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

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Credit Policy

Credit Policy THE nationalisation of the major commercial banks in 1969, though it was then so bitterly opposed by business and industry, was, it has been evident in retrospect, a landmark in the country's capitalist development. It well and truly laid the foundations of the financial infrastructure essential for such development. Without the government take-over, neither the vast expansion of the network of bank offices nor the manifold increase in the resources of the banking system would have come about. The case for the nationalisation of the banks was, it is true, formulated somewhat differently, in terms of the need to redirect the flow of the commercial banks' loanable funds, hitherto preponderantly appropriated by organised trade and industry, to agriculture, small industry and other so-called weaker sections

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