GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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4
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6
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8
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Detailed explanation-1: -Six scheduled commercial banks were nationalised in 1980. The banks which were nationalised in 1980 were Vijaya Bank Limited, Punjab and Sind Bank Limited, Oriental Bank of Commerce Limited, New Bank of India Limited, Corporation Bank Limited, Andhra Bank Limited.
Detailed explanation-2: -It was on July 19, 1969, when then prime minister Indira Gandhi announced the nationalisation of 14 banks.
Detailed explanation-3: -A second round of nationalizations of six more commercial banks followed in 1980. The stated reason for the nationalization was to give the government more control of credit delivery. With the second round of nationalizations, the Government of India controlled around 91% of the banking business of India.
Detailed explanation-4: -FAQs on Nationalised Banks in 1980 A total of 6 banks were nationalised in 1980 namely Punjab and Sind Bank Limited, Vijaya Bank Limited, New Bank of India Limited, Oriental Bank of Commerce Limited, Andhra Bank Limited, and Corporation Bank Limited.