Multiple Choice Questions on Under which five year plan was the Banking Nationalization Act 1969 enacted ........ for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Under which five year plan was the Banking Nationalization Act 1969 enacted ........

Economic Affairs Types of Banks and Banking
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    Under which five year plan was the Banking Nationalization Act, 1969 enacted?

    Third Five Year Plan

    Incorrect Answer

    Fourth Five Year Plan.

    Correct Answer

    Fifth Five Year Plan

    Incorrect Answer

    Sixth Five Year Plan

    Incorrect Answer
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    Explanation:

    Fourth Five Year Plan.

    •  Nationalisation of banks was implemented under the Banking Companies (Acquisition and Transfer of Undertakings) Act of 1970.
    • The ordinance came into force on 19 July 1969, " to serve better the needs of development of the economy in conformity with national policy objectives."

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