GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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will decrease
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will increase
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will neither increase nor decrease
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None of the above
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Detailed explanation-1: -Nationalisation of banks was implemented under the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970. The ordinance came into force on 19 July 1969, “ to serve better the needs of development of the economy in conformity with national policy objectives."
Detailed explanation-2: -Axis Bank is one of the first new generation private sector banks to have begun operations in 1994.
Detailed explanation-3: -As the Indian financial sector is largely bank-centric, the performance of the banking sector is crucial in the development process of the economy. Given the potential of further credit disbursement by Indian banks, there is still scope for them to channelize credit to the productive sectors of the economy.