Question

The Five year plan during which the first phase of bank nationalization took place

• A. Second Five Year Plan
• B. Fourth Five Year Plan
• C. Third Five Year Plan
• D. Fifth Five Year Plan

Answer 1

Answer:

B. Fourth Five Year Plan

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.

Phase 1:

• Prime Minister : Indira Gandhi
• Financial Minister : Indira Gandhi
• President : VV Giri
• RBI governor : LK Jha
• Five year plan : 4

In the phase Nation Banks were:

1. Indian Overseas Bank
2. Canara
3. Punjab National Bank
4. Bank of Baroda
5. Bank of India
6. Bank of Maharashtra
7. Indian Bank
8. Central Bank of India
9. Dena Bank
10. Syndicate Bank
11. Union Bank
12. United Bank of India
13. UCO Bank
14. Allahabad Bank