On 29 July 1969, Prime Minister Indira Gandhi delivered a speech in Lok Sabha on the nationalisation of 14 banks, saying the move was 'totally justified to ensure that hopes and aspirations of millions of our people are not sacrificed'.
There have always been questions over who controls cooperative banks in India, states or the Centre. The ordinance empowers RBI to intervene in failing banks.
With 40% of banks assets, or 32.4% of GDP, riding on this instrument alone, the debate about priority sector lending is not new. There is a new-found urgency to make it fit-for-purpose.
In tactical terms, the shirtless protest was worse than a self-goal. Suddenly, the fiascos of the AI Summit were forgotten, and the Youth Congress’s disruption became the issue.
IAF is fine with accepting the aircraft with 'must-haves', even if some other steps remain pending, which may take at least another year, it is learnt.
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