How many banks were nationalised in 1969?

Question

Question

This question was previously asked in

RRC Group D Previous Paper 27 (Held On: 23 Sept 2018 Shift 2)

Answer 1

The correct answer is option 4, i.e., 14.

14 banks were nationalized in 1969.
The nationalization of Indian banks happened in two phases.
In the first phase, 14 banks were nationalized on July 19, 1969.
In the second phase, 6 banks were nationalized in 1980.
For the nationalization of the 14 banks the then PM of India, Indira Gandhi, brought an ordinance.
The nationalization was done to take over the control of the major banks from the hands of industrialists as they were only providing financial assistance to the corporates and the agriculture sector was totally ignored.