when was commercial bank first nationalised in india
Banking in India In 1960, the State Banks of India was given control of eight state-associated banks under the State Bank of India (Subsidiary Banks) Act, 1959. These are now called its associate banks.[6] In 1969 the Indian government nationalised 14 major private banks, one of the big bank was Bank of India. In 1980, 6 more private banks were nationalised.[8] These nationalised banks are the majority of lenders in the Indian economy. They dominate the banking sector because of their large size and widespread networks.[9]
Reserve Bank of India: Working and Functions Reserve Bank of India is India's central bank, headquartered at Bombay. Central bank of a country execute multiple functions such as overseeing monetary policy, issuing currency, managing foreign exchange, working as a bank of government and as banker of scheduled commercial banks, etc. It also works for overall economic growth of the country. The Reserve Bank of India was established in 1935 with the provision of Reserve Bank of India Act, 1934.[1] Though privately owned initially, it was nationalised in 1949 and since then fully owned by Government of India (GoI). The preamble of the Reserve Bank of India describes it main functions as: