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The Government of India (GOI) adopted planned economic development for the country (India). through five year plans which came into existence in 1951. The economic plan basically aimed at social ownership of the means of production. However, commercial banks, which were in the private sector those days, failed to help the government in fulfilling these objectives by refusing to give loans to the poorer sections such as cottage industry, village industry, farmers, craft men, etc.without any security. Therefore, the government on 19th July, 1969 decided to nationalize 14 major commercial banks. The second dose of nationalisation came in April 1980 when 6 more banks were nationalized.

M.J. SUBRAMANYAM, XCHANGING, BANGALORE

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Q: Why the banks were nationalised?
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Related questions

When the banks in India was nationalised?

banks in india was nationalised in 1969


No. of banks nationalised with their limits?

17 banks


Are private banks nationalised banks?

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Are employees in nationalised banks government employees?

i want to know whether the employees of the nationalised banks are the government employee


When did banks nationalised?

Jan 19, 2009


Is SBI a nationalised bank?

No, SBI is not a nationalised bank. It is one of the greatest bank. It is a public bank but not a nationalised bank. Right now 19 banks were nationalised out of 20, in which SBI i.e. State Bank Of India is not included.


What is the total salary of a clerk in 19 nationalised banks?

According to a conducted research, the salary of a clerk in the nineteen nationalised banks is about fourteen thousand and four hundred Indian Rupees.


Which of the nationalised Banks is not situated in Maharashtra state?

Dena bank


Number of Nationalised banks in India?

23 nationalized bank


What is the position of syndicate bank in nationalised banks?

5th position


Is the clerical salary equal in all nationalised banks?

yes


Which year bank was nationalised?

14 banks in July, 1969 and six more banks were nationalized in 1980