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Nationalization of Banks

Nationalization of Banks:

After Independence, govt. has made major reforms in the Indian banking system. Imperial Bank of India which was established in 1920 has changed to State Bank of India and spreaded it’s banking services in rural and semi-urban areas.

State Bank of India (SBI) with its subsidiary banks are nationalized on 19th July, 1959.

In the year 1969, 14 more commercial banks are nationalized by former PM Mrs. Indira Gandhi and later 5 banks are nationalized on 15th April, 1980.

In the year 1975, RRB’s are established.