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Questions
What does the term 'nationalisation of banks' mean?
What is meant by the nationalisation of commercial banks?
Answer in Brief
One Line Answer
Solution 1
Nationalisation means the taking over of a commercial bank by the government. The process of nationalisation of banks began when the Reserve Bank of India was nationalised on 1 January 1949. These banks work according to national priorities rather than the profit motive of private entrepreneurs.
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Solution 2
The nationalisation of banks means taking over the ownership and management of commercial banks by the government.
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Nationalisation Vs. Privatisation of Banks
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