The Evolution of Nationalized Banks in India: From 2018 to the Present

As of 2018, there were 21 nationalized banks operating in India. This significant number, resulting from various phases of nationalization, has seen considerable changes due to mergers and other banking reforms. However, it is important to note that the current number and structure of these banks have undergone substantial changes since 2018. Currently, as of 2023, there are 17 public sector banks in India, reflecting a process of consolidation seen over the past few years.

The Number of Nationalized Banks Post-2018

According to the Reserve Bank of India (RBI), the number of nationalized banks in India as of March 31, 2019, was 19, excluding State Bank of India (SBI). However, this number has seen significant reductions through a series of mergers:

April 1, 2019: Dena Bank and Vijaya Bank were merged with Bank of Baroda, reducing the number to 17. September 2019: The Government of India announced further mergers, leading to a total of 12 nationalized banks.

Recent Mergers and Their Impact

Several notable mergers significantly reshaped the nationalized banking sector in India:

Punjab National Bank, Oriental Bank of Commerce, and United Bank of India were combined to form the nation’s second-largest lender. Canara Bank and Syndicate Bank were amalgamated. Union Bank of India was merged with Andhra Bank and Corporation Bank. Indian Bank and Allahabad Bank were brought together.

As of the latest updates, the nationalized banks in India stand at 18, including State Bank of India. The most recent nationalizations occurred in 1980 with the addition of Andhra Bank, Corporation Bank, and Oriental Bank of Commerce.

The List of Current Nationalized Banks

The current list of nationalized banks in India includes:

Andhra Bank Allahabad Bank Bank of Baroda (including Dena Bank and Vijaya Bank) Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Punjab Sind Bank Punjab National Bank State Bank of India Syndicate Bank UCO Bank Union Bank of India United Bank of India

Conclusion

The Indian banking sector has undergone significant changes, especially in the realm of nationalized banks. From the initial 21 nationalized banks in 2018, the number has dynamically changed through mergers and other banking reforms, resulting in a clearer structure and potential for more efficient operations in the banking industry.