How many banks were nationalized by Indira Gandhi in the year 1969?

14

The correct answer is Option 3 - 14

It was on July 19, 1969, when then prime minister Indira Gandhi announced the nationalization of 14 banks.

The story of development in India took a significant turn from the end of 1960s. Indira Gandhi emerged as a popular leader. She decided to further strengthen the role of the state in controlling and directing the economy. The period from 1967 onwards witnessed many new restrictions on private industry. Fourteen private banks were nationalised. The government announced many pro-poor programmes. These changes were accompanied by an ideological tilt towards socialist policies. This emphasis generated heated debates within the country among political parties and also among experts.