A banking system is a mechanism that lets you do financial transactions. Earlier, people used to keep their money in the chest, bind it in clothes or dig a pit and bury it there. When India’s banking system was launched under British rule, people didn’t trust services. They preferred to keep the money in their traditional way.
However, after so many years, people prefer banks as their prime way to keep their money safe.
What are the benefits of a bank?
Earlier, people used banks to keep their money safe and earn some interest on their savings. However, the role of banks has widened over time. Now banks offer these services:
- Wealth management
- Currency exchange
- Saving Deposits
- Financial services
- Safety of money
What is a Nationalised Bank?
There are two types of banks: Nationalized banks (public sector banks) and private banks.
If the govt controls the bank’s management, then it is a nationalized bank, and if an individual or a group of people controls the bank’s working, then it is a private bank.
All the banks were private; however, in 1969, our hon’ble Prime Minister India Gandhi had nationalized 14 banks. There were 27 nationalized banks in India until 2017, but there was a merger process in which some banks merged into another, and finally tally is 19.
Types of Banks
1. Commercial Banks
2. Small Finance Bank
3. Payments Bank
4. Co-operative Banks
List of Nationalized Banks in India
1. State Bank of India
Previously known as Imperial Bank of India, State Bank of India is popularly known as SBI. This is the banker to every Indian. It was nationalized on July 1 1955. It is the largest public sector bank in India. If we talk about the share in total deposits, then SBI has the largest share of deposits with 25% and loans with the same share.
SBI is the product of the merger of two big banks, namely Bank of Calcutta (the first bank in India) and Bank of Bombay. With a long span of 200 years, they have 200,000+ employees with 22,000+ branches and 58,000+ ATMs.
2. Punjab National Bank
Punjab National Bank was instituted on April 12 1895, headquartered in Lahore. The nationalization of PNB took place in 1969, and the headquarters moved to Delhi. PNB started its banking business with just Rs 2 Lac and working capital of Rs 20,000 only.
They provide various financial services like deposit and loan services, trading, debit and credit cards, foreign exchanges. Their customer base is strong, with 180 million headcounts serviced from 10910 branches and 13000 ATMs.
3. Bank of Baroda
Bank of Baroda is the second largest bank in India as far as assets are concerned. Bank of Baroda is headquartered at Vadodara, Gujarat. It was founded in 1908 and later nationalized in 1969 with nationalization. This bank is called India’s International Bank.
They offer savings accounts, current accounts, loan services, fixed deposits, personal banking, currency exchange, investment banking, etc. 132 million customers are serviced from 8230 branches and 13400 ATMs.
4. Bank of India
Bank of India was established on September 7, 1906, by local businessmen in Mumbai. It came under nationalization in 1969 with 13 other banks. Their 5100 branches and 3418 ATMs are equally distributed in India to ease customer service. It has its headquarter in Mumbai.
Bank of India started its banking operations with just Rs 5 million; however, it is a leading bank in India. The bank offers savings accounts, current accounts, loan services, investment, debit and credit cards, internet banking, mobile banking, etc.
5. Indian Bank
Indian Bank was founded on August 15, 1907, but now it is a leading bank in India. It was nationalized on January 1, 1949. It is headquartered in Chennai. It has two subsidiaries: IndBank Housing Ltd and IndBank Merchant Banking Services Ltd.
They have a vast customer base with 100 million customers. Their extensive network is 20,000+ employees, 6000+ branches and 5400+ ATMs spread across the country.
They offer various services, including personal banking (savings accounts), loan banking, investment, currency exchange, etc.
6. Canara Bank
Canara Bank came into the banking sector in 1906 by Ammembal Subba Rao Pai. At the time of inception, it was called Canara Hindu Permanent Fund; however, later, it was renamed as Canara Bank.
The bank is headquartered in Bangalore, Karnataka.
With the vast network of 10,000+ branches 13,000+ ATMs, it stands as a leading bank in India. Canara Bank employs over 90,000 people in India.
The services they offer are so valuable. They offer personal banking, debit and credit cards, corporate and NRI banking, loan and fixed deposits, etc.
7. Central Bank of India
The Central Bank of India was established in 1911 by Sir Sorabji Pochkhnawala. This is one of the prominent banks which is monitored closely by Indians. It had opened one of its branches in Hyderabad in 1918. Later, it was merged with other banks in 1969, in which most of the banks were nationalized.
At the time of the merger, it already had 195 branches. As of now, the bank has 4700+ branches and 5300+ ATMs across the country. The bank had a significant role in establishing the first Indian exchange as the Central Exchange Bank of India in 1936 in London.
8. Bank of Maharastra
Bank of Maharashtra was founded on September 16, 1935, by G. Kale and D.K. Sathe in Pune. The bank has the most extensive banking network in Maharashtra and has more than 15 million customers.
If we talk about the bank’s total business, then it is Rs 2.66 lac crore.
There are 1900 branches to service their account holders’ financial needs through their 13000 employees.
Their services are savings accounts, savings deposits, term deposits, internet and mobile banking, personal and business loans, etc.
9. Indian Overseas Bank
Indian Overseas Bank was founded in 1937 by Thiru M. Chidambaram Chettiar. The primary objective behind setting up this bank was to promote foreign exchange operations and increase foreign banking services in India.
Currently, they have 3700+ branches with 700+ ATMs in the country.
They have their headquarters in Chennai. This bank has branched out of India as well. They have their branches in Seoul, Bangkok, Colombo, and Singapore. The bank also has its offices in Vietnam, Guangzhou and Dubai.
They offer various banking services like deposits, internet, mobile banking, etc.
10. Punjab and Sind Bank
Punjab and Sind Bank was founded in 1908 by Bhai Vir Singh, Sardar Tarlochan Singh and Sir Sunder Singh Majitha. The primary objective for bringing this bank was to better the life of the poor and the weaker section of society.
This is headquartered in Delhi. Their strength is 1554 branches across the country. This bank is more concentrated in Punjab itself as their 623 branches are in Punjab. It was nationalized in 1980. They offer deposits, loans, personal banking, retail banking, investments, corporate banking, etc.
11. UCO Bank
UCO Bank, previously known as United Commercial Bank, was later named UCO Bank. It was founded in Ghanshyam Das Birla in 1943. They are headquartered at BTM Sarani, Kolkata. Their customers are services from 4000+ branches and 49 zonal offices. It has its offices in Singapore and Hong Kong.
The total strength of UCO Bank is 22,000 employees and 2100 ATMs. It offers consumer banking, corporate banking, finance, insurance, investment banking, etc.
12. Union Bank of India
Union Bank of India was established in 1907 and later nationalized in 1969. This bank was inaugurated by’ Bapu ‘. It has a 60% stake in the government. At the time of freedom, the bank had only four branches.
As of now, it has 4000+ branches with 4400+ ATMs across the country. This bank merged with Andhra Bank, and Corporation Bank increased its strength and assets. The bank offers various banking services like consumer banking, corporate banking, finance, insurance, investment banking, internet and mobile banking, etc.
The banking system is the heart and soul of our economy. Be it in any condition, our banks always support us. It is that mechanism that accepts deposits and lends loans to the needy. The banking system is the best asset evaluator that can better understand any asset’s value.
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