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State the reasons for nationalization of commercial banks?

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1. After Independence, the Government of India adopted planned economic development. 

2. Five year plans came into existence since 1951. 

3. The main objective of the economic planning aimed at social welfare. 

4. Before Independence commercial banks were in the private sector. 

5. These commercial banks failed in helping the Government to achieve social objectives of planning. 

6. Therefore, the government decided to nationalize 14 major commercial banks on 19 July 1969.

7. In 1980, again the government took over another 6 commercial banks.

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