Question

In India, how many banks were nationalised during Second Round of Nationalization in 1980?

• A. 5 Banks
• B. 6 Banks
• C. 7 Banks
• D. 8 Banks

Answer 1

The Correct Option is B

The question asks about the number of banks that were nationalized during the Second Round of Nationalization in India, which took place in 1980. To provide an accurate answer, it is essential to understand the historical context of bank nationalization in India.

Here's the step-by-step background and reasoning:

1. After the success of the first phase of bank nationalization in 1969, where 14 banks were nationalized, the Indian government decided to proceed with further nationalization.
2. The Second Round of Nationalization occurred in 1980 due to the need to expand the reach of banking services to rural and semi-urban areas.
3. During this phase, on 15 April 1980, a total of 6 banks were nationalized.

The nationalization of these banks was a part of making banking services accessible to all citizens across the country and to align banking initiatives with national development policies.

Therefore, the correct answer is 6 Banks. This rules out other options which suggest 5, 7, or 8 banks, as they do not match the factual historical event of 1980.