Aditi Arora, Maharaja Agrasen Institute of Management Studies, GGSIPU
Introduction
This paper examines the concept of Nationalization and its History. The positive and Negative impact of nationalization or examines the pre and post Nationalization Era. Moreover, it also emphasis on the Need of Nationalization. Furthermore, this paper talks about the social control over banking. Thereafter, suggests the final thought pertaining to the concept of Nationalization and social control over Banking.
The term “Nationalization” refers to the transformation of the Private industry or commerce into a state owned or public owned commerce. Subsequently, Nationalization of Banks refer to the acquisition of majority of the stake of private banks and transforming it into a public ownership of a national government. The First Bank to get nationalized was Reserve Bank of India (RBI) on 1st Jan, 19491. Through Transfer of Public Ownership Act. Thereafter, in 1969 and 1980, 14 and 6 Commercial bank of India underwent the process of Nationalization respectively.
Moreover, Banking companies (Transfer of Undertakings and Acquisition) Act,19702 was passed keeping in view to take over certain Banking institutions.
