationalized Bank in India 2022: 12 Public Sector Bank

Nationalized Bank in India 2022: At the present time in our country several banks are functional and they play an important role in the economic development of the nation. The banks are classified into various categories and when we talk about nationalized banks then they are 12 in number. The nationalization of banks was one of the biggest steps taken in India’s economic development. RBI is the Central Bank Of India that regulates the Indian Banking System. In most of the banking exams, questions are frequently asked from the topic of Nationalized Bank in India 2022. Here in the given post, aspirants will get the complete information regarding 12 public sector banks of India.

Nationalized Bank in India 2022

In the backdrop of banking sector reform in India and to stimulate economic growth, the Finance Minister of India Nirmala Sitharaman announced the merger of a few banks, and this announcement has come into effect. After this massive amalgamation, the total number of Public Sector Banks (PSBs) in India has come down from 27 banks in 2017 to 12 in 2022, with the merger of a few banks.

Why Banks Were Nationalized?

Nationalization is the opposite of privatization. Nationalization is a process by which the government takes over private assets and brings them under public ownership. The nationalization of banks was implemented under the Banking Companies Act of 1970. The ordinance came into force on 19th July 1969, to alleviate social controls over banks with a view to securing a better banking system for the needs of economic development.

What are Nationalized Banks?

Nationalized banks are a major type of government-owned bank in India, where the government stake is more than 50%. The main objective of the Nationalized Bank is social welfare and they continuously work in the public interest by introducing new schemes. India’s biggest public sector bank is the State Bank of India.

List of Nationalized Bank In India 2022

In the past year 10 Public Sector Banks were merged into 4 banks. The merger will help in increasing productivity, and efficiency and boosting the six-year low economy along with reducing the number of bad loans and NPAs. As of now, the country has 12 public Sector Banks. Here in the given table candidates can check the complete list of Nationalized Bank in India 2022.

About Nationalized Bank in India

Let us now look at the details of All the 12 Public Sector Banks in India.

State Bank of India

SBI is the largest commercial bank of the country and has a history of 200 years. SBI is the largest in terms of assets, deposits, profits, branches, customers and employees, etc. The Government of India has a stake of more than 50% in SBI.

Punjab National Bank

The Bank was established to help the Indians. PNB is the first Swadeshi Bank, which commenced its operations on April 12, 1895, from Lahore, and had an authorized capital of Rs 2 lac and working capital of Rs 20,000. It is now merged with the Oriental Bank Of Commerce and the United Bank Of India.

Indian Bank

Indian Bank was established on 15th August 1907  along with the Swadeshi movement. It has an India presence with 9786 touch points comprising 2872 domestic branches, 3892 ATMs/BNAs, and 3022 BCs, with the merger of Allahabad Bank.

Canara Bank

Founded as ‘Canara Bank Hindu Permanent Fund’ in 1906, by late Shri Ammembal Subba Rao Pai, a philanthropist, this small seed blossomed into a limited company as ‘Canara Bank Ltd.’ in 1910 and became Canara Bank in 1969 after nationalization. Now, with the merger of Syndicate Bank.

Indian Overseas Bank

The bank was founded on 10th February 1937 by Shri. M.Ct.M. Chidambaram Chettyar, a pioneer in many fields. The Bank was founded by him with the main objective of specializing in foreign exchange business in banking to take the Bank across the globe

UCO Bank

Founded in 1943, UCO Bank is an advertisement bank and a Government of the Republic of India endeavor. Its Board of administrators consists of state representatives from the govt of India and depository financial institutions of India moreover as eminent professionals like accountants, management consultants, economists, businessmen, etc.

Bank Of Maharashtra

Maharashtra has been a progressive region additionally Banking activity was also started in this region quite early. traditionally speaking, the Bank of Mumbai established in 1840 was the primary depository financial institution in a geographic area.

Punjab and Sind Bank

It was in the year 1908 when a humble idea to uplift the poorest of poor of the land culminated in the birth of Punjab & Sind Bank with the far-sighted vision of luminaries like Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh. The bank was founded on the principle of social commitment to help the weaker section of society in their economic endeavors to raise their standard of living.

Bank of India

Bank of India was based on the 7th of September 1906 by a gaggle of eminent businessmen from Bombay. The Bank was beneath-public possession and management until July 1969 once it absolutely was nationalized at the side of thirteen different banks. starting with one workplace in Bombay, with a paid capital of Rs.50 hundred thousand and fifty workers, the Bank has created a rising over the years and blossomed into a mighty establishment with a robust national presence and sizable international operations.

Central Bank of India

Established in 1911, the financial organization of India was the primary Indian bank that was the whole closely held and managed by Indians. The institution of the Bank was the final word realization of the dream of Sir Sorabji Pochkhanawala, the founding father of the Bank. Sir Pherozesha Mehta was the primary Chairman of a very ‘Swadeshi Bank’.

Union Bank of India

The bank was established on 11th November 1919, the Bank now operates through over 4200+ branches across the country. It is merged with Andhra Bank and Corporation Bank in 2021.  The Bank’s core values of prudent management without ignoring opportunities is reflected in the fact that the Bank has shown uninterrupted profit during all 96 years of its operations.

Bank Of Baroda

Bank of Baroda is an Indian state-owned International banking and money services company headquartered in Vadodara (earlier referred to as Baroda) in Gujarat, India. The bank was supported by the Prince of Baroda, prince Sayajirao Gaekwad III on the twenty Gregorian calendar month 1908.

Some Important Facts Related to Nationalized Banks

• State Bank of India is a Nationalized bank and the largest bank in India.
• PNB is the second largest government-owned bank in India, both in terms of its business volumes and its network.
• SBI is the 49th largest bank in the world by total assets and ranked 221st in the Fortune Global 500 list, being the only Indian bank on the list.
• Union Bank of India, the bank which was inaugurated by Mahatma Gandhi in 1919.
• The Central Bank of India is the first commercial Indian Bank completely owned and managed by Indians.
• Bank of Maharashtra is a Nationalized bank, it has the largest network of branches of any nationalized bank in the state of Maharashtra.
• Bank of India was the first bank to open a branch outside India (London) in 1946.

Type of Banks In India: Check Here

FAQs: Nationalized Bank in India 2022

Q1. What is the name of Nationalized banks of 12 PSBs in India?

Ans. Candidates can check the complete list of all 12 Nationalized Banks in India in the given above article.

Q2. Where is the headquarters of SBI?

Ans. The headquarter of SBI is in Mumbai.

Q3. How many Nationalized banks are in India at present?

Ans. After the merger, there are a total of 12 PSBs in India.

Q4. Where is the headquarters of Punjab National Bank?

Ans. The headquarters of Punjab National Bank is in New Delhi.