How many Banks were Nationalised in 1980?

Answer: The nationalisation of a bank can be defined as the government purchasing more than fifty per cent of stakes, considered a majority, in a private bank owned by a private firm.

   In 1980, there were six banks which were nationalised. The banks which were nationalised are:

• Andhra Bank Limited
• Corporation Bank Limited
• Oriental Bank of Commerce Limited
• New Bank of India Limited
• Vijaya Bank Limited
• Punjab and Sind Bank Limited

The nationalisation of the banks was brought about by passing a Banking Company Ordinance, which occurred in 1980. The nationalisation was done by the transfer and acquisition of undertakings. The nationalisation of banks proved to be helpful to the government and people of India.