The 14 major Indian banks were nationalised during which five year plan?

Option 1 : Fourth Plan

The correct answer is Fourth Plan

• The 14 major Indian banks were nationalized during the Fourth five-year plan. The Fourth Plan was from 1969 to 1974. 
• The fourth Five Year Plan was the first plan introduced by the Indira Gandhi government in the scenario of the pressure of drought, devaluation, and inflationary recession.
• The country was struggling with the population explosion, escalating unemployment, poverty, and a shackling economy.
• In addition, the condition in East Pakistan (now independent Bangladesh) was becoming worse as the Indo-Pakistani War of 1971 and Bangladesh Liberation War happened.
• Funds released mainly for the industrial development had to be utilized for the war effort. The consequence was that this plan duration was also no advantage over the third five-year plan.
• India fought yet one more war with Pakistan and aided in the establishment of Bangladesh. Required to tackle the condition of Bangladeshi refugees after the 1971 war.
• The nationalization of 14 primary Indian Banks was a workaround even during this war. This increased the confidence of the people in the banking sector and started higher mobilization of private savings into bank accounts.