BANKING AFFAIRS

Detailed explanation-1: -In 1969, fourteen major private commercial banks were nationalized with deposits not less than Rs. 50 crores.

Detailed explanation-2: -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-3: -On the midnight of July 19, 1969, Indira Gandhi’s government nationalised 14 banks, each with reserves of more than Rs. 50 crore.

Detailed explanation-4: -The objective was to serve large masses of the unreserved rural population. Further, the specific requirements of sectors like foreign trade, housing, and agriculture were met. This was met by establishing NABARD, NHB, SIDBI, and EXIM.

Detailed explanation-5: -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.