Nationalisation of banks aimed at all of the following, except

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	provision of adequate credit for agriculture, SME and exports
B	removal of control by a few capitalists
C	provision of credit to big industries only
D	access of banking to masses

Explanation:

Detailed explanation-1: -The correct option is C Provision of credit to big industries only.

Detailed explanation-2: -Nationalisation of banks was implemented under the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970. The ordinance came into force on 19 July 1969, “ to serve better the needs of development of the economy in conformity with national policy objectives."

Detailed explanation-3: -Provision of adequate credit for Agriculture and SSI units Was this answer helpful?

Detailed explanation-4: -Solution. The main objective of nationalization was to attain social welfare. Sectors such as agriculture, small and village industries were in need of funds for their expansion and further economic development.

Detailed explanation-5: -Nationalization of banks is an act of taking a bank owned by private sector into the public ownership of a national government by purchasing a majority stake (i.e. more than 50%) by the government.

There is 1 question to complete.