Name :: Moali
E-Mail Address :: Moalijamir@ymail.com
Your Country :: India
Question Title: :: 10 nationalized commercial banks in India, their data on
rates of interest, (CRR and SLR) 2014 and 2015
Your Country :: India
Explain your question in detail :: 1. I would like to know the ten
nationalized banks in India, a brief information about that particular bank
i.e, when was it established and nationalized and a brief history.
2. It's current rates of interest, CRR and SLR. Last year's too.
Category :: Education
E-Mail Address :: Moalijamir@ymail.com
Your Country :: India
Question Title: :: 10 nationalized commercial banks in India, their data on
rates of interest, (CRR and SLR) 2014 and 2015
Your Country :: India
Explain your question in detail :: 1. I would like to know the ten
nationalized banks in India, a brief information about that particular bank
i.e, when was it established and nationalized and a brief history.
2. It's current rates of interest, CRR and SLR. Last year's too.
Category :: Education
Answer
Certainly! Let’s delve into the details of ten major nationalized banks in India, covering their establishment, nationalization history, and some brief historical context. I’ll also provide information on their current rates of interest, Cash Reserve Ratio (CRR), and Statutory Liquidity Ratio (SLR), as well as the rates from the previous year where available.
### 1. State Bank of India (SBI)
- **Established**: 1806 as the Bank of Calcutta, renamed the Bank of Bengal, then merged into the Imperial Bank of India in 1921, and became the State Bank of India in 1955.
- **Nationalized**: SBI was not nationalized; it was established as a result of the merger of several banks into one state-owned entity.
- **Brief History**: SBI is the largest and oldest bank in India, with a history spanning over 200 years. It serves as a major financial institution in India and has a significant presence globally.
### 2. Punjab National Bank (PNB)
- **Established**: 1894.
- **Nationalized**: 1969.
- **Brief History**: PNB was founded in Lahore (now in Pakistan) and has grown to become one of the largest nationalized banks in India. It was nationalized as part of the government’s initiative to control and enhance the financial sector.
### 3. Bank of Baroda (BoB)
- **Established**: 1908.
- **Nationalized**: 1969.
- **Brief History**: Founded in Baroda, Gujarat, Bank of Baroda has expanded its presence globally. It was nationalized in 1969 and has been a significant player in India’s banking sector.
### 4. Canara Bank
- **Established**: 1906.
- **Nationalized**: 1969.
- **Brief History**: Established in Mangalore, Canara Bank is one of the largest public sector banks in India. It has a strong presence in both rural and urban areas.
### 5. Union Bank of India (UBI)
- **Established**: 1919.
- **Nationalized**: 1969.
- **Brief History**: Founded in Mumbai, UBI has grown significantly since its nationalization and offers a range of banking services across India.
### 6. Bank of India (BoI)
- **Established**: 1906.
- **Nationalized**: 1969.
- **Brief History**: Headquartered in Mumbai, Bank of India is one of the oldest banks in India and has a significant presence both nationally and internationally.
### 7. Central Bank of India
- **Established**: 1911.
- **Nationalized**: 1969.
- **Brief History**: Based in Mumbai, it was one of the first banks in India to be established and has played a significant role in the Indian banking sector.
### 8. Indian Bank
- **Established**: 1907.
- **Nationalized**: 1969.
- **Brief History**: Headquartered in Chennai, Indian Bank has a strong presence in South India and provides a wide range of banking services.
### 9. Indian Overseas Bank (IOB)
- **Established**: 1937.
- **Nationalized**: 1969.
- **Brief History**: Founded in Chennai, IOB has a strong focus on serving the overseas Indian community and has a significant branch network in India.
### 10. UCO Bank
- **Established**: 1943.
- **Nationalized**: 1969.
- **Brief History**: UCO Bank, headquartered in Kolkata, was established during World War II and has grown to be a significant public sector bank in India.
### Current Rates of Interest, CRR, and SLR
**Interest Rates** (as of September 2024, rates can vary slightly among banks and are subject to changes):
- **Repo Rate** (benchmark for many banks): 6.50% (subject to Reserve Bank of India (RBI) changes)
- **Savings Account Interest Rate**: Typically ranges from 2.70% to 3.50% across nationalized banks.
**CRR (Cash Reserve Ratio)**:
- **Current CRR**: 4.50% (as of September 2024)
- **Last Year’s CRR**: 4.50% (as of September 2023, unchanged)
**SLR (Statutory Liquidity Ratio)**:
- **Current SLR**: 18.00% (as of September 2024)
- **Last Year’s SLR**: 18.00% (as of September 2023, unchanged)
**Note**: These rates can vary slightly and are subject to periodic adjustments by the RBI. For the most accurate and up-to-date information, you should refer to the respective bank's website or the RBI's official notifications.
This summary provides an overview of major nationalized banks in India and current financial rates. For detailed and specific data, especially for interest rates or changes in CRR/SLR, checking recent publications or bank updates would be beneficial.
