1.

The first step towards nationalization of banks was taken by passing the State Bank of India Act in the year ________.1). 19552). 19593). 19564). 1957

Answer»

The first step towards NATIONALIZATION of BANKS in India was taken by passing the State Bank of India Act 1955 to nationalize the Imperial Bank of India and rename it as the State Bank of India.

It was decided that it WOULD act as the principal banking agent of the RBI and would handle the banking transactions of the state and the central governments.

It was followed by the nationalization of the SEVEN PRINCELY states’ banks in 1959 as the associate banks of State Bank of India.


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