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Thereafter, the Government of India issued the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969 and nationalized the 14 largest commercial banks with effect from the midnight of 19 July 1969 each with reserves of more than Rs.50 crore. These banks contained 85 percent of bank deposits in the country.
On 20 July 1969, Cooper who was one of the shareholders in Central Bank of India, Bank of Baroda, Union Bank of India and Bank of India filed petition in Supreme Court of India challenging the ordinance and claiming violation of their rights under Article 14, Article 19 and Article 31 of Indian Constitution. [9] [10] [11] [12]
1971 The State Bank of Bangladesh was founded by nationalization of the private shares in the eastern section of the State Bank of Pakistan. [4]1972-1974 Through this three years period after independence of Bangladesh in 1971, the government had taken over 786 industrial undertakings.
Fed chief Bernanke argued fairly strongly in his appearance before the Senate committee on banking yesterday that it would not be desirable or necessary to nationalize any of America's banks.
Several major news organizations are reporting that about ten of the 19 banks that have gone through government "stress tests" will have to raise capital. Most analysts already believe that ...
After the nationalisation of banks, the branches of the public sector banks in India rose to approximate 800 percent in deposits, and advances took a huge jump by 11,000 percent. [4] Nationalisation also resulted in a significant growth in the geographical coverage of banks; the number of bank branches rose from 8,200 to over 62,000, most of ...
The Bangladesh Bank (Demonetisation of Currency Notes) Order, 1972 (President's Order) The Bangladesh Constituent Assembly Members (Cessation of Membership) Order, 1972 (P.O.) The Bangladesh Banks (Nationalisation) Order, 1972 (President's Order) The Bangladesh Industrial Enterprises (Nationalisation) Order, 1972 (President's Order) [Repealed]
Those included were the State Bank of Pakistan Act, 1956, Banking Companies Ordinance, 1962 and Banks Nationalisation Act, 1974. These changes gave full and exclusive authority to the State Bank to regulate the banking sector, to conduct an independent monetary policy and to set a limit on government borrowings from the State Bank of Pakistan.