Why banks were nationalised in india?

Rosina Schmitt asked a question: Why banks were nationalised in india?
Asked By: Rosina Schmitt
Date created: Mon, Jul 19, 2021 1:53 PM



Those who are looking for an answer to the question «Why banks were nationalised in india?» often ask the following questions:

⭐️ When the banks in india was nationalised?

banks in india was nationalised in 1969

⭐️ How many nationalised banks are there in india?

there are 28 Nation Banks in INDIA

⭐️ How many number of nationalised banks in india?


1 other answer

In the early days after independence, India was under immense financial hardships. Peoples savings were drained out and citizens were unable to lead a normal life. Since banks were the lifeblood of the economy, the government felt that nationalizing banks would instill the faith in the banking system that was required to revive the economy. Hence they nationalized the nation's banks. State Bank of India is the largest bank in India and it is a nationalized bank.

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