Search results
Results from the WOW.Com Content Network
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]
On 20 July 1969, Cooper who was one of the shareholders in Central Bank of India, Bank of Baroda, Union Bank of India and Bank of India filed petition in Supreme Court of India challenging the ordinance and claiming violation of their rights under Article 14, Article 19 and Article 31 of Indian Constitution. [9] [10] [11] [12]
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 ...
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 ...
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 Licence Raj or Permit Raj (rāj, meaning "rule" in Hindi) [1] is a pejorative for the system of strict government control and regulation of the Indian economy that was in place from the 1950s to the early 1990s.
The first demonetisation of India was carried out in the year 1946 when, under the then Governor General of India, Field Marshal Archibald Wavell, 1st Earl Wavell, the Reserve Bank of India demonetised notes of ₹500, ₹1000, and ₹10,000 in order to check black market operations and tax evasions. This was done via 2 ordinances.