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1971 The State Bank of Bangladesh was founded by nationalization of the private shares in the eastern section of the State Bank of Pakistan. [4]1972-1974 Through this three years period after independence of Bangladesh in 1971, the government had taken over 786 industrial undertakings.
Canara Bank is an Indian ... The second bank that Canara ... Karkala Pulkeri Janardhan Prabhu (KPJ Prabhu) served as chairman of the bank post nationalisation. In ...
The Second Bank was a national bank. However, it did not serve the functions of a modern central bank: It did not set monetary policy, regulate private banks, hold their excess reserves, or act as a lender of last resort. [39] The bank was launched in the midst of a major global market readjustment as Europe recovered from the Napoleonic Wars. [40]
The scheduled banks are those included under the 2nd Schedule of the Reserve Bank of India Act, 1934. The scheduled banks are further classified into: nationalised banks; State Bank of India and its associates; Regional Rural Banks (RRBs); foreign banks; and other Indian private sector banks. [7]
The share of the bank sector held by the public banks continued to grow through the 1980s, and by 1991 public sector banks accounted for 90% of the banking sector. A year later, in March, 1992, the combined total of branches held by public sector banks was 60,646 across India, and deposits accounted for ₹1,10,000 crore.
In the fiscal year 2005-06, Canara Bank became India's second-largest public sector bank in terms of advances and deposits. The bank changed its name to Canara Bank Limited in 1910 when it incorporated. [5] In 2002-03, the bank went in for its Initial Public Offer and raised Rs.110 crores. [2] The India government holds a 73% stake in Canara Bank.
The legal authorisation for the nationalisation is the Banking (Special Provisions) Act 2008, which also allows for the nationalisation of other banks if necessary. [69] At 00:01 on 22 February Northern Rock was formally nationalised.
The National Bank Act of 1863, also known as the National Currency Act of 1863, was passed on February 25, 1863, and was the first attempt to establish a federal banking system after the failures of the First and Second Banks of the United States, and served as the predecessor to the Federal Reserve Act of 1913.