ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Banks on Eve of Social Control

 Banks on Eve of Social Control Trend and Progress of Banking in India, 1967, Reserve Bank of India, Bombay ; pp 114. THE year 1967 will go on record as an eventful one in the sphere of banking policy. The demand for nationalisation of banks became progressively more insistent, leading to significant legislative and institutional changes. The Banking Companies Act Amendment Bill was introduced in the Lok Sabha late in the year. The Bill, which was subsequently amended by the Select Committee in certain respects, requires a majority of professional directors on the boards of banks and appointment of full-time chairmen, prohibits loans and guarantees to firms in which directors are interested and further increases the powers of the Government and the Reserve Bank. The National Credit Council, a new body, was set up in December 196 7 to assess credit priorities. The impact of these developments, however, will be felt only in the years to come and the state of banking in 1967 was not affected by them.

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