Claim: Former Indian PM Manmohan Singh privatised ICICI, Axis and HDFC banks while serving as the Finance Minister of India.
Fact-check: ICICI, AXIS, & HDFC banks were not set up as government organisations and later privatised - FACTLY
Verdict: indira gandhi nationalized 14 commercial banks in 1969 and another 6 commercial banks in 1980. icici, axis, and hdfc banks were not on the list of these banks. in 1993, pv narsimha rao government provided licenses to new private sector banks as part of the new liberalization reforms in the indian banking sector. icici, axis, and hdfc banks are few among these. these are private sector banks that were never nationalised by the indian government. hence, the claim made in the post is false.
Organisation: FACTLY
Author: Dilip Kumar Sripada
Date published: 2021-03-22T09:17:59