The Government of India nationalized banks in 1969. The Government of India decided to nationalise the scheduled commercial banks having deposits of more than 50 crores, to better serve the needs of the economic development in conformity with national policy objectives. You can read about the Pradhan Mantri Jan-Dhan Yojana (PMJDY) – National Mission for Financial Inclusion in the given link.
The banks which were nationalized in 1969 were Allahabad Bank, Canara Bank, United Bank of India, UCO Bank, Syndicate Bank, Indian Overseas Bank, Bank of Baroda, Punjab National Bank, Bank of India, Bank of Maharashtra, Central Bank of India, Indian Bank, Dena Bank, Union Bank.
- Types of Non Banking Financial Institutions India
- RBI – Reserve Bank of India [UPSC Indian Economy Notes]