“Former Indian PM Manmohan Singh privatised ICICI, Axis and HDFC banks while serving as the Finance Minister of India”
What FACTLY found
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
Their words, from the summary they publish with the rating.
In short
This claim spread on social media around 17 March 2021. FACTLY (India) looked into it and published its finding on 22 March 2021, 5 days later. Its rating was “FALSE”.
Where the claim appeared
Links recorded by FACTLY. Some posts may have been deleted since.
This check was done by FACTLY, not by DoesItStand. We list it so you can find it. Their full evidence and reasoning are in their article.