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Union Of India, filed by R. C. Cooper, 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 the ...
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 ...
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]
The Imperial Bank of India (IBI) was one of the oldest and the largest commercial banks in India, and was subsequently renamed and nationalised as the State Bank of India in 1955. Initially, as per its royal charter , it acted as the central bank for India prior to the formation of the Reserve Bank of India (RBI) in 1935.
1949 (1 January) Reserve Bank of India nationalised. [26] The Reserve Bank of India was state-owned at the time of Indian independence. 1953 Air India under the Air Corporations Act 1953. 1955 Imperial Bank of India and its subsidiaries (State Bank of India and its subsidiaries) 1969 Nationalization of 14 Indian banks.
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 ...
The Asian Development Bank reported that in 2022, 5.7% of the employed population in India was living below $1.90 purchasing power parity per day. [113] The World Bank's global poverty update in September 2023 indicated that India accounts for 40% of the increase in the global extreme poverty rate during the COVID-19 pandemic.