BANKING GENERAL KNOWLEDGE
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Detailed explanation-1: -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-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: -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.
Detailed explanation-5: -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.