The correct answer is (a) 1968.
In 1968, the Government of India nationalized 14 major banks in the country. The banks were:
- The Imperial Bank of India
- The Bank of India
- The Bank of Baroda
- The Central Bank of India
- The United Commercial Bank
- The Punjab National Bank
- The Canara Bank
- The Indian Bank
- The State Bank of India
- The State Bank of Hyderabad
- The State Bank of Mysore
- The State Bank of Travancore
- The State Bank of Bikaner and Jaipur
The nationalization of banks was a major step in the government’s efforts to control the economy and promote economic development. The government believed that by nationalizing the banks, it would be able to direct credit to priority sectors of the economy and to ensure that the banks were run in a more efficient and equitable manner.
The nationalization of banks was a controversial move at the time, and it has been debated ever since. Some people argue that it was a necessary step to ensure that the banks were run in the public interest, while others argue that it led to a loss of efficiency and innovation in the banking sector.
The nationalization of banks is a complex issue with no easy answers. However, it is an important part of the history of the Indian economy, and it continues to have a significant impact on the country’s financial system.
The other options are incorrect because they are not the year in which the 14 major banks were nationalized.