In my VIEW! Indian Banking Sector Jan Dhan Yojana announced by the Honorable PM Modi from the Red Fort and inaugurated by him nationally, as well as in other parts of the country by Union Ministers on 28th Aug is not a new project. Swabhiman started on Feb 20, 2011 by UPA 2 is the original project by which it was aimed to make every citizen in the country to have bank accounts and facilitate financial inclusion. The credit for the growth of Indian Banking Sector goes to a host of former Congress Prime Ministers. It was the Late PM Indira Gandhi who Nationalized the small, privately held commercial banks on 19th July 1969. As a result 85% of the banking sector came under the Government Regulator with full control and monitoring. This resulted in ensuring Social Welfare, Controlling Private Monopolies, Expansion of Banking Sector, Reducing Regional Imbalance, Priority Sector Lending and Developing Banking Habits across the population. A number of political parties including the Left Parties and the Jan Sangh opposed Bank Nationalization, which helped create bank branch network across India, consolidation of the sector and made banking accessible to common man. Late PM Rajiv Gandhi effectively utilized telecommunication to strengthen and modernize our banking system. Computerization became the backbone of the banking sector in India and on-line banking platforms helped the Indian consumers residing anywhere in the world to easily access their accounts. The next step to New Generation banking was introduced by Dr. Manmohan Singh under the Prime Ministership of Late P.V. Narasimha Rao. It was in 1994, India saw the advent of banks like ICICI Bank, IDBI Bank, UTI Bank, HDFC Bank to name a few who were given banking license and are today forces to recon with even globally. Foreign Banks came in a large way and established their presence across India during the time. These steps introduced Indian customer to the latest in banking practices, brought in competitive benefits to consumers and brought the retail revolution to the country. UPA 2 govt initiated National Population Register and Aadhar so that every citizen will have all their transaction through the banks. During the UPA tenor, bank branches increased from 50,000 to nearly 90,000 and banks accounts doubled from 40 crore to nearly 80 crores. All these developments in the banking sector in India for the last 45 years has brought the common man nearer to the banks. Even though Jan Dhan Yojana started by PM Modi is a commendable project, the credit in developing the banking sector goes to the former PMs Late Smt. Indira Gandhi, Late Shri. P.V. Narasimha Rao, Late Shri. Rajiv Gandhi, Dr. Manmohan Singh and the Congress Party.
Posted on: Fri, 29 Aug 2014 18:44:39 +0000
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