How many banks in India were nationalised in the year 1969?
Show answer & explanation
Correct answer: B
Explanation
Correct Answer:
Option 2: 14
Explanation:
In 1969, 14 major commercial banks in India were nationalised by the then Prime Minister Indira Gandhi.
🔹 The main objectives were:
To expand banking services to rural areas
To provide credit to farmers and weaker sections
To promote social and economic equality
🔹 Banks with deposits of more than ₹50 crore were nationalised.
This is a very important event in Indian economic history and frequently asked in SSC exams.
Additional Facts (Analysis of other options):
Option 1 (28): Incorrect number for the 1969 nationalisation.
Option 3 (9): Incorrect; however, 6 more banks were nationalised in 1980.
Option 4 (35): Not related to any nationalisation phase.
Probable Exam Questions:
Q: When was the first major bank nationalisation in India?
A: 1969
Q: How many banks were nationalised in 1980?
A: 6
Q: Total number of nationalised banks in India?
A: 20
Q: Which was the first nationalised bank in India?
A: Punjab National Bank (context-based; also linked with SBI history questions)