Is Indian Bank a Government Bank?
By BYJU'S Exam Prep
Updated on: September 11th, 2023
Indian Bank is owned and operated by the Ministry of Finance, Government of India. Hence it is a government bank. This bank was founded in 1907 and is headquartered in Chennai. Indian Bank is one of the most successful public sector banks in India, with over a hundred million customers across the country.
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Indian Bank As a Government Bank
Indian Bank is one of India’s largest banks, with 5,721 branches and 5,428 ATMs spread across the country. Nirmala Sitharaman, the finance minister, announced the merger of Allahabad Bank and Indian Bank on August 30, 2019. This resulted in Indian Bank becoming India’s seventh-largest public-sector bank.
We have provided some basic information about the Indian Bank in this section.
- Indian Bank was founded on 15 August 1907.
- After a few months, Madars faced the biggest financial crisis.
- In the year 1969, this bank gets nationalized, including other banks.
- At the time of nationalization, there were three branches of the Indian Bank.
- On 01 April 2020, Indian Bank merged with Allahabad Bank.
List of Government Banks of India
Below, we have mentioned the list of government banks in India.
(1) Bank of Baroda
(2) Bank of India
(3) Bank of Maharashtra
(4) Canara Bank
(5) Central Bank Of India
(6) Indian Bank
(7) Indian Overseas Bank
(8) Punjab National Bank
(9) Punjab & Sind Bank
(10) Union Bank of India
(11) UCO India
(12) State Bank of India
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