BANKING GENERAL KNOWLEDGE
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Detailed explanation-1: -In the first phase, 14 banks were nationalized on July 19, 1969. In the second phase, 6 banks were nationalized in 1980.
Detailed explanation-2: -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-3: -Nationalisation in 1980 A second round of nationalizations of six more commercial banks followed in 1980.
Detailed explanation-4: -Indira Gandhi was the prime minister who nationalized banks in India.
Detailed explanation-5: -A total of 6 banks were nationalised in 1980 namely 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.