3) Why did PM Indira Gandhi nationalized banks?
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Answer: The Prime Minister said that Indira Gandhi nationalised the banks "overnight" claiming that her government was opening their doors for the poor. However, despite the nationalisation, half the people in the country had not seen the doors of the banks till 2014, he claimed. "Wasn't it (nationalisation of banks) a fraud in the name of the poor?"
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After becoming Prime Minister, Gandhi expressed the intention of nationalising the banks in a paper titled, "Stray thoughts on Bank Nationalisation" in order to alleviate poverty. The paper received the overwhelming support of the public. In 1969, Gandhi moved to nationalise fourteen major commercial banks.
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