50 Years of Bank Nationalisation: The Government Moves Towards Destroying the Sector
On July 19, 1969, the Indira Gandhi-led government, in a landmark decision, had nationalised 14 major commercial banks India, in order to strengthen the banking sector. As India moves towards completing 50 years of the nationalisation, Indian banking sector is in a deep crisis. While the government pushes for privatisation of majority of the sectors – including the banking sector, it has failed in tackling with the issue of mounting NPAs. Perhaps, it is a time for the ruling dispensation to look back at the nationalisation move and draw its lessons from it.
Also Read: Is India’s Banking System Becoming like Humpty Dumpty?
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