How Many Banks were Nationalised in 1980?
By Balaji
Updated on: February 17th, 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 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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1. Nationalised Banks in 1980
Nationalised 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 organisation in mind, in order to meet their expectations in a progressive and beneficial manner.
- These banks were nationalised in order to promote the welfare and economic development.
- A total of 6 banks were established 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.
- The Indian government nationalised 14 sizable private banks in 1969, including the Bank of India, one of the big banks.
- Six more independent banks were nationalised in 1980. Most lenders in the Indian economy are represented by these nationalised banks.
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