Question

Who nationalized banks in India?

• A. Rajiv Gandhi
• B. Indira Gandhi
• C. Manmohan Singh
• D. Jawaharlal Nehru

Hint:

Bank nationalization was a critical move to strengthen the public sector and make banking more accessible to rural and underserved areas.

Answer 1

The Correct Option is B

Step 1: Context of Bank Nationalization
In 1969, Prime Minister Indira Gandhi nationalized 14 major commercial banks of India. This move aimed at ensuring that the banks served the interests of the nation and contributed to economic development by channeling resources into various sectors, including agriculture, education, and industrial development.
Step 2: Analyzing the Options
- (A) Rajiv Gandhi: Incorrect, Rajiv Gandhi was the Prime Minister in the 1980s and did not nationalize banks.
- (B) Indira Gandhi: Correct, she nationalized banks in 1969.
- (C) Manmohan Singh: Incorrect, Manmohan Singh was the Finance Minister and later the Prime Minister, but he was not involved in the nationalization of banks.
- (D) Jawaharlal Nehru: Incorrect, Jawaharlal Nehru was Prime Minister before the nationalization of banks in 1969 and was focused on other economic policies like the establishment of public sector industries.
Step 3: Conclusion
Indira Gandhi's government took the crucial step of nationalizing the banks in 1969.
\[ \boxed{\text{Correct Answer: (B) Indira Gandhi}} \]