53 years of bank nationalisation: Indira’s most ruinous economic move that Modi is trying to reverse
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- čas přidán 18. 07. 2022
- Indira Gandhi's bank nationalisation, 53 years ago has been her most lasting damage to the Indian economy. Why and how even Narendra Modi is shy of reversing it, what did Atal Bihari Vajpayee say and the politics around bank nationalisation. Shekhar Gupta in episode 526 of #CutTheClutter from 19 July 2020.
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You are gonna piss off some socialist here. But I stand with you in this 100%
Keep supporting trash ideology of capitalism which only makes rich people more rich
Socialist is none but one who thinks every service is for the better ment of the society in which he his family friends and neighbour's live peacefully ....on the other hand people like Shekhar Gupta knowingly or unknowingly grown by that socialism now tries to support capitalist who's only dharma js profit for that they make the system a Glass which filters everything as bad and show s only profit and a better company which makes it look good but it's not measured on social capital which it should be
Forget about Socialists. Even Nehru himself opposed the idea of Nationalization of Banks, even when a record numbers of Banks getting defaulted he refused to intervene. The only Bank he Nationalized was RBI because he didn't want India's Central Bank to be under control of British Stakeholders but even then he paid five times the actual value to them.
Currently we have a super left government trying to feed 80 Crore people, even communists russia never tried to feed people for free. If there is any socialist in the country thats Modi.
This is an incredibly dated video, and ThePrint should add notes to this video…
(1) Modi Govt has already repealed the Retrospective Tax Amendment , promulgated by Pranab Mukherjee
(2) Modi Govt has also sold Air India ,
(3) Modi Govt is also mulling a PSB Privatisation Bill in 2022, which might be tabled in the Monsoon session…
At least add the notes in the video, instead of adding dated criticisms 😊😊
And there is congress which will create ruckus everywhere to gain political mileage even at the expense of country's progress...
You have hit the nail on the head. The Print falls short in explaining anything with regard to the economy. They should stick to Politics.
Comparing the market cap is dumbest thing. Anyone into the market wouldn't compare private banks with PSUs.
It isn't anywhere near to take as a parameter to compare
Hardcore economic right SG at his best! Love it!
Forget 50 years back, even today private banks prefers rich and what would have been then. In 80s the nationalised bank continued with those employees and the exhibit those culture of which I have personal experience, it was disastrous and we are in mercy
India needed resources and that was a step needed then.
Mr. Shekar Gupta should do an honest CTC on Air India. I would like to see whether he has the honesty to find how his friend P. Chidambaram & Congress had ruined it for ever by placing orders for new planes with Airbus to the tune of 60,000 crores and then gave 130 route licenses to all the Airlines from Middle East like Etihad, Gulf Air, Qatar Airlines, Emirates etc. When the new planes arrived, there was no routes left for Air India. So AI leased these new aircraft’s to these airlines at a loss. That is how Air India went bankrupt beyond any possible redemption.
I believe he did mention that in past.
Before these private airlines came, Air india was a government monoply and it charged 50% to 100% higher than other international airlines. We the consumer were paying for the inefficient Domestic and International travel. As soon as government opened these market to private player, air travel price came done. Do you want to live in a governemnt monoply where you pay Rs 10,000+ for travelling from Delhi to Bangalore via Air India. Or do you want to live in a system, where you pay Rs 4,000 to private airlines for same travel.
Same applies to other government monoply like MTNL. My father used to pay Rs40 per minute to talk to my grandfather 18 years ago. Do you want to go back to same era when MTNL was profitable and ripping it's customer and the money was used to pay the salary of lazy, currupt government employee.
I guess we have to just accept the fact that India average IQ is 80.
NPA have doubled in NDA era as compared to UPA era by 5 times more. NPA in UPA era was 2 lakh crore and in today's NDA era it is 10 lakh crore. See the maths and also you can see it in internet. This is the real figure and not a joke. Also for your kind information before 2014 all government nationalized banks were in profit. After 2014 all the government nationalized banks went into losses. You think and imagine how this happened.
Nationalisation of banks did create employment opportunities in government bank sectors and nationalization of banks helped the poor and middle class to open their account without paying high charges and they received high amount of interest in their savings and had low rate of interest in their loans.
@@lakshminarayanan5689
NDA stopped evergreening bad loans..
