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The nationalization of 14 major commercial banks was in June 1969 & six more banks were nationalized in ________.

  • The nationalization of 14 major commercial banks was in June 1969 & six more banks were nationalized in April 1980.
  • In April 1980, six more commercial banks were nationalized by the Government of India.
  • These banks were Andhra Bank, Corporation Bank, New Bank of India, Oriental Bank of Commerce, Punjab, Sind Bank, and Vijaya Bank.
  • With the nationalization of these banks, the government acquired a controlling stake in them and made them public-sector banks.
  • The nationalization of these banks had a significant impact on the banking sector in India, as it helped to spread banking services across the country and brought about a major shift in the banking system from private ownership to public ownership.
  • It also led to the expansion of branch networks, the promotion of regional development, and the improvement of access to credit for the poor and marginalized sections of society.