Nationalization of banks!
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54 years ago on this day, 14 major banks in India were nationalized.
At that time, India had 8,200 bank branches. 70% of loans were given to 1% borrowers. Agriculture loan was 2.2%. 77% of branches were in cities. People's savings in banks is Rs. There was a scale of 4,600 crore. The drowning of private banks was a very common event. Sir. C. V. They say he lost even Raman's Nobel Prize money in bankruptcy.
Today India has 1.52 lakh branches. India is the country with the highest number of bank branches in the world. Rs in 1969 Was 4,600 crores (in today's value of Rs. 1.9 Lakh Crore) Bank Savings, Today Rs. Rise to 1.12 crore crore. This is the result of people's savings banks in the great hope that nationalized banks will not sink.
The savings became a source that drives the nation's economy, making the Indian economy a rapidly growing in the 1980s.
Rs in 1969 40 crore agricultural loan (Rs today's value 1,643 Crore) Today (2019) Rs. Rise to 11.45 lakh crores. Rs in 1969 Small business loan which was 251 crore (Rs today's value 10,310 crores) today Rs. Rise to 11.68 lakh crore.
The most extensively constructed bank branches have collected the savings of ordinary people, kept it very secure and converted it to the needs of the country. This is one of the most important policy initiatives in Indian economy. Economic reform could be said more important than the novel reforms brought in 1991.
This financial structure widely created across India has been a great help for India's Green Revolution's success.
In future this financial structure should be strengthened and made funds accessible to all. The article I wrote in 2019 is attached below
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