Banking System in India is dominated by nationalised banks. The nationalisation of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. The major objective behind nationalisation was to spread banking infrastructure in rural areas and make available cheap finance to Indian farmers. Fourteen banks were nationalised in 1969.
Before 1969, State Bank of India (SBI) was the only public sector bank in India. SBI was nationalised in 1955 under the SBI Act of 1955. The second phase of nationalisation of Indian banks took place in the year 1980.
List of Public Sector Banks in India is as follows:
Allahabad Bank
Allahabad Bank is the oldest public sector bank in India. It was set up in 1865 by a group of Europeans with a seed capital of Rs 2 lakhs. By the end of 19th century, the bank had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Kolkata and Delhi.
Andhra Bank
Andhra Bank was founded by Dr.Bhogaraju Pattabhi Sitaramayya. The bank commenced business on 28th November 1923 with a paid up capital of Rs 1 lakh and an authorised capital of Rs 10 lakh.
Andhra Bank has a network of 1713 Business Delivery Channels, consisting of 1,179 branches, 142 Extension Counters, 354 ATMs and 38 Satelite Branches spread over 21 States and 2 Union Territories as at the end of September 2005
Bank of Baroda
Bank of Baroda was founded by Maharaja Sayajirao Gaekwad of Baroda on July 20, 1908 with a paid up capital of Rs 10 lakhs. Since then bank has traversed an eventful and successful journey of almost 100 years. Today, Bank of Baroda has a network of 2737 branches including 39 overseas branches spread over 20 countries
Bank of India
Bank of India was founded on September 7, 1906 by a group of eminent businessmen from Mumbai. In July 1969 Bank of India was nationalized along with 13 other banks.
Bank of Maharashtra
Bank of Maharashtra was registered on September 16, 1935 with an authorized capital of Rs 10.00 lakh. The Bank started its operations on February 8, 1936. Ever since its inception, Bank of Maharashtra is known as common man's bank. The Bank's initial help to small units has given birth to many of today's industrial houses.
Canara Bank
Canara Bank was founded in 1906 by late Sri. Ammembal Subba Rao Pai. The Bank was initially named as 'Canara Bank Hindu Permanent Fund'. It blossomed into a limited company in 1910 and was renamed as 'Canara Bank Ltd'. In 1969 the Bank was nationalized and thereafter came to be known as Canara Bank.
Central Bank of India
Central Bank of India was established in 1911 by Sir Sorabji Pochkhanawala. It was the first Indian commercial bank, which was wholly owned and managed by Indians. Sir Pherozeshah Mehta was the first Chairman of the Bank. In 1969, Central Bank of India was nationalized along with 13 other banks.
Corporation Bank
Corporation Bank was established in the year 1906. Based on the traditional Indian values of service to the community, Corporation bank is reputed as one of the well-run banks in the country.
Corporation Bank is the first Public Sector Bank to publish the results under US GAAP. The Bank has been publishing the results under the US GAAP since 1998-99. The net profit of the Corp Bank and its subsidiaries under US GAAP for the year 2004-05 stood at Rs. 435.89 crore against consolidated net profit of Rs. 350.69 crore registered under Indian GAAP method.
Dena Bank
Dena Bank was founded on May 26, 1938 by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company Ltd. The bank became a Public Ltd. Company in December 1939 and later the name was changed to Dena Bank Ltd.
Indian Bank
Indian Bank was established on August 15, 1907 as part of the Swadeshi movement. In 1969, the Bank was nationalized along with 13 other banks. Today, Indian Bank has a network of 1385 branches spread all over India
Indian Overseas Bank
Indian Overseas Bank (IOB) was founded on February 10, 1937 by Shri.M.Ct.M. Chidambaram Chettyar. IOB had the unique distinction of commencing business on the inaugural day itself in three branches simultaneously - at Karaikudi and Chennai in India and Rangoon in Burma (presently Myanmar) followed by a branch in Penang.
Oriental Bank of Commerce
Oriental Bank of Commerce (OBC) was established in Lahore on 19th February 1943. It was founded by Late Rai Bahadur Lala Sohan Lal who was the first Chairman of the Bank. After partition, the Bank shifted its Registered Office from Lahore to Amritsar. Oriental Bank of Commerce was nationalized on 15th April 1980.
Punjab and Sind Bank
Punjab & Sind Bank was established in 1908 by luminaries like Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh. The Bank was founded on the principle of social commitment to help the weaker section of the society in their economic endeavours to raise their standard of life.
Punjab National Bank
Punjab National Bank (PNB) was established in 1895 at Lahore. PNB has the distinction of being the first Indian bank to have been started solely with Indian capital. In 1969, Punjab National Bank was nationalized along with 13 other banks.
State Bank of Bikaner & Jaipur
State Bank of Bikaner and Jaipur (SBBJ) is a subsidiary of State Bank of India. It is a professionally managed Public Sector Bank that came into existence in 1963 after amalgamation of the erstwhile State Bank of Jaipur with State Bank of Bikaner.
