How Many Banks were Nationalised in 1980?

By Devyani Singh|Updated : July 12th, 2022

Six banks were nationalised in 1980 by the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance,1980 bringing the total number of nationalised banks to 20 at that time. These banks were Punjab and Sind Bank Limited, Vijaya Bank Limited, New Bank of India Limited, Oriental Bank of Commerce Limited, Andhra Bank Limited, and Corporation Bank Limited. 

Which Banks were Nationalised in 1980?

The Banking Companies (Acquisition and Transfer of Undertakings) Ordinance came in 1980 that provided for the transfer and acquisition of some banks’ undertakings. This was done keeping in mind their size, coverage, resources and organisation so as to meet their expectation in a progressive and beneficial manner. These banks were nationalised with the aim of promoting welfare and developing the economy. 

A total of 6 banks were established that including Punjab and Sind Bank Limited, Vijaya Bank Limited, New Bank of India Limited, Oriental Bank of Commerce Limited, Andhra Bank Limited, and Corporation Bank Limited.

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FAQs

  • The 6 banks that were nationalised in 1980 are Punjab and Sind Bank Limited, Vijaya Bank Limited, New Bank of India Limited, Oriental Bank of Commerce Limited, Andhra Bank Limited, and Corporation Bank Limited. 

  • There are 12 nationalized banks in India at the moment after the mergers of Punjab National Bank with several other banks. They are Punjab National Bank, Bank of India, Bank of Baroda, Canara Bank, Union Bank of India, Central Bank of India, Indian Overseas Bank, Indian Bank, Punjab and Sind Bank, UCO Bank, State Bank Of India, and Bank of Maharashtra

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