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Furthermore, there was a great resentment against class banking in India, which had left the poor (the majority population) unbanked. [2] After becoming Prime Minister, Gandhi expressed the intention of nationalising the banks in a paper titled, "Stray thoughts on Bank Nationalisation" in order to alleviate poverty. [3]
The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955. For many years, the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India [5] was established in 1935, under the Reserve Bank of India Act, 1934 ...
The period of 1967–75 was characterized by socialist ascendency in India which culminated in 1976 with the official declaration of state socialism. Gandhi not only abandoned the short lived liberalization programme but also aggressively expanded the public sector with new licensing requirements and other restrictions for industry.
He joined the Indian Audit and Accounts Service and worked in a number of roles. He played a key role in the nationalization of Indian banks. [6]A large chunk of his civil service years were spent in the banking division (later department) of the Union finance ministry as a key official who helped draft laws that led up to bank nationalisation and thereafter to a supervisory structure for ...
A 60% stake was taken by the Reserve Bank of India and the new bank was named State Bank of India. The seven other state banks became subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed by the Union government. [1]
Several major news organizations are reporting that about ten of the 19 banks that have gone through government "stress tests" will have to raise capital. Most analysts already believe that ...
Union Of India (1970 AIR 564, 1970 SCR (3) 530), popularly known as the Bank Nationalization case, held that the Constitution guarantees the right to compensation, that is, the equivalent money of the property compulsorily acquired. The Court also held that a law which seeks to acquire or requisition property for public purposes must satisfy ...
Fed chief Bernanke argued fairly strongly in his appearance before the Senate committee on banking yesterday that it would not be desirable or necessary to nationalize any of America's banks.