Nationalisation is the process in which private assets transforms into public assets. Under the process of nationalization, the private banks, as well as the state government-owned banks, convert to central government-owned banks.
In short, the Banks which were earlier in private sector and then transferred to the public sector through nationalisation process are know as Nationalised Banks. So Nationalization of banks gets done by ordinance or an act or order.
In this article, you will get info about the numbers of Nationalised Banks in India and the list of the Nationalized Banks along with the year of nationalisation. List of Nationalized Banks that transformed from private sector to Public Sector
In India there are 19 Nationalized Banks
1. Allahabad Bank – 1969
2. Bank of Baroda- 1969
3. Bank of India- 1969
4. Bank of Maharashtra- 1969
5. Canara Bank- 1969
6. Central Bank of India- 1969
7. Dena Bank- 1969
8. Indian Bank- 1969
9. Indian Overseas Bank- 1969
10. Punjab and Sind Bank- 1969
11. Punjab National Bank- 1969
12. Syndicate Bank- 1969
13. UCO Bank- 1969
14. United Bank of India- 1969
15. Andhra Bank- 1980
16. Corporation Bank- 1980
17. Oriental Bank of Commerce- 1980
18. Union Bank of India- 1980
19. Vijaya Bank- 1980
Is SBI a Nationalised bank?
Actually SBI is the first Nationalised bank in India, now a public sector bank. It is not available in above list because nationlisation process has completed for SBI (Government have more than 50% Stake).
Is IDBI a Nationalised bank?
Government have 76.5% stake in IDBI bank, now its a Public sector bank. So both SBI and IDBI has more than 50% stake owned by government, hence they do not fall in the category (because majority of shares held by government of India).
The banks get nationalized for social benefits. Till date, the above-mentioned banks in the list got nationalized and are serving with excellent banking services and facilities.