Correct option is B
The correct answer is (B) 1969
In 1969, the Government of India nationalized 14 major scheduled commercial banks with deposits exceeding ₹50 crores.
The purpose of nationalization was to achieve the following goals:
- To make credit easily accessible to priority sectors like agriculture, small-scale industries, and exports.
- To provide banking services to all sections of society, especially the underprivileged and marginalized.
- To develop banking infrastructure in rural areas and promote financial inclusion.
Information booster:
The following Fourteen Banks that were nationalized in 1969:
- Indian Overseas Bank
- Punjab Sind Bank
- Punjab National Bank
- Syndicate Bank
- Union Bank of India
- United Bank of India
- Allahabad Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Dena Bank
- Indian Bank
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