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Nationalization Of Private Sector Banks In India (in Hindi)

Lesson 4 of 7 • 42 upvotes • 11:54 mins

Vikas Kumar Singh Tomar

Nationalization of Banks and the Banking Sector Reforms, from 1969 to 1991: The number of banks in India in 1951 were the highest – 566. In 1960, RBI was empowered to force the compulsory merger of the weak banks with the strong ones. This led to reduction in the number of banks to 89 in 1969. On July 19, 1969, 14 major banks were nationalized. On April 15, 1980, another six banks were nationalized, and thus raising the number of nationalized banks to 20.