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Wednesday, Oct 27, 2021
Outlook.com

Is Your Money Safe? Why Indians Are Losing Their Trust In Banks

Bad loans and frauds are just some of the symptoms of illness that is afflicting the Indian banking sector. Even the Reserve Bank of India is worried that the common man is losing confidence

Is Your Money Safe? Why Indians Are Losing Their Trust In Banks
Where Is My Money? | Photograph by PTI
Is Your Money Safe? Why Indians Are Losing Their Trust In Banks
outlookindia.com
2019-11-01T16:43:53+05:30

Nationalisation Of Indian Banks & Privatisation

  • January 1, 1949 Reserve Bank of India nationalised
  • July 1969 14 commercial banks  including Central Bank of India, Punjab National Bank, Bank of Baroda, Dena Bank, Allahabad Bank, Dena Bank nationalised
  • October 1975 Regional rural banks set up to promote financial inclusion
  • April 1980 Six more commercial banks­—Andhra Bank, Commercial Bank, New Bank of India, Oriental Bank of Commerce, Punjab and Sindh Bank and Vijaya Bank­—nationalised
  • 1990s Private-sector players allowed to open banks based on 1991 Narsimham Committee recommendations. ICICI Bank, HDFC Bank, Axis Bank and IndusInd Bank among others given licence. Several private banks later put under moratorium due to mismanagement and some merged with PSBs or bought over by other private banks.
  • 1991-2010 25 banks became non-existent between 1991 to 2010. These ­include Bank of Punjab, Ganesh Bank of Kurundwad, UFJ Bank Limited, United Western Bank, Lord Krishna Bank, Sangli Bank, Bharat Overseas Bank, Parur Central Bank, Purbanchal Bank, Bank of Karad Limited, Kashinath Seth Bank, Punjab Co-operative Bank Limited, Bari Doab Bank Limited, Bareilly Bank, 20th Century Finance Corporation Limited, British Bank of Middle East, Sikkim Bank Limited.

***

Sitara Devi, 65, is mighty worried these days. A former ­tea­cher based in Pune, Devi thou­ght she had her future fin­ancially secured with all her retirement benefits, amounting to over Rs 25 lakh, deposited at the Punjab Maharashtra Cooperative Bank till it was hit by a massive fraud a couple of...

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