Q. Consider the following statements regarding nationalization of private banks in India:
1.14 banks with deposits were more than Rs. 50crore of nationalized in July 1959.
2.6 banks with deposits were more than Rs. 200crore of nationalized in April 1980.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: B
Notes:

Explanation: After successful experimentation in the partial nationalizations the government decided to go for complete nationalization.

With the help of the Banking Nationalization Act, 1969, the government nationalized a total number of 20 private banks:

  1. 14 banks with deposits were more than Rs. 50crore of nationalized in July 1969, and
  2. 6 banks with deposits were more than Rs. 200crore of nationalized in April 1980.

Source: TMH Ramesh Singh