Nationalised Banks Role in India
Nationalised Banks Role in India
Nationalised Banks Role in IndiaIt is the Indian government who is accountable for the deposited money in the accounts of nationalized banks. Banks were nationalized with various objectives in India after its independence. In the year 1991, just after Economic Reform the banking industry of India stepped into a fresh perspective of competitiveness, competence and output. The reforms made Indian banks more professional organizations and helped to get rid of those shocking days when banks were suddenly nationalized.
Nationalized banks are also called the government banks in India and worked to providing social welfare to Indian public. They were responsible for directing funds to the needy and various sectors like agriculture and small industries for expansion as well as for economic development.
Banks were nationalized to cater to the fund requirements by priority sectors. These sectors are largely the agriculture sector which contributes largely to national income of the country.
Nationalized Banks in India plays a great role in controlling private monopolies to guarantee an even contribution of credit to such sections of the society that are most desirable.
Nationalized Banks in India also help in dropping the regional disparity. India is divided into urban and rural sectors and it is the nationalized banks that work to provide all forms of banking facilities to the most rural areas of the country.
After independence, it is the Nationalized Banks that worked to spread banking facilities across the underdeveloped region of the country in those days as there were insufficient number of banks and people were deprived from banking facilities. The nationalization of banks helped in developing banking practice among the large population of the country since its independence. State bank of India is the oldest bank of India and come established in 1806 in calcutta india.
Below is a List of nationalised banks India -
State Bank of India
Allahabad Bank
Bank of India
Bank of Maharashtra
Bank of Baroda
Central Bank of India
Canara Bank
Corporation Bank
Punjab & Sind Bank
Dena Bank
Indian Overseas Bank
Syndicate Bank
United Bank of India
Indian Bank
Punjab National Bank
Oriental Bank of Commerce
Union Bank of India
UCO Bank
Vijaya Bank