19th JULY- BANK NATIONALISATION DAY
PM
Dear Friends
Today ,on 19th July 2017,bank employees are observing Bank Nationalisation day as Save Public Sector Day to defend the same and to fight against Govt’s plan to hand over Public Sector banks back in the hands of private sector.
48 years have already passed now.We have witnessed what has happened in all these years and what is happening now under banking sector.It was an historic event and opening of a new era in Indian Banking Industry,when 14 banks were nationalized by Govt of India, on 19th July 1969.Until then banks were catering the needs of wealthy people and their own trade and industry who were promoters of banks and masses were kept out of banking system for their credit requirements.In a country like ours,where majority of people were surviving on agricultural /small scale industrial activities,were forced to depend on exploitation of financiers. Under second phase six more banks were nationalised( Out of which New Bank of India was merged with Punjab National Bank in 1993 for specific reason)
Indeed,nationalisation of banks helped poor farmers , labourers and small traders etc to a great extend by extending necessary credit facilities at affordable rates spreading their reach across the country.
Things are changing now and the concept and philosophy of bank nationalisation seem to have been forgotten by the Govt,and merger and closure of banks branches are the new agenda in the name of reforms! Licenses to new banks under private sector are given on the other side! Associate banks have become part of history now in the name of creating global banks. As per FM , RBI and Bank Board Bureau few more existing PSBs may too disappear in coming years,by mergers!
Corporates and willful defaulters are slowly killing our Banks and the gravity of Non Performing Assets is alarming as per RBI's reports itself.That too created by few corporate and NOT by agricultural labourers or small scale industries !
All these gives a strong signal that the plight of bank retirees may continue as it is along with serving employees demands and we can find solace in writing letters from comfort of our home to PM,FM or all known persons!
KLRao,ResourcePerson
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