The nationalisation of fourteen major commercial banks announced in July 1969 was given lasting legal effect by which Act?
- A.The State Bank of India Act, 1955
- B.The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
- C.The Banking Regulation Act, 1949
- D.The Regional Rural Banks Act, 1976
Show answer
Fourteen banks were nationalised on 19 July 1969 by an ordinance; after the Supreme Court struck down the ordinance and the Act that followed it, Parliament enacted the Act of 1970, and a similar Act of 1980 covered the six banks nationalised on 15 April 1980.
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