indinan banks were nationalised in the year
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It was in the year 1969, 19th July when 14 of most major commercial banks functioning in India underwent nationalization and then in the year 1980 another 6 banks were nationalized which enhanced the total number to 20.
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1949
A lot of socialist governments have undertaken this process just to convert from capitalism to socialism. In India, the RBI (Transfer of public ownership) Act was passed in order to nationalize the Reserve Bank of India and as a result on Jan 1st, 1949, RBI was nationalized
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