That’s why the NPA numbers went up.. not because of any worsening of lending practices.. this was a much needed procedural change to find out how much rot was in the system..
Although PSBs are bad, we can't do away with them so easily.
All the major pvt banks don't lend to risky borrowers like farmers and daily wagers. That's why they are profitable.
We need PSBs but not so many. Govt. Should merge these PSBs into just 2-3 Banks and make sure these are run by the professionals with minimal political interference.
Nationalisation of banks did create employment opportunities in government bank sectors and nationalization of banks helped the poor and middle class to open their account without paying high charges and they received high amount of interest in their savings and had low rate of interest in their loans.
How bank nationalisation is a ruined move of Indira Gandhi. Can you explain it to me. Except our current Prime Minister every Prime Minister of India in the past handled the government banks pretty well. So today what is the problem in handling banks because NPA's are at the highest levels today. I don't understand the reverse logic. I am sorry to say this but I am not a sycophant of any particular political party but your statement is not justified. Also Indian economy was not that damaged till 2014 due to bank nationalisation so now what is the problem. I think Shekhar Gupta is a very Good journalist but nowadays I find you to be biased in some topics. You should not criticize the initiatives of previous government and do not justify the wrong move of the current government because every government has pros and cons.
@@lakshminarayanan5689 NPAs were at highest level when this govt took over in 2014-16. NPAs are lagging indicator, they don't show up immediately. Highest NPA level in 2016 was due to reckless lending by PSBs in previous decade.
In fact if anything, this government along with RBI has worked towards improving the NPA situation of PSBs.
P.S. I am in support of right wing economics of this govt. which is taking India towards path of Capitalism.
I am not saying PSBs are all bad, in fact for the country like India they are necessary for credit penetration where it is needed the most, for the upliftment of poor class who have no other avenues for capital.
Also, now the situation has changed we have so many Fintech startups who are providing unsecured microfinance which is helping the poor of this country. And this lending unlike PSBs is based on the transaction patterns of the borrowers using UPIs. Eg.(BharatPe)
Hence, dependency on PSBs has reduced atleast for small ticket loans.
The problem currently is that we have too many PSBs. And critisism of Indira Ji is of nationalising all banks in one go which was too much.
@@lakshminarayanan5689 You know about India's balance of payments crisis in the 90's right ?
Private banks are not safe either...u forgot tha 2008 global financial crisis....it was private banks...there other ways to fix economy....WWE have forgotten about bank failures... before independence and before nationalization..some industry is best left in public sector.....PSU banks are in loss not because of loans to poor people....they are at loss due to being forced to lend to loss making companies under political and bureaucratic pressure...
Thankyou for enlightening me on this topic. After the bank meltdowns in US and Europe, I was kinda confused on this issue - nationalization of banks is it good or bad. Seems, it has its up sides with nationalized banks giving a warm and safe feeling, but a constant vacuum pump on the states' exchequer - Chinese banks being the largest example. Thanks for the CTC!
Aim of nationalising banks good but dishonest n criminal minds when involved in its affairs naturally Bank paupers As dishonest grows in country every walk of life become dirty nasty throwing public into sorrows n griefs.helpkess people ruinous people bury banks
Chinese banks are the largest banks of the world.
Nationalisation of Banks as well as Reliance and Adani both would be beneficial to the country. Currently we have a super left government trying to feed 80 Crore people, even communists russia never tried to feed people for free.
Mrs. Indira Gandhi other than the 1971 war with Pakistan, did a lot just to save her seat. I have heard stories about emergency which was probably her worst moment. But, one has to admit that she was a strong leader and was able build a popular narrative. Thank you for an informative video
Well, she also did Pokharan-1 despite the inevitability of sanctions…nobody’s been the perfect leader! Thanks for writing in…shekhar
Nationalisation of banks did create employment opportunities in government bank sectors and nationalization of banks helped the poor and middle class to open their account without paying high charges and they received high amount of interest in their savings and had low rate of interest in their loans.
How bank nationalisation is a ruined move of Indira Gandhi. Can you explain it to me. Except our current Prime Minister every Prime Minister of India in the past handled the government banks pretty well. So today what is the problem in handling banks because NPA's are at the highest levels today. I don't understand the reverse logic. I am sorry to say this but I am not a sycophant of any particular political party but your statement is not justified. Also Indian economy was not that damaged till 2014 due to bank nationalisation so now what is the problem. I think Shekhar Gupta is a very Good journalist but nowadays I find you to be biased in some topics. You should not criticize the initiatives of previous government and do not justify the wrong move of the current government because every government has pros and cons.
