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

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Indian Overseas Bank-Directors Report 1969

Directors' Report: 1969 THE outstanding event of the year 1909 in the banking sphere was the nationalisation of 14 major Indian scheduled commercial banks The public sector banks, including the State Bank group, control an estimated 84 per cent of the aggregate deposits of the banking system. Nationalisation has imparted a new momentum to the banks to reach out to areas and classes hitherto uncovered by modern banking. Judged by indicators like geographical expansion, resource mobilisation and functional diversification, the banking system as a whole recorded impressive progress during the year 1969. Scheduled commercial banks opened as many as 1337 new branches against a total of 1068 branches established during 1967 and 1968 put together. The accent was mainly on covering hitherto unbooked towns and villages. Deposit resources recorded the highest ever increase of Rs 621 crores as compared to Rs 458 crores in 1968. Bank credit rose by Rs 516 crores against Rs 344 crores in the previous year. Credit extension was weighted in favour of hitherto neglected sectors like agriculture, small-scale industry, small trade and the self-employed. With credit growmg at a faster pace as compared to deposits, banks invested less in government securities

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