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Question
How many banks were nationalized in the year 1969?
How many banks were nationalized in the year 1969?
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Solution
The correct option is B 14
The Government of India issued an ordinance [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.
In first-round, 14 banks were nationalized in the year 1969 and during the second round, 6 other banks were nationalized in 1980.
The Government of India issued an ordinance [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.
In first-round, 14 banks were nationalized in the year 1969 and during the second round, 6 other banks were nationalized in 1980.
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