@@vkm8794 now coming to defend your feku Govt because of incompetent curent Govt
Your ring wing phucked economy unemployment highest ruppe dollar exchange
Their model of revenues is to increase taxes on middle classes and reduce rich people taxes lol
@@karthika560 fake Propaganda my a😂🤣
Your cowards curent Govt Govt is incompetent and fm has same knowledge of pm in finance lol
Just because of your feku could not provide jobs economy reduce inflation
You are talking about niche failures before 2014
Basically people look at the Nationalised bank by virtue of job availability and associated benefits...they don't want to see, from the perspective of a Bank ..how a bank makes its profit ..they think goverment should give money to PSu to compensate its losses...which is pathetic mindset nothing else...Filled with Supreme selfishness
Some people are just in some sort of of commi/socialist hangover they say that government bodies are not meant to make money, i don't really understand this mindset, any sustainable company has to make some money, the government cannot pour 1000s of crores which would otherwise be used in development each year into these companies to just keep them afloat. They want the gov to reduce taxes and also keep on running these cash burning companies.
How bank nationalisation is a ruined move of Indira Gandhi. Can you explain it to me. Except our current Prime Minister every Prime Minister of India in the past handled the government banks pretty well. So today what is the problem in handling banks because NPA's are at the highest levels today. I don't understand the reverse logic. I am sorry to say this but I am not a sycophant of any particular political party but your statement is not justified. Also Indian economy was not that damaged till 2014 due to bank nationalisation so now what is the problem. I think Shekhar Gupta is a very Good journalist but nowadays I find you to be biased in some topics. You should not criticize the initiatives of previous government and do not justify the wrong move of the current government because every government has pros and cons.
@@lakshminarayanan5689 A Leftist even Supreme puppet of Congress explained it in this video ..is there any need to write me on this again ...
@@rohitagarwal4946 It's your thinking and thought. Write whatever you want leftist or rightist but nothing is going to affect me because I am a Frank and steady person. I am only bothered about my country and not any political party.
@@lakshminarayanan5689 By supporting PSU...you shows concerns for country ..very good thinking....
Sir what about the bank bail out package in america
Indira Gandhi got eternal insulation from criticism because of the Bangladesh war success..although she probably made lot of bad decisions like Bank nationalisation, emergency, forced sterilization etc
Coming to defend your feku Govt because of bad policies lol
Bank nationalisation is good for country
Rest of unfortunate slight deviations
She nationalized Bank of England which was still operating so get ur facts correct
Amusing angle to look at bank nationalisation. Banks which was fund raiser for family corporates before after this through politicians funds transfered to corporates funding now from banks profits. Corruption in all Indian life is just got into banks too.
Come on Guptaji . Everyone knows private banks before nationalization were doing crony capitalisation on a majority scale. The banking system was opac and lacked transparency. The poor and SME sectors were not attended at all . All past decisions were correct in accordance with the situations then . Let's take decisions as per present situations without commenting on past decisions.
Where's Yes bank fruad Where's Chanda kochar scam
As an observer of India from far away, it is my inference, that it was demonetisation that helped India sail through the Pandemic. Had it not been for the digital payments infrastructure, then oridinary people like my parents would have to line up in Banks and ATMs, thereby compounding the situation even further.
In UK , shops and stores banned all cash transactions to avoid human contact. Every transformation comes with some upheaval. We should be bold
For the rich. The poor lost their jobs dude during demonetisation
Its like dropping a Nuke to clear out trees.
Demonetisation was an absolute disaster and such 'Blessing in Disguise' arguments are not changing that.
@@tatakae9102 Risk ia involved in every major steps. demonetisation brought the digital revolution in India leading to formation of easy transfer system , unicorns,UPI, fintech sector growth and more tax collection.
@@divyanshsingh9138 on what cost
@@tatakae9102 no cost too great
Bank nationalisation was not that bad. When my grandparents wanted to start a business, they were finding it very difficult to get a loan as they used to give loans only to influential people. After bank nationalisation, they were able to get loans and now that concern is giving jobs to 1800 families. If not for bank nationalisation, this wouldn't have been possible
Yes sir, it has it's benefits.
