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Siddhi Sisodia posted an Question
March 13, 2021 • 22:02 pm
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30 points
30 points
- UGC NET
- Commerce
Will the nationalization of rbi in 1949 be considered as phase of nationalization of banks
will the nationalization of RBI in 1949 be considered as phase of nationalization of banks
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Rucha rajesh shingvekar![best-answer]()
. After independence Phase – 1947 to 1991 One of the main features of the period was the nationalization of the bank. Why was Nationalization Needed? The banks primarily catered to large businesses Critical sectors such as agriculture, small-scale industries and exports were lagging The moneylenders exploited masses Thus, in the year 1949, the Reserve Bank of India was nationalized. In two decades, fourteen commercial banks were nationalized in July 1969 during the reign of Smt. Indira Gandhi. In 1975, based on the recommendation of the Narasimham committee, Regional Rural Banks (RRBs) were constituted with an objective of serving the unserved. The primary goal was to reach masses and promote financial inclusion. Some other specialized banks were also set up to promote the activities that were required for the economy. For example, NABARD was established in 1982 to support agriculture-related work. Similarly, EXIM bank was built in 1982 for export and import. National Housing Bank was set up in 1988 for the Housing sector, and SIDBI was established in 1990 for small-scale industries.