On July 16, 1969, Prime Minister Mrs Indira Gandhi asked her core team to finalise the modalities about nationalisation of private banks. Before they could perhaps even inform her that it might require at least six months, she announced the nationalisation of 14 banks on All India Radio three days later on July 19.
The country’s economic policy came full circle when Finance Minister Nirmala Sitharaman announced in her 2021–22 budget speech the government’s decision to put IDBI Bank, two public sector banks (PSBs) and a general insurance company under the hammer. Last week, the Union government invited bids for IDBI Bank.
