In India, how many commercial banks were nationalised in 1969?
In India, how many commercial banks were nationalised in 1969?
The correct option is B 14
B. 14
With Mrs. Indira Gandhi’s taking
over as the Prime Minister of India, the Indian National Congress rallied for a
state takeover of some of the major banks in the country. In what can be deemed
a rather hasty move, the government promulgated an ordinance - the Banking
Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 - thereby nationalizing
all the 14 banks that were under consideration with effect from the midnight of
19 July 1969. As a follow-up to passing the ordinance, the Banking Companies
(Acquisition and Transfer of Undertaking) Bill was taken up by the Parliament
for discussion. It received a clear majority as well as the assent of the
President within a month of issuing the ordinance.
B. 14
With Mrs. Indira Gandhi’s taking
over as the Prime Minister of India, the Indian National Congress rallied for a
state takeover of some of the major banks in the country. In what can be deemed
a rather hasty move, the government promulgated an ordinance - the Banking
Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 - thereby nationalizing
all the 14 banks that were under consideration with effect from the midnight of
19 July 1969. As a follow-up to passing the ordinance, the Banking Companies
(Acquisition and Transfer of Undertaking) Bill was taken up by the Parliament
for discussion. It received a clear majority as well as the assent of the
President within a month of issuing the ordinance.
