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Nationalized banks

Nationalization refers to the process under which any private industry or unit is taken under public ownership by the government of any state. The nationalized banks, as running in India, are chief players in the banking sector and play a very essential role in economic development as well as growth of the nation. This bank nationalization started in India in 1955 when SBI was nationalized under the State Bank of India Act, 1955. After this, seven subsidiary branches of SBI were also nationalized in 1960.

Another major development took place when the Government of India nationalized 14 commercial banks in 1969, followed by nationalization of six banks in 1980. The list of nationalized banks which are running in India as on date is as follows:

SBI and its subsidiaries.

 Allahabad Bank

 Indian Bank

 Andhra Bank

 Bank of India

 Indian Overseas Bank

 Bank of Baroda

 Oriental Bank of Commerce.

 Punjab National Bank

 Bhartiya Mahila Bank

 UCO Bank

  Syndicate Bank

 Canara Bank

 Union Bank of India

 Central Bank of India

 United Bank of India

 Corporation Bank

 Vijaya Bank

 Dena Bankk