All India Bank Officers' Confederation Celebrates 55 Years of Bank Nationalization in Assam

Guwahati: An event was organized by the All India Bank Officers' Confederation (Assam State Unit) to celebrate the 55 glorious years of bank nationalization on Friday. July 19, 1969 was the day written in golden words in the banking history of the country when 14 major banks were nationalized. The objective of taking control of these banks by the government was to augment the growth of the economy and prosperity of the nation through social banking.

Under the directions of the then Prime Minister Indira Gandhi, common masses could get access to the banking facility, which till then was a luxury available only to the elite classes of the society. The focus was shifted to provide desired support by way of credit to agriculture and other identified priority sectors instead of a handful of capitalists. Later, six more banks were nationalized on April 20, 1980, shoring up the total of public sector banks to 20. Since then, there has not been any looking back and there has been remarkable growth in all spheres. With nationalization, the priorities of the banking sector changed from 'Class Banking' to 'Mass Banking'. The functioning has progressed from manual operations to sophisticated technology. The social banking in our country has not only passed the test of time but also exceeded the expectations

By and large, nationalized banks have achieved some phenomenal success in attaining the objectives of nationalization and a dramatic change has occurred in the profile of Indian banking, especially in the deployment of commercial bank credit and priority sector lending. Recalling the contribution of the bankers' community in the successful implementation of all the Government-sponsored schemes; for instance, the implementation of various schemes viz. Pradhan Mantri Jan Dhan Yojana (PMJDY), Suraksha Bima (PMSBY), Jeevan Jyoti Bima (PMJBY), PMAY, Bhim, PMEGP, Gold bond, Prime Minister Swanidhi Yojona, etc., just to name a few are among other significant and mammoth contribution that the Public Sector Banks have been implementing in shaping the lives of the common masses and fuelling the government's initiatives to augment success and boost its nation-building process.

While the role played by the Public Sector Banks and their employees and their recent performance needs to be highlighted and these institutions required to be strengthened, the steps taken by the successive Government to move ahead with its agenda of privatization and merger are deplorable. After privatization and merger, now the PSBs have been reduced to 12 numbers, with a menacing threat to reduce further, mentioned the officials.

Mentioning that social banking has to be strengthened and expanded and that these Banks are nation-building institutions and they must remain so, they added that it is the paramount duty of all of us to champion this cause and take it as our prime task. They also called upon the members to once again gear up and highlight the importance of public sector banks by educating the young citizens, customers and masses on the need to save public sectors just to save the socialistic fabric of our economy that a nation of our stature deserves the most.

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