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Nationalisation. ... The government's regular policy for Indian bank since 1969 has paid
rich dividends with the nationalisation of 14 major private banks of India. ...
... After the war the Labour party added to these with BEA and the Bank of England,
these were small steps in comparison to the eventual nationalisation of the coal ...
... Socialism is further characterised by the state ownership and nationalisation of
all means of production, facilities and banking for the reason that under ...
... In the post independence period, nationalisation of Life Insurance in 1956
started a new phase. This was followed by social control ...
... In 1918 War Communism was established to ensure control over the economy and
the central government control over industry (nationalisation). ...
Submitted by jayachandran on March 9, 2008
Category: History Other
Words: 3215 | Pages: 13
Views: 113
Popularity Rank: 89,978
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Introduction
Without a sound and effective banking system in India it cannot have a healthy economy. The banking system of India should not only be hassle free but it should be able to meet new challenges posed by the technology and any other external and internal factors
The Nationalization of Banks in 1969 has been one of the significant economic, political and social events of Post Independent India. Apart from the fact that it had the imprint of the personality of Mrs. Indira Gandhi, it has several significances which merit attention.
The first one was the intervention of the state in the functioning of the banking sector itself. The ownership of the State gave a new confidence to the savers and being backed by a sovereign the normal suspicions associated with the capabilities of the bankers in the private sector were gone.
Banking ceased to be selective. The entry barriers that existed for customers to bank, social economic and political were lowered. This resulted in a massive quantitative expansion of the bank customer base as well as in the nature of services provided. The reach of banking widened. Absence of concern for profitability and targeting made banks to expand rapidly in un-banked areas thereby the entire country was linked to banking activity.
The expansion of banks also expanded the economy. The entire infrastructure that required was built by themselves or by the citizens for their use. A large employment base was created. Young men and women mostly from middle and poorer sections of society but qualified with the requisites got into the banking system and we see the results today. Customers got acquainted with banking practices faster than it would otherwise have taken. The well intentioned policies channeled through the banks helped the borrower clientele with a generous disposition. The savings of the community had an efficient channel which otherwise would not have had the benefit of aiding...
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