Nationalised Banks of India
Nationalized banks have always contributed to boost up the economy of India and available in a large number.
It is also known for offering expeditious service and understands the actual need of its customers.
In India Nationalized banks have great dominance over private banks as it has fully authority to look after the function and policy of private banks. Imperial Bank was the first banks that was nationalized in 1955 and became famous as State Bank of India.
After that many banks got the certification of nationalized bank. Some of these are State Bank of Tranvancore, State Bank of Indore, State Bank of Patiala, State Bank of Saurashtra and more.
The nationalized banks were established with great purpose to make wide reach of banking function even in the rural area and offers great benefit for those who actually get deprived from such service.
The nationalized banks are fully committed to offer the best possible service to its rural client and also make them aware about the various benefits, available for them.
Such banks are fully dedicated to offer quality of service to their clients. In 1969, the total number of nationalized banks was 14 whereas it became 21 in 1980. However State Bank of India became the topmost and the best commercial bank. Besides it also rated top five banks in the world.
Presently there are 88 commercial banks and 27 banks are functioning in the country and established many branches to expand its service in all parts. Some of these banks have also established their branches in foreign countries as well.
But the nationalised banks in India have its own reputation and operated with approximate 53,000 branches and 17,000 ATMs. By the coming of ATMs you can withdraw your money instantly and this service is available for 24 hours.
Apart from that, the nationalized banks in India are also known for offering transparent service and provide crystal clear balance sheet in comparison with other banks. Moreover, it also replaced the old payment system and introduces the best system of payment by providing debit card and credit card.
Earlier person used to carry cash while purchasing various items, but now you can easily make your payment by using such cards. Aside from offering such service, nationalized banks also introduced insurance policies such as life insurance health insurance.
State banks of India has introduced many such polices to offer extra benefit to its customers. Besides, several other nationalized banks also offered such policies with better features.