Government should arrest defaulters, there are tens of nirav modis and vijay mallyas who have made banks a loss making units.
Bank nationalisation is what made banking affordable and reachable to the last section of the society.
In an era when pvt banks were falling like stacks of cards, this was one of the prominent steps taken by mrs.gandhi.
How much proportion of today's population has the capacity to avail the services of HDFC,Kotak and Axis?
I myself is a banker today. I would have gone gone on to become some motor mechanic or car wash guy if it was not a nationalised bank that supported me by providing education loan in 2014.
She didn't nationalized one bank.
She nationalized all the bank.
Today we have a good mix but in the 80s we were doomed.
Middle class dint get any loan. Govt banks wants to mortgage land/house/gold for loan.
Not many could get loan and afford a bike or TV
People started using private chit funds.
Many imbeciles still believe the socialist theories. It helped poor blah blah
No. It helped bank employees live comfortably. Helped babus keep control on the society as they can pick winners by giving recommendation letter for loan.
@@marshalLannes1769 wrong info. She nationalised major ones but not all. There still remained old generation pvt banks such as federal bank, dhanlaxmi bank, etc. and many more that collapsed later on.
Thanks SG!!
I like your videos, straight from my 💖
Except 😳😳 when the videos are one sided!
Excellent Reviews 👌 we learn so much from Shekhar Gupta
When is bank insurance pvtisation can be done?can it be done.?.it's so populist measure...to nationaise ..can modi govt do it to denationlise? It's v hard question..it's now approximate time for pvt isation
Shekhar, Agree that the bank nationalization was a very bad idea. However, the current govt is reversing it not because of any excessive urge to privatize. NO OPTION is the only reason. Tomorrow if India gets a windfall from somewhere, the current govt will nationalize all banks claiming national interest 😂
Dumbo current Govt is doing because of revenues not reforms lol
But the opposition doesn’t understand the mistake of nationalisation as yet. Can you help- yes. Please do. Let Modi do it
This is like inception. Old CTC recycled which in turn references an even older CTC episode!
Even today private banks have not reached the rural areas. There are only Govt banks who could operate in such areas even if they were in net loss. Private banks seek profit not public cause. So your conclusion is completely biased.
Really we are border town with hdfc axis Bank
@@ridhammahajan8482 That’s good but this is not true for most of India. This is why villagers put their money in cooperatives which often go bankrupt.
sbi was owned by govt since pre independence. It was called imperial bank then, there was no public cause and need to nationalize banks and sbi owned brands like various state banks. It was purely a move for power. Even today, sbi has more reach than other psbs . psbs are just drain on taxpayers
@@riteshgupta4002 Your reply has emotions not facts. Of course if a bank works in many loss making areas and provides services to poor sections which can not give much profit then it will not earn much. That’s why private banks will not help in financial inclusion.
@@kunfoopanda my point was sbi was there for fulfilling those objectives and doing good work in it. I have no problem if sbi earn less profit but other psb are not helping much in this regard which were nationalised in 1970s. They are just burden on exchequer.
Only Bank employees have been benifited
Nationalisation de nationalisation re nationalisation every 25 years is required
I do not agree with Sekhar Gupta.
If I weigh pros and cons, I feel Bank nationalisation , apart from the legality and ethics of acquiring private business, was a game changer. It brought banks to the doorsteps of poor and the deprived lot felt empowered.
His quote of Minoo Masani's comment is baseless. The comments were generic. It was a comment of how politician and babu nexus have brought everything to naught. It applies to everything where politicians and babus are involved.
Instead of addressing the core issue of Governance, attributing the failure to a decision that had a paradigm shift of the economic environment is foolish.
Infact, Modiji has built his reforms on the same base and is morally bound to defend the decision and improve upon it.
The comment is bookish and misleading.
Actually ,it is a shame on the part of
Modi to give such staments. In fact,
The Nationalisation of Banks in
India had helped the country to a
great extent.Its benefits and uses
were huge and varaied.They are
1 It had brought all the private
Banks under one umbrella.
2 It had created huge employment
opportunities across the country.
3 It had relieved common people
of India from the clutches of
private banks and money
lenders.
