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.

Detailed explanation-2: -Six Indian banks were nationalized on 15th April 1980. Nationalization is the transfer of ownership and management of an undertaking from private hands to the states.

Detailed explanation-3: -The second phase – 1947 to 1991. And the third phase from 1991 and beyond. In the first phase, the banking system in India was established. Thus, it began with the foundation of the Bank of Hindustan in 1770.

Detailed explanation-4: -In the year 1980 the second round of Nationalization started where 6 more commercial banks like Punjab and Sind bank, Oriental Bank of Commerce, Corporation Bank, Andhra Bank, New Bank of India and Vijaya Bank got nationalized. The credit delivery to government was the major reason for the same.

Detailed explanation-5: -In 1969, the Government of India nationalised 14 major private banks; one of the big banks was Bank of India. In 1980, 6 more private banks were nationalised.