All India Bank Officers’ Confederation (AIBOC) observes 50 years of bank nationalization

Guwahati, July 19: The All India Bank Officers’ Confederation (AIBOC) congratulates each one of the public sector banker for the 50 glorious years of bank nationalization observed on Thursday and gratefully acknowledge the contributions made by each of the citizens of the country in the eventful journey.

In 1969, July 19th was the day written in Golden words in the Banking history, when 14 major Banks were nationalised. The objective of taking control of these banks by the Government was the growth of economy and prosperity of the nation through social banking. 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 regard to attaining the objectives of nationalization. A dramatic change has occurred in the profile of Indian banking especially in the deployment of commercial bank credit. Recalling the contribution of the bankers’ community in the successful implementation of all the govt sponsored schemes.

While the role played by the Public Sector Banks and its employees and its recent performance needs to be highlighted and these institutions required to be strengthened, the steps taken by the successive Government of moving ahead with its agenda of privatization and merger is deplorable. Public Sector Banks have to be defended and saved. Social banking has to be strengthened and expanded. These Banks are nation building institutions and they must remain so.