Surely, 50 years is a good time to review bank nationalisation | The Indian Express

Surely, 50 years is a good time to review bank nationalisation | The Indian Express

Written by Shaji Vikraman |Updated: July 19, 2019 9:45:51 am

Surely, 50 years is a good time to review bank nationalisation

Fifty years after bank nationalisation, banking is still seen as an enterprise driven by social purpose and political considerations — not depositors’ interests. This needs to change.

Illustration by Suvajit Dey

Fifty years ago, after her government issued an ordinance on July 19, 1969 to nationalise 14 banks which had deposits of over Rs.50 crore, Prime Minister Indira Gandhi addressed the custodians of these banks at the end of September 1969.