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PUBLIC SECTOR AND CO OPERATIVE BANKS
Which Act governs the establishment and functioning of public sector banks in India?
Public sector banks are primarily governed by the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980, which nationalised major commercial banks.
What is the full form of SBI and when was it established?
State Bank of India, established in 1955 under SBI Act.
How many banks were nationalised in the first wave of bank nationalisation in 1969?
14 major commercial banks were nationalised in 1969 under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Which committee recommended the nationalisation of banks in 1969?
No formal committee; political decision by PM Indira Gandhi.
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