How Many Banks were Nationalised in 1980?

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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