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.