Question

The Act passed for nationalizing banks

• A. Nationalization of Banks Act, 1969
• B. Banking companies acquisition and transfer of property act of 1969
• C. Banking Regulation Act, 1949
• D. Commercial Banking Act, 1955

Answer 1

Answer:

B. Banking companies acquisition and transfer of property act of 1969

Phase 1 Bank Nationalization:

• Bank nationalization was done by - Indira Gandhi
• The Act passed for bank nationalization : Banking companies acquisition and transfer of property act of 1969
•  During the first phase, on 19 July 1969, Indira Gandhi nationalized 14 banks with a share capital of Rs 50 crore.