Question

In which of the following years did the fourteen major Indian scheduled commercial banks get nationalised in India?

• A. 1969
• B. 1970
• C. 1972
• D. 1950

Answer 1

Answer:

A. 1969

• The nationalization of fourteen major Indian scheduled commercial banks took place on July 19, 1969

• The nationalization was aimed at achieving the following objectives:

• To ensure that credit is available to priority sectors such as agriculture, small-scale industries, and exports.

• To ensure that banking services are available to all sections of society, especially the poor and the marginalized.

• To promote the development of banking infrastructure in rural areas.