WBCS.LIVE practice question

How many private commercial banks were nationalized in 1969?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. 12
  2. 13
  3. 14
  4. 15

Correct answer and explanation

Correct answer: 14

Explanation: āœ… Correct Answer: C) 14 šŸ“š Explanation: On July 19, 1969, the Government of India, led by Prime Minister Indira Gandhi, nationalized 14 large private commercial banks. These banks held over 80% of the country's deposits at that time. The move was intended to expand the reach of banking to rural areas and to support priority sectors like agriculture and small industries.