GUWAHATI: On the occasion of the 55th Bank Nationalization Day in India, the All India Bank Officers’ Confederation (AIBOC), representing the collective voice of over 300,000 devoted bank officers, lauds the historic decision that paved the way for the public sector’s crucial role in the country’s development across all economic sectors.
The State Bank of India was established on July 1, 1955, by the State Bank of India Act, 1955. Subsequently, the Government nationalized 14 banks in 1969 and then 6 banks in 1980, with the aim of extending banking facilities on a much larger scale than before, particularly in the previously neglected rural and semi-urban regions. This was also done to prevent a small number of business entities from controlling the country’s banking assets via banks.
Since the nationalisation of banks in 1969, public sector banks have played a crucial role in promoting financial inclusion, mobilising savings, and channelling funds to vital sectors such as agriculture, small and medium-sized enterprises (SMEs), education, and infrastructure, among others. Since the nationalisation of SBI and the PSBs, they have been at the forefront in rural areas and have relentlessly pursued the implementation of government welfare schemes, including recently announced pension and insurance schemes. In 7 years, 43 crore Mudra loans to the tune of Rs 23 lakh crore have been disbursed, the major portion of which is by PSBs, stated a press release.
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