A bit of confusion regarding the first phase of nationalisation of banks was done in 1969 or 1955 as different sources give different dates?
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n the end, it was politics that trumped economics in 1969 when Prime Minister Indira Gandhi nationalised 14 banks. She had been under pressure from older, more experienced hands within the party (known as the Syndicate) who wanted banks to be nationalised to neutralise them. Their argument was that the banking sector was not working rapidly enough in spreading credit availability across the country.The 14 banks controlled 70 percent of the country’s deposits. In 1980, six more banks were nationalised. (Imperial Bank had been nationalised in 1955, making it the State Bank of . India
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