BANKING AFFAIRS

Detailed explanation-1: -In 1969, Allahabad Bank, Canara Bank, United Bank of India, UCO Bank, Syndicate Bank, Indian Overseas Bank, Bank of Baroda, Punjab National Bank, Bank of India, Bank of Maharashtra, Central Bank of India, Indian Bank, Dena Bank, Union Bank and were nationalised.

Detailed explanation-2: -14 Nationalized Banks in 1969: Bank of Baroda, Union Bank, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Dena Bank, Allahabad Bank, Indian Bank, Indian Overseas Bank, Punjab National Bank, Syndicate Bank, UCO Bank and United Bank of India.

Detailed explanation-3: -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-4: -On the midnight of July 19, 1969, Indira Gandhi’s government nationalised 14 banks, each with reserves of more than Rs. 50 crore.

Detailed explanation-5: -In 1969, the Government of India nationalised 14 major private banks; one of the big banks was Bank of India. In 1980, 6 more private banks were nationalised. These nationalised banks are the majority of lenders in the Indian economy. They dominate the banking sector because of their large size and widespread networks.