50 Years of Bank Nationalisation: The Government Moves Towards Destroying the Sector

The decision to nationalise 14 commercial banks in 1969 was taken by the Indira Gandhi-led government to bolster the ailing banking sector.
Newsclick Team

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?

Get the latest reports & analysis with people's perspective on Protests, movements & deep analytical videos, discussions of the current affairs in your Telegram app. Subscribe to NewsClick's Telegram channel & get Real-Time updates on stories, as they get published on our website.