BANK NATIONALIZATION/MERGE/ RENAMING

  • The Imperial Bank of India (IBI) was the oldest and the largest commercial bank of the subcontinent, and was subsequently transformed into State Bank of India in 1955.
  • 14 Banks were nationalized on 19th July 1969 & 6 more banks were nationalized during 1980.
  • During 1993. nationalized New Bank Of India was merged with PNB. thus reducing the nationalized banks to 19.
  • IDBI Ltd. was established as a PSU bank during 2004-05, by converting Industrial Development Bank Of India, which was only a financial institution till then. The name was changed to IDBI bank Ltd during 2008. Now it is considered as Other Public Sector Bank.
  • During 2013. Bharatiya Mahila Bank Ltd. was established as a PSU. owned by GOI. However. wet. 01-04-2017 same was merged With SBI.
  • All the 5 subsidiary Banks of SBI have been merged with SBI wef. 01-04-2017.
  • Wef April 2019 the government had approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda (BOB).
  • As of now there are 18 public sector banks in India.(including State Bank of India) & one PSB – IDBI Bank.
  • Among private sector banks. Global Trust Bank which was established during 1990. later failed & merged with Oriental Bank of Commerce.
  • UTI bank was established as a private bank, later renamed as Axis Bank.
  • Lord Krishna Bank, a private sector bank was merged with Centurion Bank of Punjab during 2007.
  • HDFC acquired Centurion Bank of Punjab on 23 May 2008.
  • ING Vysya Bank was merged with Kotak Mahindra Bank (both Pvt. Sector) wef .01-04- 2015.

Commercial Banks:

  • Commercial banks are those that cater to the regular banking and financial needs of the public.
  • Commercial banks include public sector banks and private sector banks.
  • Public sector banks include the State Bank and other nationalized banks, while private sector banks includes Indian banks and foreign banks.

Cooperative Banks:

  • Cooperative banking is retail and commercial banking organised on a cooperative basis.
  • Cooperative banks include credit unions, savings and loans associations and building societies and cooperatives.
  • They are governed by controls of the RBI as well as state governments.
  • Domestic Systemically Important Banks (D-SlBs): As per RBI. the following 3 banks are D-SiBs of India as on date. (i) State Bank of India (ii) ICICI Bank (iii) HDFC Bank