Multiple choice

When did the nationlisation of major commercial Banks in India take place?

  1. 1947

  2. 1956

  3. 1969

  4. 1971
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The nationalization of 14 major commercial banks (each with deposits exceeding Rs. 50 crore) was announced on July 19, 1969, and implemented effectively. This was done to extend banking services to rural areas and ensure credit flowed to priority sectors like agriculture. 1947 was Independence, 1956 saw reorganization of states, and 1971 was the India-Pakistan war.

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