Question
Download Solution PDFWhich of the following is NOT a nationalised bank?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is the State Bank of India.
Key Points
- The nationalization of banks began on July 19, 1969, during the tenure of Indira Gandhi.
- The whole process took place in two phases.
- In 1969, 14 Private Sector Banks were nationalized that accounted for around 80% of the money deposited in banks.
- This major financial step was taken up to reform the lending sector and provide credit to some priority sectors like agriculture and small scale businesses.
- Then in 1980, another 6 banks were nationalized.
Key Points
State Bank of India:
- The merger of Bank of Calcutta, Bank of Madras and Bank of Bombay in 1921 laid the foundation of Imperial Bank of India.
- In 1955 after the enactment of the State Bank of India Act Imperial Bank was renamed as State Bank of India (SBI).
- Its 60% stake was bought by RBI and SBI came under the control of the Government as Public Sector Undertaking.
- In 1969, SBI was already under the control of the government hence there was no need to nationalize it.
- Therefore, although SBI is a Public Sector Bank but is not included in the list of nationalized banks.
- Currently, SBI is headquartered in Mumbai.
*Industrial Development Bank of India (IDBI) is another Public Sector Bank that is not nationalized.
Last updated on Jun 13, 2025
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