It would seem unreal now in the era of liberalisation and privatisation. But it is a fact that 14 private banks were nationalised in 1969 by the then Central Government head by Prime minister Smt.Indira Gandhi. The date was 19th July 1969.
In 1955, State Bank of India was nationalised,SBI subsidiaries in 1959,14 private banks in 1969 and another 7 private banks nationalised in 1980. The private banks nationalised in 1969 980 are given below:
*Central Bank of India
•Bank of Baroda
•Union Bank
•Allahabad Bank
•United Bank of India
•UCO Bank
•Bank of India
*Indian Overseas bank
*Bank of Maharashtra
•Dena Bank
•Punjab National Bank
•Syndicate Bank
•Canara Bank
•Indian Bank

The nationalisation of the private banks were done since these banks were not performing good and also as part of the focus on public sector growth. But now the policy of the government has changed to liberalisation, globalisation and privatisation. Accordingly, the government want to marginalise the PSU banks and bring new private banks by giving licences to the corporates for starting new banks. The Bank workers and their unions are against this move and have strongly opposed it. We fully support them.