BANKING AFFAIRS

Detailed explanation-1: -The second time government nationalized banks on 15th April 1980.

Detailed explanation-2: -Nationalisation in 1980 With the second round of nationalizations, the Government of India controlled around 91% of the banking business of India. The following banks were nationalized in 1980: Punjab and Sind Bank. Vijaya Bank (Now Bank of Baroda)

Detailed explanation-3: -The second phase – 1947 to 1991. And the third phase from 1991 and beyond. In the first phase, the banking system in India was established. Thus, it began with the foundation of the Bank of Hindustan in 1770.

Detailed explanation-4: -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-5: -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.