Question : Banks in India were nationalized for the first time in the year:
Option 1: 1950
Option 2: 1960
Option 3: 1969
Option 4: 1979
Correct Answer: 1969
Solution : The correct option is 1969
The ultimate purpose of nationalising banks was to extend banking services to neglected and underprivileged areas and to facilitate financial inclusion and consolidation. On July 19, 1969, Prime Minister Indira Gandhi ordered the nationalisation of 14 banks with deposits exceeding Rs. 50 crore. Banks lend money to people, institutions and others to establish businesses and for various commercial and personal transactions.
Related Questions
Know More about
Staff Selection Commission Combined Grad ...
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Get Updates Brochure
Your Staff Selection Commission Combined Graduate Level Exam brochure has been successfully mailed to your registered email id “”.
