What does Nationalised Bank means in India?

(A) Financing the industries
(B) Improving credit facilities
(C) Consolidating the economy
(D) Improving security of deposits

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Correct Answer : Improving credit facilities
Question Asked : OPSC OCS Pre. Exam 2018
Explanation : Nationalisation refers to transfer of a major branch of industry from private to state ownership or control. The prime objective behind Nationalisation of Banks was to ensure release of huge amounts of deposits held by the Private Banks and facilitate easy access to credit for the common people for their various productive needs. It was done in two steps- fourteen banks were nationalised in 1969 and six banks were nationalised in 1980.
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