Banks were nationalized in India through an ordinance passed in the year:

Major bank nationalisation in India occurred on July 19, 1969, under the government led by Prime Minister Indira Gandhi. The Banking Companies (Acquisition and Transfer of Undertakings) Ordinance, 1969, was promulgated to nationalise 14 of the largest commercial banks in the country, which together controlled over 70% of the country's deposits at the time.