When did the nationalisation of major banks happen?

a. June, 1951

b. June, 1961

c. June, 1969

d. July, 1969

ANSWER: July, 1969

Explanation:

In the early years of independence the number of bank offices was very small. The process of expansion gathered momentum after the nationalisation of the major banks in July, 1969. At the end of March, 2009 there were over 80,547 scheduled commercial bank offices in India excluding the administrative offices. The major thrust in branch expansion in the country has come only from the public sector banks. Meanwhile, the RBI has liberated its branch licensing policy and given full freedom to nationalised banks for opening new branches.