14 TOP SCHEDULED BANKS NATIONALISED

NEW DELHI, July 19 (UNI, PTI)—Fourteen top scheduled banks with deposits exceeding Rs. 50 crores were nationalised today in swift implementation of one of the proposals contained in the economic policy outlined by Prime Minister Indira Gandhi in her note approved by the All-India Congress Committee at Bangalore last week. The take-over, by a Presidential Ordinance, came within hours of the acceptance of Deputy Prime Minister Morarji Desai’s resignation. The first full Cabinet meeting summoned by Mrs. Gandhi today after the Bangalore session of the AICC took the momentous decision. The Acting President, Mr. V.V. Giri, who is to vacate office tomorrow, signed the Ordinance at 7.45 p.m. “This step has been taken to serve better the needs of development of the economy in conformity with national priorities and objectives,” it was officially stated.