BANKING GENERAL KNOWLEDGE
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Detailed explanation-1: -The pre-Independence phase which is before 1947. The second phase – 1947 to 1991. And the third phase from 1991 and beyond.
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 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-4: -The nationalization of Indian banks happened in two phases. In the first phase, 14 banks were nationalized on July 19, 1969. In the second phase, 6 banks were nationalized in 1980.
Detailed explanation-5: -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.