GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When was the first nationalization of banks done?
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1stJuly, 1959
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8thOctober, 1960
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19thJuly, 1969
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2ndOctober, 1974
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Explanation:
Detailed explanation-1: -The government through the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 and nationalised the 14 largest commercial banks on 19th July 1969.
Detailed explanation-2: -The Nationalization of Banks The first bank in India to be nationalized was the Reserve Bank of India which happened in January 1949. Further, 14 other banks were nationalized in July 1969. Bank of India, PNB, and many others were part of this nationalization.
Detailed explanation-3: -Six scheduled commercial banks were nationalised in 1980.
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