The correct answer is: (iii), (iv), (v).
The first phase of bank nationalisation in India took place in 1969, when 14 major commercial banks were nationalised. The second phase took place in 1980, when six more commercial banks were nationalised.
The main objectives of bank nationalisation were to:
- Promote economic development and social justice
- Ensure greater credit flow to agriculture and small-scale industries
- Provide a sound and stable banking system
- Promote financial inclusion
Bank nationalisation has had a significant impact on the Indian economy. It has helped to promote economic development and social justice by providing greater credit flow to agriculture and small-scale industries. It has also helped to provide a sound and stable banking system. Additionally, bank nationalisation has helped to promote financial inclusion by making banking services more accessible to the poor and marginalized.
However, bank nationalisation has also faced some challenges. One challenge is that it has led to a concentration of power in the hands of the government. Another challenge is that it has led to a lack of innovation in the banking sector.
Despite these challenges, bank nationalisation has been a success story in India. It has helped to promote economic development and social justice, and it has provided a sound and stable banking system.