Question

Banks were nationalised in 1969. Give reasons.

Answer 1

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However, on July 19, 1969, the BankingCompanies (Acquisition and Transfer of Undertakings) Ordinance resulted in the ownership of 14 banks being transferred to the state. ... The 14 banks controlled 70 percent of the country's deposits. In 1980, six more banks were nationalised.
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Answer 2

Answer:

1. The profit of banks would came into government treasury, once they were nationalised. It was essential to cover the deficits if they occured while implementing different schemes.
2. Moreover, India wanted to develop small-scale and pharmaceutical industries which required funds.
3. Lal Bahadur Shastri undertook the experiment of the Green Revolution in order to overcome food shortages and drought.
4. The 'Congruss Forum for Socialist Action, a group within the Congress Party demanded nationalisation of banks, which was supported by the Communist Party.

Therefore, fourteen Commercial bank were nationalised in 1969.