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Who was responsible for nationalization of banks in India?
minister Indira Gandhi
At 8.30 pm on the night of July 19, 1969, then prime minister Indira Gandhi announced to the nation that 14 major commercial banks which between them controlled 85 percent of bank deposits in the country, had been nationalised.
Who first nationalised 14 banks in 1969?
Prime Minister Indira Gandhi
This day, that year 14 banks were nationalised under the regime of Prime Minister Indira Gandhi.
Why were banks nationalized during Indira Gandhi tenure?
In 1969, Gandhi moved to nationalise fourteen major commercial banks. Most of these nationalisations were made to protect employment and the interest of the organised labour. The remaining private sector industries were placed under strict regulatory control.
Which bank is not nationalised in 1969?
The State Bank of India (SBI) was not nationalised in 1969.
When was the first Nationalization of banks done in India?
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.
When did Nationalization of banks get done?
Thereafter, the Government of India issued the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 and nationalized the 14 largest commercial banks with effect from the midnight of 19 July 1969.
Which is the largest Nationalised bank in India?
State Bank of India (SBI)
State Bank of India (SBI) Having 23\% of shares of the total market assets in India, this bank is the largest public sector bank of India and tops the list of best banks in India.
What is the reason behind Nationalisation of banks?
The needs for nationalization of banks arose due to many reasons. These were catering to the needs of big business houses and large industries. Further, sectors such as exports, agriculture, and the small-scale industries were lagging behind. The moneylenders used to export the poor masses in India.
Which of the following banks was not nationalized in 1969 Mcq?
Its 60\% stake was bought by RBI and SBI came under the control of the Government as Public Sector Undertaking. In 1969, SBI was already under the control of the government hence there was no need to nationalize it. Therefore, although SBI is a Public Sector Bank but is not included in the list of nationalized banks.