Which were the 14 Nationalised Banks in 1969?

By Ritesh|Updated : October 18th, 2022

The 14 nationalized banks in 1969 are 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. 

14 Nationalised Banks in 1969

In 1969, 14 banks were nationalized by the Government of India to utilize its 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.

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FAQs on 14 Nationalised Banks in 1969

  • The 14 private banks which were nationalized in 1969 are Allahabad Bank, UCO Bank, Canara Bank, United Bank of India, Central Bank of India, Syndicate Bank, Indian Overseas Bank, Bank of Baroda, Punjab National Bank, Dena Bank, Bank of India, Bank of Maharashtra, Indian Bank, and Union Bank.

  • On July 19, 1969, at 8:30 PM, Prime Minister Indira Gandhi announced that 14 major commercial banks of India with over Rs 50 crores deposits have been nationalized. These institutions hold almost 85% of bank deposits.

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