Nationalized Banks in India 2020: List

In this post, we will discuss the Headquarters, Taglines, and Head/MD/Chairman of various Indian Nationalized Banks. 

What is a Nationalized Bank?

A private bank that the Government of India has acquired through under a separate Parliament Act and has more than 50% stake in it is known as a Nationalized Bank. It is also known as the Public Sector Bank. 

However, SBI, the largest bank in India may not be considered as a nationalized bank. Because SBI was formed by the amalgamation of three banks in the British era through a royal charter. So, at the time RBI acquired the Imperial Bank under a separate Parliament Act (SBI Act) in 1955, it was a joint-stock company and had a private equity shareholding since its inception.  

Though smaller compared to the Govt's shareholdings, the Government doesn't have a 100% autonomy on the bank. Thus, SBI is considered as a Public Sector Bank

Before we discuss the list, let's have a look at the recent Mega Bank Merger.

Recent Mega Bank Mergers in 2020

The financial sector in India has undergone a huge change after the Mega Bank Merger that happened on April 1, 2020, when six of the country's largest banks merged. Initially, there were 19 nationalized banks, after the merger the number is down to 12. Below is the list of banks, which merged:
  • Total no. of Nationalized Banks in India – 12
  • Allahabad Bank merged into Indian Bank.
  • Andhra Bank & Corporation Bank merged with Union Bank of India
  • Syndicate Bank merged with Canara Bank.
  • Oriental Bank of Commerce & United Bank of India merged into Punjab National Bank.

List of Nationalized Banks, Headquarters, Head and Year of Nationalization

  • The first phase of bank nationalization happened in – July 19, 1969 (14 banks; worth 50 crore).
  • The Indian Prime Minister during the First Nationalization of Banks in 1969 – Indira Gandhi.
  • Finance Minister during the first phase of bank nationalization (1969) – Indira Gandhi.
  • The second phase of bank nationalization took place in  April 15, 1980.

BankHeadquartersHeadYear of Nationalization
Bank of BarodaVadodaraSanjiv Chadha
(MD & CEO)
Bank of IndiaMumbaiAtanu Kumar Das
(MD & CEO)
Bank of MaharashtraPuneA.S Rajeev1969
Canara BankBangaloreL.V. Prabhakar
(MD & CEO)
Central Bank of IndiaMumbaiPallav Mahapatra1969
Indian BankChennaiPadmaja Chunduru1969
Indian Overseas BankChennaiKarnam Sekar
(MD & CEO)
Punjab and Sind BankNew DelhiS. Harisankar1969
Punjab National BankNew DelhiS. S. Mallikarjuna Rao1969
State Bank of IndiaMumbaiRajnish Kumar1955
UCO BankKolkataAtul Kumar Goel
(MD & CEO)
Union Bank of IndiaMumbaiRajkiran Rai G.1969

Nationalized Banks and their Taglines

  • Bank of Baroda – India’s International Bank.
  • Bank of India – Relationship Beyond Banking.
  • Bank of Maharashtra –  One Family One Bank.
  • Canara Bank –  Together We Can.
  • Indian Bank – Your Own Bank.
  • Indian Overseas Bank – Good People to Grow With.
  • Punjab and Sind Bank – Where Service Is A Way Of Life.
  • Punjab National Bank – A Name You Can Bank Upon.
  • SBI – With You-All The Way, Pure Banking Nothing Else, The Nation Banks on us, A Bank of the Common Man. The Banker To Every Indian.
  • UCO Bank – Honors Your Trust.
  • Union Bank of India – Good People to Bank With.

📝 SideNotes:

  • The nationalization of Banks took place in – July 19, 1969.
    • Total no. of Nationalized Banks in India – 12* (Previous Year PSC Question – Civil Excise Officer, 2014)
  • The Oldest Bank – State Bank of India.
    • The Largest public sector bank in India – State Bank of India.   (Previous Year PSC Question – Lab Technical Assistant, Banking Assistance (VHSE) 2015)
    • Bank with more branches in India – State Bank of India.
    • The first exclusive gold banking outlet of SBI is – Sona Ghar, Hyderabad. (Previous Year PSC Question – Lab Technical Assistant, Banking Assistance (VHSE) 2015)
    • The Bank holds the second position for maximum branches – State Bank of India.
    • SBI associate banks were nationalized on – 1959. (Previous Year PSC Question – Lab Technical Assistant, Banking Assistance (VHSE) 2015)
    • In 1955, the Imperial Bank of India was nationalized and renamed as – State Bank of India.  (Previous Year PSC Question – Junior Instructor, 2016)
      • Imperial Bank of India is now known as – State Bank of India.  (Previous Year PSC Question – Assistant Grade II, Kerala Forest Development Corporation 2016)
* No. of Nationalized banks in the year 2014 was 20, but we're listing it as 19 according to the current statistics.

Thanks for reading!!!