when was commercial bank first nationalised in india
Banking in India In 1960, the State Banks of India was given control of eight state-associated banks under the State Bank of India (Subsidiary Banks) Act, 1959. These are now called its associate banks.[6] In 1969 the Indian government nationalised 14 major private banks, one of the big bank was Bank of India. In 1980, 6 more private banks were nationalised.[8] These nationalised banks are the majority of lenders in the Indian economy. They dominate the banking sector because of their large size and widespread networks.[9]
Finance Commission Major Recommendations of 14th Finance Commission headed by Prof. Y V Reddy
Reserve Bank of India The Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934.[6] The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders.[7] Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949.[8]
Securities and Exchange Board of India Controller of Capital Issues was the regulatory authority before SEBI came into existence; it derived authority from the Capital Issues (Control) Act, 1947.