An important aspect of the Indian economy from the early 1960s till the early 1970s was that -

Banks were nationalised

The correct answer is Option (1): Banks were nationalised

During the period from the early 1960s to the early 1970s, a significant shift in India's economic policy was the nationalisation of banks. This landmark decision was taken by the government of Prime Minister Indira Gandhi in 1969. The goal was to align the banking sector with the socialist and developmental objectives of the government, ensuring that credit and banking services were extended to priority sectors like agriculture and small-scale industries, and not just limited to big businesses.

• Zamindari Development Act → relates to land reforms after independence (1950s).

• Structural Adjustment Programme → began in 1991 during economic crisis, not the 1960s–70s.

• From the early 1960s till the early 1970s, the proportion of savings in the country actually dropped consistently.

Note: As per NTA, there were two answers of this question which were correct. However, to remove any ambiguity in the question we have modified one option slightly so that there is only one correct answer of this question.

Further, this question has facts related to two chapters- Politics of Planned Development (Decline in Savings) and Era of One Party Dominance (Nationalisation of Banks).