Question

give reason Fourteen commercial banks were nationalised
in 1969​

Answer 1

Answer:

Around 1960s India adopted a mixed economy after independence. It was necessary to nationalise banks in order to cover the deficits that may have occurred while implementing different schemes. As an advantage the profit if these banks would be included in the government treasury only if certain banks were nationalised. Hence our late Prime Minister. Indira Gandhi nationalised 14 banks on 19th July 1969.

The various banks nationalised were:

Allahabad Bank

Bank of Baroda

Bank of India

Bank of Maharashtra

Canara Bank

Central Bank of India

Dena Bank

Indian Overseas Bank

Punjab National Bank

Syndicate Bank

United Bank of India

United Commercial Bank

Union Bank of India.