Yak World Sector Banks Celebrating Fifty Years Of Nationalization Today

Nationalized Banks are celebrating Golden Jubilee (50 Years) today. It was on this solar daytime (19th July 1969) the Indira Gandhi-led Congress authorities nationalized 14 commercial banks, which are having deposits of over l crores. There are 2 reasons for the nationalization.

1st Reason : The unpredictable mode inward which these banks functioned every bit soul entities. There were 361 soul banks which failed betwixt 1947 in addition to 1955, translating to an average of over forty banks per twelvemonth resulting inward depositors losing all their money.

2nd Reason : These were seen every bit catering to large industries in addition to concern houses, ignoring the agriculture sector. 

The xiv banks which were Nationalized on 19th July 1969 are

1. The Allahabad Bank
2. The Bank of Baroda
3. The Bank of India
4. The Bank of Maharashtra
5. The Canara Bank
6. The Central Bank of India
7. The Dena Bank
8. The Indian Bank
9. The Indian Overseas Bank
10. The Punjab National Bank
11. The Syndicate Bank
12. The Union Bank of India
13. The United Bank of India
14. The United Commercial Bank

The principal aim of this nationalization is to serve the rural economic scheme past times expanding the branch network inward rural areas.As a consequence of nationalization, 85 per centum of the banking concern inward damage of deposits was brought nether world control. 

On 15th Apr 1980, half dozen to a greater extent than soul sector commercial banks (with deposits of over Rs. 200 crores) were nationalized. They are :

1. The Andhra Bank
2. The Corporation Bank
3. The New Bank of Republic of Republic of India (merged amongst Punjab National Bank inward 1993)
4. The Oriental Bank of Commerce
5. The Punjab in addition to SIndh Bank
6. The Vijaya Bank

Thus, xx soul sector commercial banks were nationalized in addition to over ninety per centum of banking action inward the province was brought nether Earth sector in addition to it brought downwards the inequalities of income in addition to wealth in addition to to ensure greater social justice.

The nationalization of July 1969 in addition to Apr 1980 was a unique phenomenon, dissimilar from that of  nationalization of the RBI inward 1949 or the nationalization of Imperial banking concern of Republic of Republic of India inward 1955, every bit these were really pocket-size having piffling socio-economic alter inward the country.

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