Question

Commercial Banks in India in 1969 were nationalized due to: (a) Urban Bias (b) Concentration of economic power (c) Agricultural sector was neglected (d) All of the above

Answer 1

c) Agricultural sector was neglected .

Answer 2

Thereafter, the Government of India issued the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 and nationalised the 14 largest commercial banks with effect from the midnight of 19 July 1969. These banks contained 85 percent of bank deposits in the country.