ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Control without Ownership

November 11, 1967 THE mock-fierce battle for social control of banks has. for the time being, calmed down into the pleasant administrative task of setting up a credit council and reconstitution of hoards of directors. This convivial activity does little to amplify the basic purposes of social control or, for that matter, to set out the organisational and structural changes that are necessary for achieving those purposes. Bankers can take comfort from the current pre-occupation with setting up of new agencies and distribution of the largesse of directorships to the newly emerged professional class which welcomes power commensurate with its role in economic life. Till a few months back, bankers waxed eloquent about the irksomeness of controls; now they have suddenly discovered the virtues of tighter controls as an alternative to nationalisation. This interlude does not absolve either Government or the ruling party at the Centre of the need to spell out what they wish to achieve from a new pattern of control over hanks with or without state ownership, and how these wishes are to be translated into action.

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