which is the biggest public sector bank in india
Public sector banks in India The Central Government entered the banking business with the nationalization of the Imperial Bank of India in 1955. A 60% stake was taken by the Reserve Bank of India and the new bank was named as the State Bank of India. The seven other state banks became the subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed under the Nehru government.[2]
Banking in India A second dose of nationalisation of 6 more commercial banks followed in 1980. The stated reason for the nationalisation was to give the government more control of credit delivery. With the second dose of nationalisation, the Government of India controlled around 91% of the banking business of India. Later on, in the year 1993, the government merged New Bank of India with Punjab National Bank.[22] It was the only merger between nationalised banks and resulted in the reduction of the number of nationalised banks from 20 to 19. Until the 1990s, the nationalised banks grew at a pace of around 4%, closer to the average growth rate of the Indian economy.
Chanda Kochhar Chanda Kochhar (born 17 November 1961) is the managing director and chief executive officer of ICICI Bank. She is widely recognised for her role in shaping retail banking in India.[1][2][3]
Consolidated Fund The Indian government and each Indian state government maintain their own consolidated funds.