1st Reason : The unpredictable means inwards which these banks functioned every bit person entities. There were 361 person banks which failed betwixt 1947 in addition to 1955, translating to an average of over twoscore banks per yr resulting inwards depositors losing all their money.
2nd Reason : These were seen every bit catering to large industries in addition to draw organisation houses, ignoring the agriculture sector.
The fourteen banks which were Nationalized on 19th July 1969 are
- The Allahabad Bank
- The Bank of Baroda
- The Bank of India
- The Bank of Maharashtra
- The Canara Bank
- The Central Bank of India
- The Dena Bank
- The Indian Bank
- The Indian Overseas Bank
- The Punjab National Bank
- The Syndicate Bank
- The Union Bank of India
- The United Bank of India
- The United Commercial Bank
The brain aim of this nationalization is to serve the rural economic scheme past times expanding the branch network inwards rural areas.As a consequence of nationalization, 85 portion of the banking draw organisation inwards damage of deposits was brought nether world control.
On 15th Apr 1980, vi to a greater extent than person sector commercial banks (with deposits of over Rs. 200 crores) were nationalized. They are :
- The Andhra Bank
- The Corporation Bank
- The New Bank of Republic of Republic of India (merged amongst Punjab National Bank inwards 1993)
- The Oriental Bank of Commerce
- The Punjab in addition to SIndh Bank
- The Vijaya Bank
Thus, xx person sector commercial banks were nationalized in addition to over ninety portion of banking activeness inwards the province was brought nether Earth sector in addition to it brought downwards the inequalities of income in addition to wealth in addition to to ensure greater social justice.
The nationalization of July 1969 in addition to Apr 1980 was a unique phenomenon, dissimilar from that of nationalization of the RBI inwards 1949 or the nationalization of Imperial banking concern of Republic of Republic of India inwards 1955, every bit these were rattling minor having piddling socio-economic modify inwards the country.
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