14 Top Banks are Nationalized

New Delhi: One day before Neil Armstrong took the famous “giant leap for mankind” on the surface of the moon, PM Indira Gandhi nationalize 14 major private banks.

Nationalization of Banks: Banks which were previously functioning under private sector were transferred to the public sector by the act of nationalization.

Date of Bank Nationalization: 19 July, 1969

Nationalized Banks:

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

These were banks with a deposit base of over Rs 50 crore, which between them accounted for 85% of bank deposits.

Author: UINDO

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