4It had facilitated the people
to make easy and faster banking.
5The invested money by the
public through FD was
utilised for national
developmental works such as dams
large scale industies,const of steel
plants,air craft industies,& locomotive
factories etc.
Then how that Nationalisation of
Banks ruined the economy of our
Nation. Actually speaking whenever
BJP comes to power in our country
first it gives shock to our nations
Economy. The consequences of
Modi led Bjp govt. is before us &
they are countless. To mention imp.
few Notebandhi,unscientific GST
Burning problem of unemployment,
Soaring market prices including
Petrol& diesel and privatization
of public sector undertakings.etc.
The decreasing value of Rupee
In the present condition of our
Country,the commom man is
tortured with burden of heavy taxes,
While Modi is goes on shifting the
blame on previous govt. and goes on
building temples & complexes and
also erecting huge unwanted statutes
at cost of public money. Then whoes
Economy is better that time or
this time. Jai Hind !
Basic difference is that in tough times a private bank runs out of its own money and a PSU bank runs out of our money.
No bank has its own money (not to a huge extent) anyway. People will still lose their money or govt will ask one the nationalised banks to invest our money in to the private bank.
If a private bank default and cash out its profits. Who will bailout the mess created by the private bank owner? The state right? Aka the taxpayers. So it is okay to privatise for the capitalists to profit, but when it fails, it is the state's responsibility to save them up?
@Shekar Gupta ji, please also talk about stupidity done by the current government. INDIRA & NEHRU is not responsible for current economic situation.
You are wrong about SBI's evaluation sir SBI Yono is worth $50 billion not all of SBI.
In fact it's the only Indian bank in Forbes list
Please tell me private banks working good in india now. We didn't know when they will close. They are helping only big industrialists not paying poor people money
India need 3-4 BANKS ONLY. They should be big banks and reach everycorner of India. It gives them more power
Dear SG, You do a video very critical of Indira Gandhi, that makes BJP & Co very happy about you! Very smart!
Gupta ji 🙏
Brilliantly explained, would like to listen to your talk on Demonetization 1 & 2
Does Modi even understand the mistake before he tries to reverse it ? 🤣
But Common folk in the street quite Afraid of the word " Bank Privatization ". They commonly say " Bechdia sabkuch" in bengali " bachedilo". Everything good in economy may not be good in politics. Special thanks to The Print for raising people awareness about evil effect of Bank nationalization.
Who have saved yes Bank and thier depositer
While he is about it, please ask him to reverse the effects of demonetization as well !
Demonetization was indeed disadvantages in the short term. However, bank nationalization is having negative effects till date leading to less than desired management of PSBs leading to middling credit growth, corruption, political interferences.
To think demonetization was “disadvantage” is very limited thinking on inconvenience, it’s purpose to shakeup the entire currency, which rapidly led to digitalization. India currently performs 40% of entire digital payment/transaction. Can you imagine this before 2015?
@@fromearth4546 Still IMO the costs not worth the gains. Broke the whole growth momentum which never really recovered after GST, NBFC crisis and Covid. We're finally beginning to accelerate now.
Agree that digitization won't have happened this much but still not worth the pains especially when govt knew that GST was in the offing. Also, evasion in real estate, financialization of household savings, crackdown on fake currencies were other benefits.
And btw, any strategy/policy action should be judged on the objectives it sought to achieve - digitization was not one of them.
@@adityabatman26 dumbo oh really see the news properly first not whatsapp university or Godi media lol sources here
Your feku Govt is incompetent destroyed economy created unemployment high etc
Our Socialist mentality will not change.. Only through responsible capitalism wealth can be created and welfare measures can be carried out..!! But alas.. there will always be resistance.
So many well performing banks ex vijaya bank...went to the dogs due to grandma's myopic views
Great episode
Why didn’t Vajpayee change the structure? Would be interesting to know
Yes bank, ICICI had their share of scams! What makes people think that privatisation of banks will make them immune to corruption?
Just curious to know , not opposing the idea !
Government running any sector is going to lead to corruption. A private brand has its goodwill at stake and can go bankrupt if not run well. It's not possible with a nationalised bank, even their management knows if we fuck up we are going to be bailed out with tax payer money.
