Know about bank nationalization day.
Shivaksh sharma.
It was the year 1969. On this day, the then Prime Minister Indira Gandhi nationalized 14 major banks of the country for the first time. After this, in the year 1980, the government again took over 6 banks. After this, even the poor of the country got access to the bank. Banks left the cities and reached villages and towns. But now the condition of government banks and those working in them is not good. The All India Bank Officers Confederation (AIBOC), an organization representing about three lakh officers working in government banks in the country, has praised this historic decision. At the same time, the organization has said that despite playing an important role in nation building, public sector banks are currently facing the real threat of privatization.
Why were banks nationalized?
After independence, it was seen that there is a kind of collusion between bank management and industrialists. Due to this, the common man is not able to get adequate bank services. Getting a bank loan was a dream for farmers. The credit deposit ratio was low. Most of the bank branches were concentrated in metro cities or towns. The poor could not reach the banks. In view of this, the talk of nationalization of the Reserve Bank of India was raised, which was completed in 1949. Then in 1955, Imperial Bank, which was later called ‘State Bank of India’, became a government bank. According to a report, from 1947 to 1955, 360 small banks had collapsed in which people’s deposits worth crores of rupees were lost. On the other hand, some banks were investing money in black marketing and hoarding businesses. Therefore, the government decided to take control of them so that it could also use them in the work of social development.
Today was that historic day
On 19 July 1969, the government nationalized 14 big banks. After this, six banks were nationalized again in the year 1980. After nationalization, the number of bank branches increased. Banks moved from cities to villages. According to the data, in July 1969, there were only 8,322 bank branches in the country. By 2023, this figure has crossed 85 thousand. Farmers started getting loans from banks. Priority sectors were selected. After nationalization, agriculture sector, MSME, small business, self-employment etc. got encouragement. Children of the common man started getting education loans. In a way, this decision was helpful in promoting the economic development of the country and providing banking services to crores of Indians.
Leader in implementing government schemes
Nationalization of the bank brought many more benefits. Loan fairs started being organized for those who were not allowed to enter the banks. This encouraged even small people to open accounts in the bank and save money. It also helped in better implementation of government schemes. Apart from banking, the era of providing other services also started in banks. Financial inclusion of the poorest of the poor was done by opening Jan Dhan accounts. How helpful the government banks have been for the lower sections of the society can be gauged from the fact that they have distributed more than 43 crore Mudra loans worth Rs 23 lakh crore in just seven years.
The challenges are still not over
AIBOC General Secretary Rupam Roy says that on one hand we are celebrating the 55th anniversary of nationalization of banks, on the other hand the legitimate demands of bank employees are being ignored. The demand for a five-day week in banks has been going on for a long time, but it has not been accepted. On the other hand, a five-day week has been approved in the insurance industry. Apart from this, adequate compensation for bank officers and employees has not been arranged yet. The government is not appointing officer and employee directors in the board of directors of banks. This undermines the dedication and hard work of the banking community.
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