Bank nationalisation: 52 years and ticking

Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve people

Topics
bank nationalisation | Banking sector | public sector banks

Tamal Bandyopadhyay 

Tamal Bandyopadhyay

After taking his first step on the Moon on July 20, 1969, American astronaut Neil Alden Armstrong said: “That’s one small step for a man, one giant leap for mankind.”bank Just a day before, on July 19, the Indian government had taken a not-so-small step for its banking industry.

A little over five decades later, the question many are asking: Was that a giant leap for the Indian financial system? Fourteen banks with deposits of at least Rs 50 crore each were nationalised on the midnight of July 19, 1969, hours after Prime Minister Indira Gandhi’s address to ...

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, July 18 2021. 20:44 IST
RECOMMENDED FOR YOU
.