do you know when the banks got nationalised and why?
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Answer / devi
On 19th July 1969 14 major banks were nationalised. Then on
15th april 1980, 6 more banks were nationalised.
Banks were nationalised to channelise finance in accordance
with plan priorities.
To spread the banking habits in rural areas.
To provide liberal bank finance to neglected and priority
And most of all to obtain commanding heights of the economy.
|Is This Answer Correct ?||9 Yes||1 No|
Nationalised banks dominate the banking system in India. The
history of nationalised banks in India dates back to
mid-20th century, when Imperial Bank of India was
nationalised (under the SBI Act of 1955) and re-christened
as State Bank of India (SBI) in July 1955. Then on 19th July
1960, its seven subsidiaries were also nationalised . These
subsidiaries of SBI were State Bank of Bikaner and Jaipur
(SBBJ), State Bank of Hyderabad (SBH), State Bank of Indore
(SBIR), State Bank of Mysore (SBM), State Bank of Patiala
(SBP), State Bank of Saurashtra (SBS), and State Bank of
However, the major nationalisation of banks happened in 1969
by the then-Prime Minister Indira Gandhi. The major
objective behind nationalisation was to spread banking
infrastructure in rural areas and make cheap finance
available to Indian farmers. The nationalised 14 major
commercial banks were Allahabad Bank, Andhra Bank, Bank of
Baroda, Bank of India, Bank of Maharashtra, Canara Bank,
Central Bank of India, Corporation Bank, Dena Bank, Indian
Bank, Indian Overseas Bank, Oriental Bank of Commerce (OBC),
Punjab and Sind Bank, Punjab National Bank (PNB), Syndicate
Bank, UCO Bank, Union Bank of India, United Bank of India
(UBI), and Vijaya Bank.
In the year 1980, the second phase of nationalisation of
Indian banks took place, in which 7 more banks were
nationalised . With this, the Government of India held a
control over 91% of the banking industry in India. After the
nationalisation of banks there was a huge jump in the
deposits and advances with the banks. At present, the State
Bank of India is the largest commercial bank of India and is
ranked one of the top five banks worldwide.
|Is This Answer Correct ?||9 Yes||1 No|
Answer / nikhil
banks were nationalised on 19 july 1969 .
it was nationalised for the rural econmy development
|Is This Answer Correct ?||13 Yes||6 No|
Answer / aritra de
1.)To eliminate concentration of power in a few private hands.
2.)to Diversify d flow of bank credit towards d priority sectors (like agriculture, small & medium scale enterprises.)
3.) To extend d banking facilities to unbanked rural areas.
4.) Banks will be more committed to do social developments.
|Is This Answer Correct ?||7 Yes||1 No|
Answer / racks10381
1969,for the growth of econmy,&to decrease risk
|Is This Answer Correct ?||8 Yes||3 No|
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