BANKING GENERAL KNOWLEDGE
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Detailed explanation-1: -A second round of nationalizations of six more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second round of nationalizations, the Government of India controlled around 91% of the banking business of India.
Detailed explanation-2: -In the year 1980 the second round of Nationalization started where 6 more commercial banks like Punjab and Sind bank, Oriental Bank of Commerce, Corporation Bank, Andhra Bank, New Bank of India and Vijaya Bank got nationalized. The credit delivery to government was the major reason for the same.
Detailed explanation-3: -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: -The second time government nationalized banks on 15th April 1980. 6 banks were nationalized in 1980. It was based on the banks whose deposit exceeds Rs. 200 crores.
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.