How many commercial banks were nationalised in the first round on 19 July 1969?
- A.Six
- B.Eight
- C.Fourteen
- D.Twenty
Correct answer
Explanation
The correct answer is C, Fourteen. On 19 July 1969 the government promulgated an ordinance nationalising fourteen major commercial banks, each of which held deposits of fifty crore rupees or more. The list included Central Bank of India, Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, Allahabad Bank, Indian Bank, Indian Overseas Bank, Syndicate Bank, Dena Bank, United Bank of India, United Commercial Bank and Bank of Maharashtra.
Option A, six, is the number nationalised in the second round of 15 April 1980. Option B, eight, matches no round, although the State Bank group once had seven associate banks. Option D, twenty, is the sum of the two rounds, fourteen plus six, and is the distractor that catches most candidates. Remember the pairs as fourteen in 1969 with fifty crore rupees, and six in 1980 with two hundred crore rupees.
Read the full article: Bank Nationalisation and Mergers in India: 1949 to 2020
Practice Questions
View allIn which year was the State Bank of India created following the passage of the Imperial Bank of India into state ownership?
- A.1947
- B.1965
- C.1955
- D.1950
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The All India Rural Credit Survey Committee found that rural credit needed a bank with a nationwide branch network, so Parliament passed the State Bank of India Act, 1955, and the Imperial Bank of India was taken over and renamed the State Bank of India with effect from 1 July…
Read the full explanation →Small Industries Development Bank of India (SIDBI) was established in which year?
- A.1990
- B.1988
- C.1992
- D.1994
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SIDBI was set up under the Small Industries Development Bank of India Act, 1989 and began operations in 1990 as the principal financial institution for the promotion, financing and development of micro, small and medium enterprises.
Read the full explanation →In the second round of bank nationalisation in April 1980, how many banks were nationalised?
- A.Four
- B.Six
- C.Seven
- D.Eleven
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On 15 April 1980 six private banks whose deposits were two hundred crore rupees or more were nationalised: Andhra Bank, Corporation Bank, New Bank of India, Oriental Bank of Commerce, Punjab and Sind Bank, and Vijaya Bank.
Read the full explanation →The Reserve Bank of India was nationalised with effect from:
- A.1 April 1935
- B.1 January 1949
- C.1 July 1955
- D.19 July 1969
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The Reserve Bank of India began as a shareholders' institution in 1935 and was taken into full government ownership from 1 January 1949 under the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.
Read the full explanation →Which bank was merged with Punjab National Bank in 1993, in the first merger of two nationalised banks?
- A.New Bank of India
- B.Oriental Bank of Commerce
- C.United Bank of India
- D.Nedungadi Bank
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New Bank of India, one of the six banks nationalised in 1980, ran into heavy losses and was amalgamated with Punjab National Bank in 1993.
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