Any business enterprise can fall prey to corruption, that is not the issue w.r.t bank nationalization. Just two words - Capital Allocation, that is where PSU banks have failed. Its beyond the scope of youtube chat to explain it any further.
PSU Bank NPA's are many time more than private banks. Govt makes periodic capital infusion or else all will be bankrupt.
There is difference between privat entity indulge in corruption vs State indulge in corruption.its.lime saiyya bhaye kotwal ab daar kahe ka
Sir please also create a video on devastating impact of demonitization by Modi on India economy.
For a change I agree with Sekar Gupta
Please make a #cuttheclutter video on Mandal commission
Nationalized banks saved indian economy in last global economic turmoil. It brought stability in banking sector and public trust in banking system. Indian private sector is not properly monitored.
Most of the bank loans defaulters are those who hv taken huge loans and created NPAs and they invariably belong to the Bania bamman cabal and manuwadi politicians …
May be the need of the hour of at those times was PSBs , when India didn't have booming economy(on paper atleast) , when education was not available to every citizen and other social perills holding India back (it still is ). Comparing then Indira ji's decision now is like comparing Ambassador with S-650 both (different era).
I'm a graduate of engineering because of a nationalised bank not because of a private bank. Fortunately I had opportunity to work with private bank for few years where they don't entertain also education loan for poor and middle class. I'm one in million that's it.
Today most of the government schemes, business loans and education loan are given by only nationalised banks. When many pvt funds and financial companies closed people flocked to save in govt banks. Even today people trust govt banks more than pvt. Sbi is still the largest bank in India. Pvt banks are asking for minimum balance of 5000 or 10000, but PSB don't even ask that. In india government banks have created a stable income group propelling growth. There is always two sides to the coin. Ya there are issues, but socialism has its benefits.
Republishing doesn’t help as many facts are inaccurate today.
When ever Shekar twisting his hand(while analysis) means he’s twisting the truth 😀
I’m curious has srilanka opted for banking privatization
SG focused on the ‘errors of commission’ that resulted from nationalization of banks..
Errors of omission (or lost opportunities) are even greater..
The system starved industry of requisite capital; deprived us of developing credit systems; pushed people and even institutions to seek loans/capital from unsavory elements.
Aim ka fan lag rhe ho
@@Tenohekabanzai
Haha.. I am.. Abhijeet is awesome
Wah gupta ji , now this is true liberalism
Cut the clutter so early today. 🙂
It's old episode
I am often puzzled at the absence of any criticism of Mrs. Gandhi from the right-wing's propaganda machine, which seems to keep its gunpowder dry for Nehru . She perhaps did more than any other PM to stifle this country's economy with her iron grip on it. Perhaps they don't dislike her too much because she had an authoritarian streak.
Now has SG has mentioned it she literally did nationalisation of banks because for her own political gains . What's more worse can be done . Never seen a single BJP IT cell posts targeting Indira about this move .
She was one of the best minister this country had seen under her only this country developed so much
@@Vizorfam your are on drugs
Atal bihari vajpayee is best pm
Quite possibly also because of the decisions taken during '71 war - splitting your nemesis into two permanently will leave a lasting impression, even in the minds of political rivals
Because she is still very popular, justly or not.
People were losing money depositted when private banks simply closed due to poor management and frauds. Bank nationalization was one of the few good moves of the time. Those were the times of hardship when our grandparents were struggling to have income in the post independence india. And they could not affors to lose the hard earned money because of frauds. With todays restrictions on cash transactions it becomes all the more important for the govt to be responsible for the money we put in the banks. Else govt should open up the cash transactions. After so many regulations by rbi still in the past 5 yrs so many banks were on the brink of closure, whether it was a cooperative bank or any other big private bank or any nationalized bank.
I agree. Know of several cases in west Bengal. Specially in smaller cities banks were closed overnight and their owners disappeared overnight with money from poor
Will HDFC and ICICI give crop loans to farmers and not sell their farm lands on default.
The minimum deposit for a normal savings account in a Public Sector bank is around Rs.500-1000. For private banks, the average monthly balance is at least Rs.10,000. Who will be losing due to privatization now? The poor, needy, common man. The public sector banks encounter difficulties due to High Net Worth Fraudsters and Defaulters; NOT due to the common man.
