Nationalisation of banks in India: History and what was the need? Explained
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Nationalisation of banks in India: History and what was the need? Explained
It was on July 19, 1969, when then prime minister Indira Gandhi announced the nationalisation of 14 banks.
Jul 19, 2022
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1.8K views · 28 reactions | #FPRewind: July 19, 1969: Indian Government Announced Nationalisation of 14 Commercial Banks On July 19, 1969, Indian Government announced nationalisation of 14 major commercial banks with deposits of over Rs 50 crores ($6,090). The announcement was made by then Prime Minister of India Indira Gandhi. These banks controlled about 85% of India's bank deposits. | Firstpost | Facebook
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1.8K views · 28 reactions | #FPRewind: July 19, 1969: Indian Government Announced Nationalisation of 14 Commercial Banks On July 19, 1969, Indian Government announced nationalisation of 14 major commercial banks with deposits of over Rs 50 crores ($6,090). The announcement was made by then Prime Minister of India Indira Gandhi. These banks controlled about 85% of India's bank deposits. | Firstpost | Facebook
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Lost India Stories on Instagram: "1969 Bank Nationalisation: Economics Was the Cover. Power Was the Goal. In July 1969, Prime Minister Indira Gandhi nationalised 14 major private banks, controlling nearly 85% of India’s bank deposits. Publicly, the move was framed as: • Social justice • Financial inclusion • Credit for agriculture and small industry But strategically, it achieved much more. 🎯 What it really did: • Broke the economic power of industrial houses aligned with the old Congress leade
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Lost India Stories on Instagram: "1969 Bank Nationalisation: Economics Was the Cover. Power Was the Goal. In July 1969, Prime Minister Indira Gandhi nationalised 14 major private banks, controlling nearly 85% of India’s bank deposits. Publicly, the move was framed as: • Social justice • Financial inclusion • Credit for agriculture and small industry But strategically, it achieved much more. 🎯 What it really did: • Broke the economic power of industrial houses aligned with the old Congress leade
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1.8K views · 28 reactions | #FPRewind: July 19, 1969: Indian Government Announced Nationalisation of 14 Commercial Banks On July 19, 1969, Indian Government announced nationalisation of 14 major commercial banks with deposits of over Rs 50 crores ($6,090). The announcement was made by then Prime Minister of India Indira Gandhi. These banks controlled about 85% of India's bank deposits. | Firstpost | Facebook
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