General Knowledge - Indian Economy - Discussion
Discussion Forum : Indian Economy - Indian Economy (Q.No. 7)
7.
In the second nationalization of commercial banks, ___ banks were nationalized.
Discussion:
62 comments Page 4 of 7.
Santosh said:
1 decade ago
After independence the Government of India(GOI) adopted planned economic development for the country(India). Accordingly, five year plans came into existence since 1951. This economic planning basically aimed at social ownership of the means of production. However, commercial banks were in the private sector those days.
In 1950-51 there were 430 commercial banks. The Government of India had some social objectives of planning. These commercial banks failed helping the government in attaining these objectives. Thus, the government decided to nationalize 14 major commercial banks on 19th July, 1969.
All commercial banks with a deposit base over Rs.50 crores were nationalized. It was considered that banks were controlled by business houses and thus failed in catering to the credit needs of poor sections such as cottage industry, village industry, farmers, craft men, etc. The second dose of nationalization came in April 1980 when banks were nationalized.
In 1950-51 there were 430 commercial banks. The Government of India had some social objectives of planning. These commercial banks failed helping the government in attaining these objectives. Thus, the government decided to nationalize 14 major commercial banks on 19th July, 1969.
All commercial banks with a deposit base over Rs.50 crores were nationalized. It was considered that banks were controlled by business houses and thus failed in catering to the credit needs of poor sections such as cottage industry, village industry, farmers, craft men, etc. The second dose of nationalization came in April 1980 when banks were nationalized.
Sikta said:
1 decade ago
SBI is the 1st nationalized bank in India in 1st july 1955.
Ashok said:
1 decade ago
Nationalization is the process of taking a private industry or private assets into public ownership by a national government or state.
Poonam said:
1 decade ago
Which was first Nationalized bank? I have confused in RBI & SBI reply fast.
Divyesh Gandhi said:
1 decade ago
Please Check on internet 1ST nationalizes Bank is Panjab National Bank, 1895.
Vipan kumar said:
1 decade ago
What are the 1st nationalized bank in india?
Deepika said:
1 decade ago
ICICI bank is not nationalised bank because it is private bank.
Surya said:
1 decade ago
What are those bank? please tell me correct bank name.
Deep said:
1 decade ago
RBI is the 1st nationalized bank in India.
Biplab Biswas said:
1 decade ago
What are the 1st nationalized bank in India?
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