Banks were nationalized in 1969 and 1980 for all the following reasons except ______________.
Banks were nationalized in 1969 and 1980 for all the following reasons except ______________.
The correct option is A that the Government of India wanted to take over the control of all the essential services
Banks were nationalized because
of the following reasons:
Private banking saw its
introduction in India around mid 19th century and was predominant till
Independence.
Commercial banks were under
private sectors and were more businessmen friendly.
They lacked the tenacity to serve
the poorer section of the spectrum majorly from agro and allied-agro
contingent.
Agriculture was the back bone of
Indian economy and lack of financial empathy towards them was deemed reckless
and thus a reform was required.
Hence bank nationalisation was sought:
·
To reduce concentration of wealth and economic
power
·
To empower the village industries
·
To make more useful use of funds of banks
Banks were nationalized because of the following reasons:
Private banking saw its introduction in India around mid 19th century and was predominant till Independence.
Commercial banks were under private sectors and were more businessmen friendly.
They lacked the tenacity to serve the poorer section of the spectrum majorly from agro and allied-agro contingent.
Agriculture was the back bone of Indian economy and lack of financial empathy towards them was deemed reckless and thus a reform was required.
Hence bank nationalisation was sought:
· To reduce concentration of wealth and economic power
· To empower the village industries
·
To make more useful use of funds of banks
