Nationalisation of Banks 2014 nationalise major banks 2014,Prior to nationalisation

PRESIDENT INDIRA GANDHI

 broadcast to the nation on the eve of nationalisation of the fourteen leading Indian banks, she summed up the objectives of the nationalisation as, The present decision to nationalise major banks is to accelerate the achievements of our objectives.

It was the need of the hour to direct the funds for the needy and required sectors of the indian economy. Sector such as agriculture, small and village industries were in need of funds for their expansion and further economic development.

Prior to nationalisation many banks were controlled by private business houses and corporate families. It was necessary to check these monopolies in order to ensure a smooth supply of credit to socially desirable sections. In a large country like India the numbers of banks existing those days were certainly inadequate. It was necessary to spread banking across the country

it was necessary for banks to go in the rural areas where the banking facilities were not available. In order to reduce this regional imbalance nationalisation was justified

private sector banks

    Axis Bank

    HDFC Bank

    ICICI Bank

    UP Agro Bank Corporation

    Kotak Mahindra Bank

    Yes Bank

    IndusInd Bank

1. Indian bank

2.Indian overseas bank

3.Oriental bank of commerce

4.Punjab national bank

5.Punjab and sindh bank

6.Syndicate bank

7.Union bank of india

8.United bank of india

9.UCO bank

10.Vijaya bank

11.Allahabad bank

12.Andhra bank

13.Bank of baroda

14.Bank of India

15.Bank of Maharastra

16.Canara bank

17.Central bank of india

18.Corporation bank

19.Dena bank

19 + SBI + its 5 associates + IDBI = 26.