BANKING AFFAIRS

Detailed explanation-1: -The social control measures were considered not adequate to achieve the desired major Indian Banks were nationalization of 14 commercial banks the government on April 15, over six scheduled commercial banks 1 took with demand and time liabilities exceeding Rs. 200 crores through an ordinance issued by the president.

Detailed explanation-2: -Six scheduled commercial banks were nationalised in 1980. The banks which were nationalised in 1980 were Vijaya Bank Limited, Punjab and Sind Bank Limited, Oriental Bank of Commerce Limited, New Bank of India Limited, Corporation Bank Limited, Andhra Bank Limited.

Detailed explanation-3: -Likewise, in the second phase, on April 15, 1980, the then government nationalised six more private banks with a capital of Rs 200 crore. After Independence, the Government of India adopted the socialist path with India’s first Five-Year Plan in 1951, which required a lot of banking sector support to complete.

Detailed explanation-4: -These banks were nationalised in order to promote the welfare and economic development. A total of 6 banks were established including Punjab and Sind Bank Limited, Vijaya Bank Limited, New Bank of India Limited, Oriental Bank of Commerce Limited, Andhra Bank Limited, and Corporation Bank Limited.

Detailed explanation-5: -Indira Gandhi was the prime minister who nationalized banks in India.