ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -national bank, in the United States, any commercial bank chartered and supervised by the federal government and operated by private individuals.

Detailed explanation-2: -National Bank A commercial bank whose charter is approved by the Office of the Comptroller of the Currency (OCC) rather than by a state banking agency. National banks are required to be members of the Federal Reserve System and belong to the Federal Deposit Insurance Corporation.

Detailed explanation-3: -In the banking history of India, the Nationalisation of Commercial Banks in July 1969, was the most significant, steps that Government of India took with the principle objective of encouraging even the poorest to join the economy as an active participant in nation’s socio-economic development.

Detailed explanation-4: -National banks and federal savings associations are chartered and regulated by the Office of the Comptroller of the Currency.

Detailed explanation-5: -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.