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What is a list of nationalized banks in India?

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Quick Answer

A list of nationalized banks in India may include the 14 banks nationalized by the Indian government on July 19, 1969. These banks include the Bank of Maharastra, Syndacite Bank, Canara Bank, Indian Bank, Union Bank of India and Indian Overseas Bank.

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Full Answer

A list of nationalized banks in India records all the commercial banks of which the Indian government took ownership beginning in 1955 when the government passed legislation for the State Bank of India Act. At that time, the government of India nationalized seven branches of the State Bank of India, including the State Bank of Hyderabad, the State Bank of Mysore and the State Bank of Travancore.

The Indian government nationalized six additional banks in 1980, giving the government control over about 90 percent of the financial institutions in the country. In 1993, the number of nationalized banks in the country reduced from 20 to 19 due to a merger between the New Bank of India and Punjab National Bank. The list of nationalized banks in the country provided by India's Central Bank, the Reserve Bank of India, includes 18 banks, located in Bangalore, Kolkata, New Delhi, Mumbai, Manipal, Chennai, Bandra East Mumbai, Mangalore, Bangalore, Pune and Hyderabad. In India, banks may be divided up as nationalized, private sector, foreign, regional, rural and branches of the State Bank of India.

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