Important Facts Related to Nationalised Banks in India
The Nationalized banks were owned by the private players but due to financial or socio-economic exigencies, the ownership was acquired by the government. In technical terms, in Nationalized banks government holds the majority of the share.
- Punjab National Bank Est 1895 was the first National-owned bank in India.
- The Imperial Bank of India came into being through the RBI act of 1935.
- The Reserve Bank of India (RBI) is responsible for regulating all the nationalized and non-nationalized banks in India.
- Banking Regulation Act 1949 is a legal framework that has all the rules and regulations related to the Indian banking system.