BANKING AFFAIRS

Detailed explanation-1: -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-2: -A second round of nationalizations of six more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second round of nationalizations, the Government of India controlled around 91% of the banking business of India.

Detailed explanation-3: -Second wave of nationalisation Accordingly, six banks-Andhra Bank, Corporation Bank, New Bank of India, Oriental Bank of Commerce, Punjab and Sind Bank and Vijaya Bank-with deposit liabilities of ₹200 crore and above were nationalised in April 1980.

Detailed explanation-4: -It was on July 19, 1969, when then prime minister Indira Gandhi announced the nationalisation of 14 banks.

Detailed explanation-5: -On the midnight of July 19, 1969, Indira Gandhi’s government nationalised 14 banks, each with reserves of more than Rs. 50 crore.