The first phase of bank nationalization occurred on July 19, 1969, when the Government of India nationalized 14 banks, each with deposits exceeding ₹50 crore. This was a significant step in the Indian banking sector's history, aimed at directing credit to priority sectors and achieving social objectives.
Q82: How many banks were nationalized in India in 1969?
Asked in Asstt. Jailor 2013 · Topic: Money & Banking (Commercial Banking: Structure, Functions, and Recent Reforms in India)
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