On July 19, 1969, Government of India nationalized 14 banks for the systematic development of the country. Before this, all the commercial banks are controlled by private authorities only, which are not so much successful in helping government. At that time, 14 banks were selected and got nationalized. In 1980 also, a second wave of nationalizing the banks came into effect. Main reasons behind this is to promote agricultural and small industries who need funds to raise their business. Expansion of banking sector in India, reducing regional imbalance and the development of banking habits are some of the other reasons which are the main reason behind nationalizing the banks.
Check out the list of some of the top nationalized banks working successfully in India.
List of top nationalized banks in India
- Allahabad Bank
Allahabad Bank is one of the oldest joint stock bank established on 24 April 1865 in Allahabad. Since 2015, Allahabad Bank had 3,071 branches all over India. Allahabad Bank has an international branch also in Hong Kong and Shenzen. On Forbes Global List of 2016, this bank ranked 1834 with capitalization of US $543 million. The founders of this bank are Europeans who lived in Allahabad. Headquarters of Allahabad Bank is situated in Kolkata and current CEO is Usha Ananthasubramanian. The major share in this bank is of Government of India with 55.23% shareholding, Indian FIs/MFs 17.74%, Foreign Institutional Investors 8.74% and Indian Residents 16.37%.
- Andhra Bank
Andhra Bank is a public sector bank came in existence in 20 November 1923. Andhra Bank was founded by Bhogaraju Pattabhi Sitaramayya and its headquarters are located in Hyderabad. Suresh N Patel is the current MD and CEO of Andhra Bank. Since 2015, there are more than 2000 branches of Andhra Bank all around the India, 38 satellite offices, 4 extension counters and more than 3000 ATMs worldwide. Andhra Bank is available in 25 states of India and the major shareholder is Government of India with 63.97% share. In the financial year 2015-16, the net profit of the bank is $5.40 billion. Andhra Bank is available in New Jersey as well as a representative office in Dubai. Andhra Bank was also ranked 532nd by The Banker in top 1000 banks in the world.
- Bank of India
Bank of India was nationalized in 1969, before that it was commercially owned by business authorities of India. Some of the branches of Bank of India was individually owned such as in Indonesia and Kandia. As of March 2017, there are around 5100 branches of Bank of India within India along with five representative offices, five subsidiaries, 56 international offices and one joint venture. A number of online services are provided by the bank such as internet banking, retail banking, personal banking, online share trading, tax payment, instant money transfer and various other. For any type of customer support assistance, customers can talk to their representatives at Bank of India customer care number. Email support is also provided by the bank, for any type of inquires customers can drop email at Bank of India email address.