How many banks were nationalised by the Union Government of India in the year 1980?

Correct option is D

Correct Answer is(D) Six

Explanation:
In 1980, the Union Government of India nationalized six banks, which were identified as being large private sector banks at the time. This was a follow-up to the 1969 nationalization of 14 banks and aimed to promote financial inclusion and strengthen the control of the state over the banking sector.

Information Booster:

• The six banks nationalized in 1980 included Allahabad Bank, Bank of Maharashtra, Bank of India, Canara Bank, Dena Bank, and Indian Overseas Bank.
• The goal was to extend banking services to more rural and semi-urban areas and to increase state control over the economy.
• The 1970s saw a push for financial inclusion and economic reforms.
• Nationalization was viewed as a tool to redirect credit to key sectors like agriculture, industry, and infrastructure.
• Government control aimed to address the inequalities in access to credit and other financial services.