Nationalised Banks in India
Indian government is keen to promote its banking sector, and for this it has taken serious steps in developing more national banks.
Which will also help the growing economy of India. At present there are 59 national banks in India with several branches overall the country.
National banks in India dates back to 1955 when Indian government nationalized imperial bank and later it was know as state bank of India, which is now ranked among top five banks of the world. It serves 90 million customers and has a network of more than 9, 000 branches.
Prominent Indian Banks
Some prominent national banks in India are, Andhra bank, bank of India, bank of baracoda, Punjab national bank, united bank of India and Allahabad bank. These banks are specialized in providing services of international standard to their customers.
Role in economy
From 1960 banking sector is playing an important role in the development of Indian economy. These banks have provided jobs, and have spread the banking infrastructure in rural areas of India. This has also encouraged better infrastructure and development in rural areas.
So government of India has also nationalized many private banks to encourage its economy growth and till 1993 national banks were increasing at the rate of 4% per year.