Discussion
The Government of India acquired the ownership and control of major banks in 1969 whose deposits were not less than
Answer: B
Correct answer: Rs 50 crore
The ordinance of 19 July 1969 nationalised the fourteen largest commercial banks, the qualifying threshold being deposits of not less than Rs 50 crore.
The purpose was to redirect credit towards agriculture, small industry and the neglected regions, which private banks had largely bypassed in favour of large commercial borrowers. A second round in 1980 took six more banks, that time at a threshold of Rs 200 crore. The two thresholds are often confused, so it is worth attaching each to its year: Rs 50 crore in 1969, Rs 200 crore in 1980.
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