This article is really anti-people and pro-privatization. If banks are privatized like in USA, the general public, especially the poor, is sure to be looted by draconian profiteering by private players. The Print is giving a really narrow, profiteering-biased view to spread amongst the Indian public. Really let down and disappointed by this author and the article. Articles and discussions like these promote a profiteering, public looting culture.
All the Media does not even want to analyse matters critically but try to approve everything and curry favour with the govt. If someone criticises he/she is labelled leftist/libtard/liutyenwalas.
Great information, I do have a query... ever heard of a town called Nalhati...in west benagal ? A small town of population not more than 2 lakh. That town has 3 banks and all are PSU banks. And it's not a case of one place in India...how many of these private banks have branches in tear 3 and 4 towns. Please elaborate on how many policy implementations of the govt have been done by private sector banks. Or just give a data of the time of demonitisation, when "loss making" PSU banks were over crowded beyond their capacities. Or when the adhaar card operation was done on war mode.
अशोभनीय means Disgraceful, inappropriate etc, and not 'ugly', dear Shekhar sir.
Times Change. The decision made yesterday should not be judged now based on today's facts.
Shekhar g, you are rich elite..just visit a psu bank in rural area, u will instantly know who will suffer from bank privatisation. And hopefully, u will be enlightened
The continuous shaking and moving or camera makes the video unbearable.
In 1969, the country was gripped in a socialist frenzy. We had won independence 22 years earlier from a colonialist and capitalist power. Our biggest international ally was a Communist country. People believed that the best thing for the country was nationalisation of everything. Socialism was the panacea of all ills at that time.
Today times have changed, capitalism has taken over India and its people now by and large agree with it. People don't like the idea of hypocritical socialism. USA is the role model for most urban Indians. Times change and we change with it.
You go to the USA and you can see millions of people are homeless, hungry, without education and without even primary health care.
US capitalism thrived on capitalising other countries' resources. Staging coups, funding rebels to terrorists, killing or kidnapping presidents and then privatising all the nationalise resources of those respective countries to American firms. And when the US does not achieve its goals to control those foreign resources, you'll end up like Venezuela, sanctioned into oblivion. Meanwhile, the ignorant Indians are praising such an economic model because of the wealth appropriated by the Americans. 🙌
Why do reporting drags on the past 75 years old government. Seventy five years are long years where economic system population and world trade changed. So it's natural that the past policies are not going to be feasible with the present. *Failure to run the government in the present time is the easy way to blame the past 75 years policies and the government*. It is the easiest way to make an excuses.
The service is one of the the worst in these banks. I have to spend hours to do simple transactions. If we were to privatize now, the staff will bring the country to a halt.
Having said that, the private banks are not doing great. They are failing too bankrupting their investors and customers
And who will bailout them out when these private banks fail? The state, as always, aka the taxpayers. The private bankers will cash out the profits, while the taxpayers will pay for their mistakes. A system designed for the private bankers to always profit on the wealth of others.
@@porkysharma8423 welcome to capitalism. Privatizing profits and socializing losses. That is still better with good regulation
Why is Shekhar not reciting the reasons that caused banks nationalisation …..
Bank Nationalisation had long term pain. But demonisation created the digital economy.
What would have happened if banks were given to private. The country would now be with only few people.
Priority sector lending by nationalised banks had brought about huge transformation in rural areas and the default percentage is also lowest
Nationalisation of banks in 70's was the need of that time. In post independence period Indian capitalist class was not that resourceful to invest enough to build industries and businesses.The then government took up that responsibility to build infrastructure such as railway, telecom and river dams with the funds from the exchequer. The industrialists took huge loans from the nationalised banks and built their industrial empire and then never cared to refund the loan. Down the years, after Indira Gandhi, sucessive governments just closed their eyes towards the default industrialists and nationalised banks are now forced to bear with the huge amount of NPA and made as scapegoats for privatisation.
No the govt. crowded the private firms out by cornering every penny for themselves and botched up everything. Now, first priority for poor people is food and they even could not provide them with that in 75 years after independence, govt. failed on all front, in the contrast look at South Korea, Japan, China, Vietnam, Taiwan, these countries started similar to us, but they did not what India did. If anything Indian govt. did correct is to present itself as a teacher by negative example I.e. what a govt. should not do.
She nationalized Bank of England which was still operating under central bank ! She gets assassinated
Sadaam gadafi both tried to nationalize assets which resulted in assassination !
