Q. The nationalization of fourteen major banks in India was in the year
Solution:
- The Government of India issued an ordinance (‘Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969’) and nationalised the 14 largest commercial banks with effect from the midnight of 19 July 1969.
- These banks contained 85 per cent of bank deposits in the country.
- When Government of India acquired the ownership of 6 more banks, thus bringing the total number of nationalized Banks to 20.
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