Bank Nationalization of India
Five year plans came into existence since 1951. In 1950-51, there were 430 commercial banks but those commercial banks worked under the private sector. The commercial banks worked for it’s own agenda and failed helping the government in achieving Government objectives. State Bank of India (SBI) was the first nationalized bank in India which took place in July 1955 under the SBI Act of 1955 from Imperial Bank of India. On19 th July 1960, seven subsidiaries bank of State Bank became Nationalize.Nationalization of Bank by Indira Gandhi Indira Gandhi, then Prime Minister of India, took the initiative for the nationalization …