Govt banks helped millions of poor and middle class people and even cookies n farmers.even I became a doctor just because of Govt Bank long ago.it was Indira best decision. In future poor people and small farmers never helped by banks. Modis future india is bright
It's not surprising that retrospectively people become wiser. Shekhar Gupta took 50 years to realise that.
In the end I thought he was,in fact, praising YES Bank.
Our society has atleast 50 lakh Rs.stuck in Punjab Maharashtra Bank for last 3 years. I think it's a private bank.
Mr. Modi's picture was flashed atleast 7 times in the video( As if people don't know him)
I think something is wrong here.
Outdated criticism? ( Especially when there are so many things going wrong in the present governance!)
Does it fit in in the essence of journalism?
Take your pick!
As a part of PSB , I think Privatisation or even Mergers of the PSBs right now in economic turmoil everywhere is too much risky
Why has it not been reversed in the last 53 years. That is the question to ask. Who would push away a heaped plate of dessert, with extra lashings of cream.
Gupta completely ignore about how all the bank become sick NPA to be mentioned of big brother is much bigger than capitalisation amount
Very true. Successive Indian governments have failed in doing businesses effectively. Our politicians are most honest and hardworking and best in winning elections but not in doing businesses and generating incomes. That’s why , one party system, with Modi as prime minister for whole life , similar to China , will be huge benefit for india. India is a Hindu rashtra. Why to waste money on elections, why do we need Checks and balances when, most honest truth speaking prime minister like Modi is there to rule india forever??? I think , india under Modi leadership, with Hindu rashtra, run by Hindu Vedic laws and combine with private business ownerships will make india the most powerful and richest country on this planet
Asadharan?
Alag?
Say something abt recently added GST to essential commodities..abt inflation..u won’t
I was thinking about SG... for years and was unhypheneted. This episode proves SG is opinionated and not as unhyphennayed as he thinks and makes us believe.
@SG your kind of balancing act journalism is useless
Cut the clutter so early!!!
Yes it should start
Dumb. We need to understand at the time of the Bank Nationalisation, Banking coverage / no.of branches / deposits, etc.etc and what it is today
Instead of blaming PSBs, Government would think of how to get back the Loan money from industrialists and bring them back to nation.
There are private Banks are operating in India.
In an outdated episode to blame Indira Gandhi, SG is blaming Modi instead for things we are actually done.. such as air india privatization. Why is this outdated episode reposted???
There will always be expert comments in hindsight. All leaders past and present who are dictatorial will definitely make some bad decisions ..... There is no such thing as perfect. It's the good intentions that matter.
A lot of data point is just incorrect. Hdfc, SBI, etc market cap is wrong! SBI is 4lac cr plus market cap , more than kotak! Hdfc bank is 7.4L cr.. air india is already privatized while you mention in passing that it's yet to be privatised... PSU vs private share of advances etc rbi releases on quarterly basis so there was no need of parliament data extrapolation.. also, you did not mention one of the biggest benefits of psu banks - opening Jan dhan account for direct benefit transfer.. no private bank wanted to open these en mass .. also modi did not privatise banks in past because they were not in a position to be privatized - they needed cleanup. !
The phenomenon of bank failures by the dozen during the late 60s, early 70s seems to have been deliberately glossed over by SG. If this is unintentional, then that's evidence of incompetence in the research dept. If intentional, then that's incompetence on an executive level. And lack of a moral compass as well.
Viewers are advised to pay greater attention to the history of the Indian banking sector post-independence, incl the activities of foreign banks that operated here before bank nationalization happened.
Also, a word to the wise, and I really cannot stress this enough. Shekhar is no hero, and a CZcams video is not a substitute for such topics that transcend straightforward journalism and move into Post Colonial Economic Policy and Cold War history. "Huwa ki nahi" is a retrospective critique which does not adequately analyse the paths and the choices that faced us during that decade, both economically and strategically.
So there really is no need to worship him and hang on his every word like it's the gospel truth in complex issues such as this. Do yourself a favour and do your own research as far as this topic is concerned.
SG finds new ways of sucking up to the present political masters.
First time i am not really convinced with the view. You should always tell both sides.
Today whoever bats for PSU banks being nationalized ...If you ask them to invest money in market, they will buy private bank shares like kotak n hdfc . Irony