Both were announced in a special address around the same time—8.15pm for demonetization and 8.30pm for bank nationalization. The Imperial Bank of India had already been nationalized and was renamed as State Bank of India (SBI). Bank nationalization was not the only tool used. Then Prime Minister Indira Gandhi, two days after she announced the bank nationalization. From this perspective bank nationalization was indeed a good move at that time.

Source: Mint July 21, 2019 18:00 UTC