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Reforms & Developments in the Banking Sector
Date?
19 July 1969 (Saturday). Done by an Ordinance later replaced by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Banks taken over?
14 major commercial banks each with deposits of Rs.50 crore or more as on the last Friday of June 1969.
Then Prime Minister?
Smt. Indira Gandhi; the Finance portfolio was held in-charge.
The 14 banks?
Central Bank, Bank of India, Punjab National Bank, Bank of Baroda, United Commercial Bank, Canara Bank, United Bank of India, Dena Bank, Syndicate Bank, Union Bank of India, Allahabad Bank, Indian Bank, Indian Overseas Bank, Bank of Maharashtra.
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