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Question
Which of the following was a major reason for nationalising commercial banks in India?
Options
To increase only foreign trade
To focus banking only on metropolitan cities
To spread banking services to rural areas and priority sectors
To spread banking services to rural areas and priority sectors
MCQ
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Solution
To spread banking services to rural areas and priority sectors
Explanation:
Banks were nationalised to expand banking to rural areas, provide cheap finance to agriculture and weaker sections, prevent concentration of capital, and support inclusive economic growth.
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