Which were the 14 Nationalised Banks in 1969?
By Balaji
Updated on: February 21st, 2023
The 14 Nationalized Banks in 1969 were Punjab National Bank, Syndicate Bank, Allahabad Bank, Canara Bank, Central Bank of India, United Bank of India, UCO Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Indian Bank, Indian Overseas Bank, Union Bank, and Dena Bank. On 19 July 1969, 14 banks were nationalized under the ruling party of Mrs. Indira Gandhi, accounting for about 85% of the country’s bank deposits.
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1. 14 Nationalised Banks in 1969
14 Nationalised Banks in 1969
In 1969, 14 banks were nationalized by the Government of India to utilize their resources in the development of the country. These banks constituted more than Rs 50 crore, which was intended to be used to meet the development needs of the economy for agriculture, exports, small-scale industries, etc.
- 14 Nationalized Banks in 1969: Bank of Baroda, Union Bank, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Dena Bank, Allahabad Bank, Indian Bank, Indian Overseas Bank, Punjab National Bank, Syndicate Bank, UCO Bank and United Bank of India.
- Later, in 1980, six more banks were nationalized – Oriental Bank of India, Corporate Bank, Punjab and Sind Bank, Vijaya Bank, Andhra Bank, and New Bank of India.
- Some important reasons for this step include – social welfare, expansion of banking in rural areas, priority sector lending, reducing the regional imbalance, and controlling private monopolies.
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