Q. Consider the following statements regarding nationalization of banks in India:
1. 14 banks with deposits were more than Rs. 50 crore of nationalized in July 1969.
2. 6 banks with deposits were more than Rs. 100 crore of nationalized in April 1980.
Which of the statements given above is/are NOT correct?
Answer: B
Notes:
After successful experimentation in the partial nationalizations the government decided to go for complete nationalization.
- With the help of the Banking Nationalization Act, 1969, the government nationalized a total number of 20 private banks:
- 14 banks with deposits were more than Rs. 50 crore of nationalised in July 1969, and
- 6 banks with deposits were more than Rs. 200 crore of nationalised in April 1980.
- After the merger of the loss-making New Bank of India with the Punjab National Bank (PNB) in September 1993, the total number of nationalized banks came down to 19.
- Today, there are 27 public sector banks in India out of which 19 are nationalized (though none of the so-called nationalized banks have 100 per cent ownership of the Government of India).
Source: TMH Ramesh Singh
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