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Question
Which of the following was not the reason for Bank nationalization in India?
Which of the following was not the reason for Bank nationalization in India?
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Solution
The correct option is C Creation of Banks of International scale
The major reasons responsible for the nationalization of banks were
1 Social welfare
2 Controlling private monopolies,
3 Expansion of banking to rural areas, and reducing regional imbalance to curb the urban-rural divide
5 Priority Sector Lending
6 Mobilization of savings to boost Green Revolution :because agriculture received less than 2% of total credit. Agriculture needed a capital infusion, with the initiation of the Green Revolution in India that aimed to make the country self-sufficient in food security.
The major reasons responsible for the nationalization of banks were
1 Social welfare
2 Controlling private monopolies,
3 Expansion of banking to rural areas, and reducing regional imbalance to curb the urban-rural divide
5 Priority Sector Lending
6 Mobilization of savings to boost Green Revolution :because agriculture received less than 2% of total credit. Agriculture needed a capital infusion, with the initiation of the Green Revolution in India that aimed to make the country self-sufficient in food security.
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