Nationalization of banks list 2022: 12 Public Sector Banks.

Nationalization of banks list 2022

In the modern era, banking started in the colonial period with the establishment of the Bank of Hindustan which was established in the year 1770. Post-independence, the government of India took numerous steps to improve the country’s economic development, and one of the major steps they took was establishing RBI in April 1935. Later in 1948, under the terms of the RBI Act, they gave notice to nationalized the banks and then in 1949.

Banking Current Affairs 2022

After Independence, the banking sector was being regulated by the Reserve Bank of India which is the central authority. By this time only the State Bank of India was a major government bank and the rest were private-owned. To meet the need of the Indian economy, the banks were nationalized in the years 1969 and 1980.

What is Nationalised bank?

The nationalized banks are those banks that were ones owned by the private players but due to the financial or socio-economic exigencies, the ownership was acquired by the government. In more technical terms Nationalised Banks have such an ownership structure where the government is the majority shareholder i.e. >50%.

Why banks were Nationalised?

Bank Nationalization is a policy decision, which is undertaken keeping certain goals in mind. From time to time Central Government can carry out the nationalization of banks. Though candidates must note that Nationalization as a policy call has lost the favour of Governments post-liberalization of 1991. Nariman committee on banking reforms 1991 and 1998 has called for more private banks in India.

In this article, we have an updated list of Government banks in India along with a merged banks list as of 2022.

State Bank of India
Punjab National Bank (With Merger of Oriental Bank of Commerce and United Bank of India)
Bank of Baroda
Canara Bank (With Merger of Syndicate Bank)
Union Bank of India (With Merger of Andhra Bank and Corporation Bank)
Bank of India
Indian Bank (With Merger of Allahabad Bank)
Central Bank of India
Indian Overseas Bank
UCO Bank
Bank of Maharashtra
Punjab & Sind Bank

Let’s have a look at each Public Sector bank individually:

1. State Bank of India

State Bank of India is the largest bank in India. SBI is ranked 236^th on the Fortune Global 500 list. The bank was founded in 1955. With the merger with its 5 associates banks, SBI has the largest branches network in India.

Headquarters: Mumbai, India;
Tagline: Pure Banking, Nothing Else
Chairperson: Dinesh Kumar Khara

2. Punjab National Bank

Punjab National Bank is a banking and financial services bank owned by the Government of India. The bank was established in 1894. PNB bank is merged with OBC Bank and United Bank. The new bank will become the second-largest Public Sector Bank of India with 18 Lakh crore rupees and the second largest in terms of branch network across the country.

Headquarters: New Delhi, India
Tagline: The name you can Bank Upon
CEO: Atul Kumar Goel

3. Bank of Baroda

Bank of Baroda is an Indian multinational bank. It is the third-largest public sector bank in the country established in 1908. Bank of Baroda will be merged with Vijaya Bank and Dena Bank to create the country’s third-largest lender with a combined business of Rs. 14.82 lakh crore.

Headquarters: Vadodara, Gujarat
Tagline: India’s International Bank
Managing Director & CEO: Sanjiv Chadha

4. Canara Bank

Canara Bank is one of the oldest public sector banks in India. The bank was founded in 1906 by the name Canara Hindu Permanent Fund but later changed its name to Canara Bank Limited in 1910. Canara Bank will merge with Syndicate Bank to become the fourth largest Public Sector Bank in the country. The total business of the bank will be Rs.15.2 lakh crore. It will also become the third-largest bank branch network in India.

Headquarters: Bengaluru, Karnataka
Tagline: Together We Can
CEO: Lingam Venkat Prabhakar

5. Union Bank of India

Union Bank of India is one of the largest public sector banks in India. The government holds 90% of its share capital. The bank was founded in 1919. With Merger of Andhra Bank and Corporation Bank.

Headquarters: Mumbai, India
Tagline: Good People to Bank With
CEO: Rajkiran Rai G.

6. Bank of India

Bank of India is the founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications) and one of the top 5 banks in India.

Headquarters: Mumbai, India
Tagline: Relationship Beyond Banking
Managing Director & CEO: Atanu Kumar Das

7. Indian Bank

Indian Bank has overseas branches in Colombo and Singapore. It was founded in 1907. With Merger of Allahabad Bank.

Headquarters: Chennai, India
Tagline: Your Own Bank
CEO: Shri Shanti Lal Jain

8. Central Bank of India

Central Bank of India was one of eighteen public sector banks that get recapitalized in 2009. It is founded in 1911.

Headquarters: Mumbai, India
Tagline: Build a better life around us
Managing Director & CEO: Matam Venkata Rao

9. Indian Overseas Bank

Indian Overseas Bank has 6 foreign branches and a representative office. It was founded in 1937.

Headquarters: Chennai, India
Tagline: Good People to Grow With
CEO: Partha Pratim Sengupta

10. UCO Bank

UCO Bank is one of the major government-owned commercial banks of India. It was founded in 1943. UCO bank recently launched its Whatsapp banking.

Headquarters: Kolkata, West Bengal
Tagline: Honours Your Trust
CEO: Shri Soma Sankara Prasad

11. Bank of Maharashtra

Bank of Maharashtra is a major public sector bank. The Government of India has 87.74% shares of this bank. It is founded in 1935.

Headquarters: Pune, India
Tagline: One Family One Bank
CEO: A. S. Rajeev

12. Punjab & Sind Bank

Punjab and Sind Bank is emerging as a techno-savvy public sector bank of India. It was founded in 1908.

Headquarters: Rajendra Place New Delhi, India
Tagline: Where Service Is A Way Of Life
MD & CEO: S Krishnan

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Q1. How many public sector banks are there in India in 2022?

Ans. There are 12 Public Sector Banks in India in 2022.

Q2. How many nationalized banks are there in India in 2021?

Ans. After the massive merger, the total number of Public Sector Banks (PSBs) in India has come down from 27 banks in 2017 to 12 in 2021.

Q3. Name the 12 nationalised Banks in India?

Ans. Currently in India there are 12 banks in number that are nationalised, and their names are Punjab National Bank, Bank of Baroda, Bank of India, Central Bank of India, Canara Bank, Union Bank of India, Indian Overseas Bank, Punjab, and Sind Bank, Indian Bank, UCO Bank, and Bank of Maharashtra, State Bank Of India.

Q4. List the banks which are nationalised for 14 years?

Ans. These are the following banks that were nationalised in 1969, Allahabad Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Central Bank of India, Canara Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Punjab National Bank, Syndicate Bank, UCO Bank, Union Bank and United Bank of India.