Prime Minister: Indira Gandhi
Partition, planning, aid consortia and nationalised banks.
Bank Rate
5%
unchanged on 1968
Rupee per dollar
₹7.5
unchanged on 1968
Inflation
-0.58%
−3.82 pts on 1968
GDP growth
6.54%
+3.15 pts on 1968
Reserves
$928m
+27% on 1968
Arabian Light
$1.8
unchanged on 1968
Banking / credit · 19 July 1969
14 banks with deposits ≥ Rs 50 crore (reported ~85% of deposits)
Politically driven (Congress split); the Banking Companies ordinance followed
ReportedOfficial record. Source: Banking Companies (Acquisition and Transfer of Undertakings) Ordinance 1969
Indian banking equities / credit allocation · 19 July 1969
14 banks, ≈85% of deposits
See TRADE_POLICY.
ReportedPress. Source: Scroll 2019
Bank nationalisation ordinance
On 1969-07-19 the Banking Companies (Acquisition and Transfer of Undertakings) Ordinance nationalised the 14 scheduled banks with deposits above INR 50 crore, together holding about 85% of deposits (≈70% by another estimate). An Act followed, was struck down by the Supreme Court in the R.C. Cooper case (1970-02), and was re-enacted in 1970.
ReportedPress. Source: Scroll 2019-07-19; networkideas.org 2021; Gazette of India ordinance
Monopolies and Restrictive Trade Practices (MRTP) Act
Firms with assets of INR 20 crore or more, and "dominant undertakings", needed approval to expand, merge or set up new capacity. It followed the Dutt Committee (Industrial Licensing Policy Inquiry, 1969).
ReportedOfficial record. Source: MRTP Act 1969 text (India Code)
| Creditor | Instrument | Amount | US$ m | Status | Grade |
|---|---|---|---|---|---|
| Aid India Consortium members | Debt relief, 2nd and 3rd years of the 1968 undertaking | Amounts per year not found by me. | unknown |
Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.
