The first wave of nationalization of commercial banks in India, where 14 major private banks were taken over by the government, occurred in the year 1969.

Prime Minister Indira Gandhi nationalized 14 major private banks in July 1969. The primary objective was to align the banking sector with the socialist goals of the state, ensure credit flow to neglected sectors like agriculture and small-scale industries, and expand banking penetration into unbanked rural areas.