Question

Moneycannot buy all the goods and services that a person may need to live well. Explain the statement with suitable examples

Answer 1

The Government of India issued an ordinance ('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.