Banking Development after Nationalization and Social Control in India (1967 To 1991)
Journal Title: International Journal for Research in Applied Science and Engineering Technology (IJRASET) - Year 2016, Vol 4, Issue 3
Abstract
This paper mainly analyses the impact of Nationalisation and Social Control on Banking Sector till Economic Reforms. Social control was necessary to provide proper guidelines for bank management. The objective was to serve better the needs of development of the economy in conformity with national policy objectives. It was believed that the objectives and policies of the nations could be achieved through nationalisation. It was also felt that bank deposits could be used for the economic development of the country as a whole rather than for certain industries and business houses. After nationalisation in 1969 major structural transformation had occurred in the Indian banking system. LBS became the principal instrument for branch expansion. Spread of banking and deposit mobilisation were the two most significant achievements of nationalisation.
Authors and Affiliations
Dr. Najmi Shabbir
Keywords
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