How Many Banks were Nationalised in 1980?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
Six banks were nationalised in 1980 under the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, bringing the total number of nationalised banks to 20 at the time. These banks were Vijaya Bank Limited, New Bank of India Limited, Punjab and Sind Bank Limited, Andhra Bank Limited, Corporation Bank Limited, and Oriental Bank of Commerce Limited.
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Nationalisation of Banks in 1980
In 1980, the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance was passed, which allowed for the transfer and acquisition of certain bank undertakings. This was done with their size, coverage, resources, and organization in mind, in order to meet their expectations in a progressive and beneficial manner.
- These banks were nationalized in order to promote welfare and economic development.
- A total of 6 banks were established including Punjab and Sind Bank Limited, New Bank of India Limited, Vijaya Bank Limited, Oriental Bank of Commerce Limited, Corporation Bank Limited, and Andhra Bank Limited.
- The Indian government nationalized 14 sizable private banks in 1969, including the Bank of India, one of the big banks.
- Six more independent banks were nationalized in 1980. Most lenders in the Indian economy are represented by these nationalised banks.
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