Multiple choice general knowledge history

What was approved by the Banking Companies (Acquisition and Transfer of Undertaking) Bill passed on 9th August 1969?

  1. Nationalization of the largest 14 commercial Indian banks

  2. Provide Stock funds in all banks

  3. Fund transfer between the Banks

  4. All are incorrect

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A Correct answer
Explanation

The Banking Companies (Acquisition and Transfer of Undertaking) Bill passed on 9th August 1969 authorized the nationalization of India's 14 largest commercial banks, transferring their ownership to the government. This was a major economic policy move under Prime Minister Indira Gandhi. The other options (stock funds, fund transfer) are not related to this landmark legislation.