Topic: Nationalisation of banks

If banks were to be nationalised, politicians would start interfering with bank officials and put undue pressure on them, Prof Shroff wrote in 1963.

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'.

On 25 July 1969 in Lok Sabha, Rajkot MP Minoo Masani listed the economic and political grounds on which his Swatantra Party opposed the Indira Gandhi government's Bill to nationalise private banks.

For a leader, the ability to take decisions speedily is a virtue but equally important is to weigh in the possible consequences.

The day after Indira Gandhi nationalised banks, R.C. Cooper air dashed to New Delhi to challenge the ordinance.

In a monthly magazine Freedom First, trade unionist V.B. Karnik had said that nationalisation of banks by itself will not solve any problems.

Indira’s change of heart got trapped between two tragic air crashes, one killing her most Left minister, and other, her economically Right son.

From Jimmy Nagarwala’s Rs 60 lakh from SBI to Nirav Modi’s Rs 11,000 crore-plus from PNB, India has a 47-year record of scams in govt banks. Why do all govts still love them?