BANKING AFFAIRS

Detailed explanation-1: -It was on July 19, 1969, when then prime minister Indira Gandhi announced the nationalisation of 14 commercial Indian banks with deposits of over Rs 50 crores.

Detailed explanation-2: -The correct answer is 14. The government through the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 and nationalised the 14 largest commercial banks on 19th July 1969.

Detailed explanation-3: -The 14 Nationalized Banks in 1969 were Punjab National Bank, Syndicate Bank, Allahabad Bank, Canara Bank, Central Bank of India, United Bank of India, UCO Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Indian Bank, Indian Overseas Bank, Union Bank, and Dena Bank.

Detailed explanation-4: -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.