ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -In 1969, Allahabad Bank, Canara Bank, United Bank of India, UCO Bank, Syndicate Bank, Indian Overseas Bank, Bank of Baroda, Punjab National Bank, Bank of India, Bank of Maharashtra, Central Bank of India, Indian Bank, Dena Bank, Union Bank and were nationalised.

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: -About 53 years ago, on July 19, 1969, the then government nationalised the 14 largest private commercial banks of the country through the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969, and decided to hold more than 50 per cent stake.

Detailed explanation-5: -Nationalisation of banks was essential to cover the deficits of banks occurred while implementing different schemes. Also the profits of these banks. would come into the government treasury once they were nationalised.