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Question
Which among the following banks merged with the New Bank of India in 1993?
Which among the following banks merged with the New Bank of India in 1993?
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Solution
The correct option is D Punjab National Bank
The second phase in the evolution of banks in India in 1969 witnessed the nationalisation of banks. The move was aimed at controlling banks to channel the resources to particular sectors like agriculture and to develop the country's socio-economic conditions.
On 19 July 1969, the Government of India nationalised the 14 largest commercial banks in India. In keeping with this, the government nationalised six more banks in 1980. Thus, by 1993, India had 19 nationalised banks following the merger of the New Bank of India with the Punjab National Bank.
The second phase in the evolution of banks in India in 1969 witnessed the nationalisation of banks. The move was aimed at controlling banks to channel the resources to particular sectors like agriculture and to develop the country's socio-economic conditions.
On 19 July 1969, the Government of India nationalised the 14 largest commercial banks in India. In keeping with this, the government nationalised six more banks in 1980. Thus, by 1993, India had 19 nationalised banks following the merger of the New Bank of India with the Punjab National Bank.
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