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1969 Bank Nationalisation: Economics Was the Cover. Power Was the Goal. In July 1969, Prime Minister Indira Gandhi nationalised 14 major private banks, controlling nearly 85% of India’s bank deposits. Publicly, the move was framed as: • Social justice • Financial inclusion • Credit for agriculture and small industry But strategically, it achieved much more. 🎯 What it really did: • Broke the economic power of industrial houses aligned with the old Congress leadership • Shifted control of credit
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