BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Provision of adequate credit for agriculture, SME and exports
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Removal of control by a few capitalists
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Provision of credit to big industries only
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Access of banking to masses
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Detailed explanation-1: -Nationalisation of banks aimed at all of the provision of adequate credit, for agriculture and small industry and export only, but not big industries.
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: -One of the major objectives of nationalisation of banks was the expansion of banking into the rural areas to ensure financial inclusion.
Detailed explanation-5: -As of 2021, the 12 Public Sector banks in India are State Bank of India, Bank of Maharashtra, UCO Bank, Punjab and Sind Bank, Bank of Baroda, Punjab National Bank, Central Bank of India, Union Bank of India, Indian Bank, Canara Bank, Indian Overseas Bank, Bank of India.