Public accounts

Public accounts: This is with reference to ‘Banks should perform or be privatised’ by Charan Singh (July 8). The fact is, when going is great no one thinks twice; it is only when times are bad that one starts thinking about one’s...

Save PSBs
The history and evolution of Indian banking during the last four decades do not take one to the solution suggested, namely privatisation. With the exception of State Bank of India, Indian banking sector was under private ownership for decades after Independence.
The need to nationalise was felt in the context of the refusal of private sector to cater to the development needs of the country, including taking banking service to semi-urban and rural areas and meeting the credit needs of small borrowers.
Such responsibilities are still met by PSBs. This is evident from the fact that post-nationalisation, the residual and new private sector banks together could, till date, manage a market share of less than 30 per cent in the country’s banking business.
MG Warrier


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