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| Q. |
On 19th July 1969, 14 banks were nationalized, these banks had deposits of more than |
| A. | Rs 25 crore |
| B. | Rs 50 crore |
| C. | Rs 85 crore |
| D. | Rs 100 crore |
| E. | none of these |
| Answer» B. Rs 50 crore | |
| Explanation: On July 19, 1969, 14 banks in India with deposits of more than Rs. 50 crore were nationalized. This action, known as the "Second Amendment of the Banking Regulation Act," was taken by the government of India in order to expand access to banking services in the country and to provide better financial support to priority sectors such as agriculture, small-scale industries, and exports. The nationalization of these banks marked a significant shift in the Indian banking sector, as it increased the government's role in the industry and led to the creation of a number of state-owned banks. | |
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