Abstract
Nationalization in India attempted at stabilizing a feeble banking system. It also endeavored to contextualizing the banks with common mass of the country. Both these aims were somewhat fulfilled. Presently, at the completion of fifty years of nationalization, efficiency and productivity of the entire banking system are of paramount importance. A bank should not only be closely integrated with the society also it should act in an effective way.
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Notes
- 1.
R. C. Dutt, A History of Civilization in ancient India, revised edition, vol. I, p. 39.
- 2.
The idea of Imperial Bank of India was proposed by John Maynard Keynes who argued that the new bank needs to be set up out of the amalgamation of the capital and reserves of the three Presidency Banks. He was also of the opinion that the ‘Supreme Control’ should rest upon the Central Board.
- 3.
The Imperial Bank of India was nationalized in 1955 and was given the name ‘State Bank of India’. State Bank of India acted as the principal agent of RBI for handle banking transactions all over the country. It was established under State Bank of India Act, 1955.
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Sengupta, A., De, S. (2020). Bank Nationalization: Background and Formulation. In: Assessing Performance of Banks in India Fifty Years After Nationalization. India Studies in Business and Economics. Springer, Singapore. https://doi.org/10.1007/978-981-15-4435-4_2
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