State Bank of Hyderabad
State Bank of Hyderabad is a subsidiary of the State Bank of India and is currently the largest Associate Bank of State Bank of India. State Bank of Hyderabad was constituted as Hyderabad State Bank on 8.8.1941 under Hyderabad State Bank Act, 1941. The first branch of the Bank was opened at Gunfoundry, Hyderabad on 5th April, 1942.
www.sbhyd.com/State Bank of India (SBI)
State Bank of India (SBI) is India's largest commercial bank. SBI has a vast domestic network of over 9000 branches (approximately 14% of all bank branches) and commands one-fifth of deposits and loans of all scheduled commercial banks in India.
www.sbi.co.in/OnlineSBI is the Internet banking portal for State Bank of India
www.onlinesbi.com/State Bank of IndoreState Bank of Indore is a subsidiary of State Bank of India. The Bank was originally known as Bank of Indore Ltd. The Bank was incorporated under a special charter of His Highness Maharaja Tukojirao Holker-III, the then ruler of Malwa region.
www.indorebank.org/State Bank of Mysore State Bank of Mysore (SBM) is a subsidiary of State Bank of India. The Bank was established in 1913 as Bank of Mysore Ltd. under the patronage of the erstwhile Govt. of Mysore, at the instance of the banking committee headed by the great Engineer-Statesman, Late Dr. Sir M.Visvesvaraya.
www.statebankofmysore.co.in/State Bank of Patiala State Bank of Patiala (SBP) is a subsidiary of the State Bank of India. The Bank was founded in 1917 by Late His Highness Bhupinder Singh the then Maharaja of erstwhile Patiala state. In those times, State Bank of Patiala was known as Patiala State Bank. It was state owned and setup for the explicit purpose of fostering growth of agriculture, trade and industry.
www.sbp.co.in/State Bank of Saurashtra Bank of Saurashtra (SBS) is one of the Associate Banks of State Bank of india. The origins of State Bank of Saurashtra can be traced to Bhavnagar Darbar Bank, which was established in the year 1902. Bhavnagar was one of the princely states of the Saurashtra region of Gujarat. In 1948, when princely states were integrated to form Saurashtra state, a need for state-owned bank was felt. Accordingly, the Bhavnagar Darbar Bank was formed into a statutory corporation, called State Bank Of Saurashtra, and the four Darbar Banks - Rajkot State Bank, Porbandar State Bank, Palitana Darbar Bank and Vadia State Bank - were merged with it with effect from 1st July, 1950 as its branches.
www.onlinesbs.com/State Bank of Travancore State Bank of Travancore (SBT) is a subsidiary of State Bank of India. The Bank was originally established as Travancore Bank Ltd. in 1945 sponsored by the erstwhile Princely State of Travancore. Under a special statute of the Indian Parliament (SBI subsidiary Banks Act 1959) State Bank of Travancore was made an Associate of the State Bank of India and a member of the State Bank Group
.www.statebankoftravancore.com/Syndicate Bank Syndicate Bank was established in 1925 in Udupi, Karnataka by three visionaries-Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician- with the name "Canara Industrial and Banking Syndicate Ltd." The Bank was started with a capital of Rs 8000 and the objective behind starting the Bank was primarily to extend financial assistance to the local weavers who were crippled by a crisis in the handloom industry through mobilising small savings from the community.
http://syndicatebank.in/UCO Bank UCO Bank is a commercial bank established in 1943. The idea to establish the bank was first conceived by G.D. Birla, the famous industrialist, after the historic "Quit India" movement in 1942. The idea was culminated on the 6th of January 1943 when The United Commercial Bank Ltd. was born with its Registered and Head Office at Kolkata.
www.ucobank.com/Union Bank of India Union Bank of India was inaugurated by Mahatama Gandhi and the Bank commenced its operations in 1920. The Bank is a Public Sector Unit with 60.85% Share Capital held by the Government of India. The rest 39.15 % of Share Capital is presently held by Institutions, Individuals and Others.
www.unionbankofindia.co.in/United Bank of IndiaThe Origins of United Bank of India (UBI) can be traced back to 1914. Its predecessor the United Bank of India Ltd., was formed in 1950 with the amalgamation of four banks viz. Comilla Banking Corporation Ltd. (1914), Bengal Central Bank Ltd. (1918), Comilla Union Bank Ltd. (1922) and Hooghly Bank Ltd. (1932). United Bank of India (UBI) is one of the 14 major banks, which were nationalised in 1969.
www.unitedbankofindia.com/Vijaya BankVijaya Bank, was established on 23rd October 1931 by late Shri A.B.Shetty and other enterprising farmers in Mangalore, Karnataka. The objective behind establishment of the Bank was essentially to promote banking habit, thrift and enterpreneurship among the farming community of Dakshina Kannada district in Karnataka State. The bank became a scheduled bank in 1958.
www.vijayabank.com/
