Reforms & Developments in the Banking Sector
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Date?
19 July 1969 (Saturday). Done by an Ordinance later replaced by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Banks taken over?
14 major commercial banks each with deposits of Rs.50 crore or more as on the last Friday of June 1969.
Then Prime Minister?
Smt. Indira Gandhi; the Finance portfolio was held in-charge.
The 14 banks?
Central Bank, Bank of India, Punjab National Bank, Bank of Baroda, United Commercial Bank, Canara Bank, United Bank of India, Dena Bank, Syndicate Bank, Union Bank of India, Allahabad Bank, Indian Bank, Indian Overseas Bank, Bank of Maharashtra.
Coverage post-nationalisation?
Public-sector banks controlled ~85% of deposits.
Date?
15 April 1980.
Banks taken over?
6 banks each with deposits of Rs.200 crore or more.
The 6 banks?
Andhra Bank, Corporation Bank, New Bank of India, Oriental Bank of Commerce, Punjab & Sind Bank, Vijaya Bank.
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