BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
How many banks were Nationalised in 1969 under the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969?
A
15
B
14
C
13
D
11
Explanation: 

Detailed explanation-1: -14 banks that were nationalised banks 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 and Union Bank.

Detailed explanation-2: -The number of Banks nationalised since 1969 is 20.

Detailed explanation-3: -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-4: -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.

Detailed explanation-5: -In 1969, fourteen major private commercial banks were nationalized with deposits not less than Rs. 50 crores.

There is 1 question to complete.