Milestones Series: Nationalisation of Banks | 27 August, 2022

Sansad TV
19 Jul 1969- 14 major Indian Scheduled Commercial Banks with deposits of over Rs 50 crores nationalised ‘ to serve better the needs of development of the economy in conformity with national policy objectives’. These 14 banks between them controlled 85 percent of bank deposits in the country. Due to the nationalization of banks, the efficiency of the banking system in India improved. This also boosted the confidence of the public in banks

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