In 1960, the State Banks of India was given control of eight state-associated banks under the State Bank of India (Subsidiary Banks) Act, 1959. These are now called its associate banks.[5] In 1969 the Indian government nationalised 14 major private banks. In 1980, 6 more private banks were nationalized.[7] These nationalized banks are the majority of lenders in the Indian economy. They dominate the banking sector because of their large size and widespread networks.
