Question

Explain the following statements with reasons
Banks were nationalised in 1969​

Answer 1

Banks were asked to push funds towards sectors that the government wanted to target for growth. Indira Gandhi told the Lok Sabha on 29 July 1969 that the “purpose of nationalization is to promote rapid growth in agriculture, small industries and export, to encourage new entrepreneurs and to develop all backward areas".
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Answer 2

during the tenure of prime ministers Pandit Nehru and Lal Bahadur Shastri banking was a Monopoly of the private sector this Bank represented different industrial group the director of this banks were working towards developing industrial sector and increasing it profit in order to stop this the government Nationalised the the Imperial Bank in 1955 and it got converted into State Bank of India this Bank opened several branches all over the country in a short while and played a major role in development

Explanation:

background of nationalism

India has adopted mixed economy after independence nationalisation of banks was essential to cover that defect if they occurred while in implementing different schemes . also the profit of this banks could come into the Government treasury once they were Nationalised . Prime Minister Indira Gandhi Nationalised 14 bank on 19 July 1969 .