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What Does the Term 'Nationalisation of Banks' Mean? - ICSE Class 10 - Economics

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Question

What does the term 'nationalisation of banks' mean?

Solution

Nationalisation means the taking over of a commercial bank by the government. The process of nationalisation of banks began when the Reserve Bank of India was nationalised on 1 January 1949. These banks work according to national priorities rather than the profit motive of private entrepreneurs.

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Solution What Does the Term 'Nationalisation of Banks' Mean? Concept: Nationalisation Vs. Privatisation of Banks.
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