Question

When was the first nationalization of banks done in india?

Answer 1

Answer:

19 July 1969

Thereafter, the Government of India issued the 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.

Answer 2

$\huge\fbox\red{A}\huge\fbox\pink{N}\fbox\green{S}\huge\fbox\blue{W}\fbox\orange{E}\huge\fbox\red{R}$

The major steps to regulate banking included: The Reserve Bank of India, India's central banking authority, was established in April 1935, but was nationalized on 1 January 1949 under the terms of the Reserve Bank of India (Transfer to Public Ownership) Act, 1948 (RBI, 2005b).