Question

Why were experts against the government ownership of the banks in 1969?

Answer 1

Banks are something which work well if it has been given certain independence . Government owning all of them means all the decisions taken would be indirectly by the government .In 1969 , we were still a poor country and under process of development , There was an urgent need to upgrade the financial background of India , and Banks were something like sloppy as all of them had one owner . A 10 member board is always better than a Monopoly . That's why