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

Credit Policy

Credit Policy THE nationalisation of the major commercial banks in 1969, though it was then so bitterly opposed by business and industry, was, it has been evident in retrospect, a landmark in the country's capitalist development. It well and truly laid the foundations of the financial infrastructure essential for such development. Without the government take-over, neither the vast expansion of the network of bank offices nor the manifold increase in the resources of the banking system would have come about. The case for the nationalisation of the banks was, it is true, formulated somewhat differently, in terms of the need to redirect the flow of the commercial banks' loanable funds, hitherto preponderantly appropriated by organised trade and industry, to agriculture, small industry and other so-called weaker sections

Subscribers please login to access full text of the article.

New 3 Month Subscription
to Digital Archives at

826for India

$50for overseas users

Get instant access to the complete EPW archives

Subscribe now


(-) Hide

EPW looks forward to your comments. Please note that comments are moderated as per our comments policy. They may take some time to appear. A comment, if suitable, may be selected for publication in the Letters pages of EPW.

Back to Top