In July 1969, the Government of India nationalised 14 major private commercial banks. What was the minimum deposit threshold for a bank to be nationalised during this first phase?

💡 Solution & Explanation

The first phase of bank nationalization in July 1969 targeted 14 major commercial banks holding aggregate nationwide deposits of at least ₹50 crore each. This landmark policy aimed to redirect credit flow toward priority sectors like agriculture and small-scale industries.