Which was the only nationalised bank in India before 1969?
Show answer & explanation
Correct answer: A
Explanation
Correct Answer:
Option 1: SBI
Explanation:
Before the nationalization of banks in 1969, the State Bank of India was the only public sector commercial bank in India. All other major banks were privately owned. Therefore, before 1969, SBI was considered the only nationalized bank.
Additional Facts:
The State Bank of India was established in 1955 after the nationalization of the Imperial Bank.
In 1969, the Government of India nationalized 14 major banks.
Following this, six more banks were nationalized in 1980.
The purpose of bank nationalization was to provide banking services to rural areas.
Possible Questions for the Upcoming Exam:
When did the first bank nationalization take place in India?
(Answer: 1969)
How many banks were nationalized in 1969?
(Answer: 14)
SBI was formed by the nationalization of which bank?
(Answer: Imperial Bank)
How many banks were nationalized in 1980?
(Answer: 6)