On 19th July 1969 .......... major banks in India were nationalised. Choose right option and write the sentence.
(a) 12
(b) 14
(c) 16
(d) 18
Answers
Answered by
8
Bank Nationalising provoked a lot of agitations and nationalization benefited Indira Gandhi to gain huge public support.
Yet, the speed with which the nationalization of banks took place was phenomenal and surprised many people. Morarji Desai, the Finance minister at that time, refused to agree nationalization remained stubborn and refused to go ahead.
He wrote that records of banks do not indicate the need to be taken over.
However, on July 19, 1969, the Acquisition Ordinance took place and the ownership of 14 banks was transferred to the Government of India.
This made Desai’s position in the cabinet miserable. Indira Gandhi requested Desai to continue as deputy prime minister.
But Desai declined to agree and resigned.
Similar questions