Bank Nationalization Anniversary Be it a green revolution or a white revolution, public sector banks have become a source of development for the country. While more than twenty-five banks were in financial trouble, public sector banks worked to save them. Socially conscious with profit, these banks provided banking services in villages. July 19, 2021 marks the 52nd anniversary of bank nationalization. The government is likely to table a proposal to amend the law in the block assembly session starting on the same day as the anniversary of nationalization. The government argues that for the last three years, many public sector banks have been running at a loss and have run out of capital. In order to comply with the regulatory directives on capital adequacy funding, the government has had to provide capital to these banks by allocating Rs 4 lakh crore in the last five years and this is not always possible for the government. This is because the widening budget deficit increases the ris
The banking system handles the savings of the common man. Protecting bank and bank's depositor is the main objective of the Reserve Bank, which is why the credibility of the banking system is maintained today. But the revelation of scams like Yes Bank, PMC Bank has once again created an atmosphere of mistrust in the banking industry. While insurance among deposits may not be the solution to some of the scams, it can be prevented only if the perpetrators of these scams are severely punished and held accountable to all concerned, including the Reserve Bank.