<Li> United Bank of India </Li> <P> State Bank of India (SBI) and Industrial Development Bank of India (IDBI) Bank often mentioned in this list are regarded as PSUs and not as nationalised banks themselves . </P> <P> 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 . </P> <P> The next major government intervention in banking took place on 19 July 1969 when the Indira Gandhi government nationalised an additional 14 major banks . The total deposits in the banks nationalised in 1969 amounted to 50 crores . This move increased the presence of nationalised banks in India, with 84% of the total branches coming under government control . </P>

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