CA Foundation P4 · Chapter 10 · Question 9 of 15
In 1969, the Government of India nationalised:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) 14 major commercial banks
Explanation
In July 1969, 14 major commercial banks were nationalised to extend banking to rural areas and priority sectors. A further 6 banks were nationalised in 1980. The RBI itself was nationalised in 1949, and life insurance in 1956.
More Indian Economy MCQs
- Q11In the period since the 1991 economic reforms, which sector has accounted for the largest share of India's GDP?
- Q12The 'drain theory', which argued that British rule transferred India's wealth to Britain, was propounded by:
- Q13Which of the following was a consequence of British colonial policy for the Indian economy?
- Q14The Goods and Services Tax (GST), a destination-based indirect tax, was introduced in India with effect from:
- Q15The Industrial Policy Resolution of 1956 is significant because it: