WBCS.LIVE practice question

In which year were 14 major commercial banks nationalized in India for the first time?

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

Answer options

  1. 1949
  2. 1955
  3. 1969
  4. 1980

Correct answer and explanation

Correct answer: 1969

Explanation: āœ… Correct Answer: C) 1969 šŸ“š Explanation: Under the leadership of Prime Minister Indira Gandhi, 14 major private banks were nationalized on July 19, 1969. The goal was to align the banking sector with the government's socialistic goals and expand credit to rural and agricultural sectors. A second round of nationalization followed in 1980, involving six more banks.