Multiple choice

The Government of India had nationalized 14 banks of the country in ______.

  1. March, 1981

  2. July, 1991

  3. August, 1971

  4. July, 1969
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Government of India nationalized 14 major commercial banks on July 19, 1969, under the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance. This was a significant step in banking sector reform, bringing 84% of banking business under public sector control. In 1980, 6 more banks were nationalized, bringing the total to 20 nationalized banks.

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