Friday, June 06, 2025 | 11:31 PM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Let customers enjoy freedom from banks' tyranny

The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market. But, there is no end to the harassment of customers

Image
premium

Tamal Bandyopadhyay
As we celebrate the 75th anniversary of Independence, let’s take a look at how the banking sector has evolved in India since 1947.

There were 97 scheduled commercial banks in 1947, collectively holding Rs 1,090 crore deposits; the advance portfolio was Rs 475 crore. Imperial Bank had little over one-fourth share of the deposits — Rs 287 crore. There were 551 non-scheduled banks.

Post-Independence, the biggest milestone for the banking industry was nationalisation. In 1969, 14 banks with deposits of at least Rs 50 crore each were nationalised on the midnight of July 19. A second round of nationalisation followed in 1980
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper