Which of the following bank was NOT nationalised in 1980?
Show answer & explanation
Correct answer: D
Explanation
Correct Answer:
Option 4: Syndicate Bank
Explanation:
Bank nationalization in India took place in two phases—1969 and 1980. In 1980, six banks were nationalized, including Punjab and Sind Bank and Oriental Bank of Commerce. However, Syndicate Bank had already been nationalized in 1969, so it was not part of the 1980 nationalization. The objective of nationalization was to expand banking services and promote economic development. This is an important topic in banking history.
Additional Facts:
Option 1: New Bank of India was nationalized in 1980.
Option 2: Oriental Bank of Commerce was nationalized in 1980.
Option 3: Punjab and Sind Bank was nationalized in 1980.
Probable Exam Questions:
Q: How many banks were nationalized in 1969?
A: 14
Q: How many banks were nationalized in 1980?
A: 6
Q: What was the aim of nationalization?
A: Expansion of banking services
Q: Which is the central bank of India?
A: RBI