Nationalization of banks was carried out on
A. 19th June, 1970
B. 19th July, 1969
C. 19th August, 1979
D. 2nd October, 1969
Answer: Option B
Solution (By Examveda Team)
The nationalization of banks in India was carried out on 19th July, 1969.The Government of India nationalized 14 major commercial banks with deposits of over ₹50 crores each to enhance banking penetration and boost economic development.
The objective was to ensure banking services reached rural areas and to provide credit support to agriculture, small industries, and exports.
A second phase of nationalization took place in 1980, where 6 more banks were nationalized, bringing the total to 20.
This Question Belongs to Agriculture >> Agricultural Economics
19th July 1969 1st spell 16 banks and another round 6 Bank were nationalized.