The Government of India (GOI) adopted planned economic development for the country (India). through five year plans which came into existence in 1951. The economic plan basically aimed at social ownership of the means of production. However, commercial banks, which were in the private sector those days, failed to help the government in fulfilling these objectives by refusing to give loans to the poorer sections such as cottage industry, village industry, farmers, craft men, etc.without any security. Therefore, the government on 19th July, 1969 decided to nationalize 14 major commercial banks. The second dose of nationalisation came in April 1980 when 6 more banks were nationalized.
M.J. SUBRAMANYAM, XCHANGING, BANGALORE
Jan 19, 2009
its 20
1 year
The affiliated banks are subsidiaries of the parent banks. The rural banks, co-operative banks are affiliated to nationalised/government banks and work in liason with them. The directives and principles of the parent banks are to be followed by them in framing credit, loan disbursal policies in their specified areas of activities.
They both refer to one and the same. A public sector bank is also called a nationalized bank. It means that the government of the nation is the sole owning authority of the bank and it governs the functioning of the bank. Even if the bank declares bankruptcy the government holds the responsibility of returning all the money that was deposited by the customers.
banks in india was nationalised in 1969
17 banks
s
i want to know whether the employees of the nationalised banks are the government employee
Jan 19, 2009
No, SBI is not a nationalised bank. It is one of the greatest bank. It is a public bank but not a nationalised bank. Right now 19 banks were nationalised out of 20, in which SBI i.e. State Bank Of India is not included.
According to a conducted research, the salary of a clerk in the nineteen nationalised banks is about fourteen thousand and four hundred Indian Rupees.
Dena bank
23 nationalized bank
5th position
yes
14 banks in July, 1969 and six more banks were nationalized in 1980