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Sunday, July 19, 2020

51st Banks Nationalization Day : 19th July 2020 'SAVE PSUs: SAVE BHARAT'

19th July 1969 is the Nationalization Day of Banks in India. Today is the 51st Bank Nationalization Day! On this occasion we salute THE BANKER, the unsung CORONA WARRIOR for their selfless service in the most difficult time of COVID-19 Pandemic.


The purpose of nationalization of 14 banks in 1969 was to provide a push to the growth of Agriculture, Small Scale Industries, Export, provide support to all backward area and new entrepreneur. Later in the year 1980 six more banks were nationalized to push the growth further.

It is observed that, now a day there is a news article published in a leading newspaper that government is planning to privatize many nationalized banks. On this decision government may have its own logic but as banker, we have different views.

In last 30 years more than 30 private sector banks run by "Professionals" collapsed and vanished from the market and common man lost crores of rupees. Recently most popular Yes Bank who was famous to grab good customers of SBI and other nationalized Banks failed due to gross mismanagement by their 'Professional" Management for which Government nominated SBI to save its own competitor "Yes Bank". Same way few years back Global Trust Bank (Private Sector Bank) was saved by Oriental Bank of Commerce


It is a simple logic that, if any business entity/big corporates took over any nationalized bank, than they will fund their own company at cheaper rate loans and money will never come back to market for common man.

On Bank's Nationalization day, In the interest of common man, we request Government to 'Nationalize all private sector banks so that people's money remain safe.


References: various print media and news sources

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