BANKING AFFAIRS

Detailed explanation-1: -The Reserve Bank of India was nationalised with effect from 1st January, 1949 on the basis of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948. All shares in the capital of the Bank were deemed transferred to the Central Government on payment of a suitable compensation.

Detailed explanation-2: -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.

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: -It was on July 19, 1969, when then prime minister Indira Gandhi announced the nationalisation of 14 banks. Nationalisation of banks in India: Banks play a crucial role in the growth of economy as they deal with the money.

Detailed explanation-5: -Hilton Young Commission Hilton-Young Commission was the Royal Commission on Indian Currency and Finance set up by British Government in 1920s.