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Question
Which of the following was a primary focus of nationalisation of banks in India?
Which of the following was a primary focus of nationalisation of banks in India?
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Solution
The correct option is B Collective economic growth
On 19 July 1969, the Government of India nationalised the 14 largest commercial banks in India. The banks were nationalised to channel the funds held by banks into major sectors of the economy, such as agriculture. It was done for the collective economic growth of young independent India.
On 19 July 1969, the Government of India nationalised the 14 largest commercial banks in India. The banks were nationalised to channel the funds held by banks into major sectors of the economy, such as agriculture. It was done for the collective economic growth of young independent India.
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