How many banks were nationalized in 1956

One of the immediate objectives was to establish additional branches particularly at district headquarters. It was also expected to provide remittance and other facilities to co-operative and other banks and attempt to mobilise rural savings. Selective Credit Controls were deployed for first time.

This was to enable the expanding currency requirements of the economy to be met. The date was crucial for two reasons. They were ideologically also similar and were exceedingly close personal friends. It was Bakshi who had given the seal of approval to Ghosh and had joined the duo late that night of 17 July for confabulations. The next day, Ghosh writes, the prime minister herself summoned him in the morning.

She wanted to be convinced that the legislative draft for nationalisation of banks could actually be prepared in less than 24 hours. When she was told that such a draft had, in fact, existed from the end of when nationalisation of five banks had first been considered, she appeared to relax and swore Ghosh to absolute secrecy saying that in case of any hitch he should apprise PNH. For the next few hours, Haksar, Bakshi, Ghosh and a few others who had been specially commandeered for this purpose, like RK Seshadri an RBI official and Niren De attorney general slogged to prepare the ordinance — which was an executive order that would have to be ratified by Parliament later.

This was one speech of hers which had not been written or even worked upon by Haksar. In his memoirs, Patel takes some pride — and rightly so — in the authorship of this landmark speech of Indira Gandhi:. I drafted the Cabinet paper and the speech for Mrs Gandhi Not a word I wrote was changed by Haksar or Mrs Gandhi next morning He may have been all that is rumoured.

But he was very able, and in my experience mostly fair and judicious and patriotic. The Corporation has its head office in Mumbai and 3 liaison offices in India Delhi, Kolkata and Chennai , 3 branches in foreign countries London, Dubai and Kuala Lumpur and 1 representative office in Moscow.

As on The authorized capital is Ra. The company was founded by Sir Dorabji Tata on July 23rd, and nationalized in with merger of Indian companies. The Company has offices and the employee strength is as on Speculative activity in the financial and bullion markets.

Defence of India Rules invoked to authorise the Reserve Bank to collect information from banks in respect of advances. This was to check advances against bullion for speculation. Interim arrangements for Bank Supervision were put in place by ordinances which were later replaced by the Banking Companies Act, These Ordinances empowered the Reserve Bank to inspect banks, as well as authorise the licensing of bank branches.

State Bank of Pakistan commenced operations wef July 1,