India reaping benefits of bank nationalization: Mukherjee

India reaping benefits of bank nationalization: Mukherjee
PTI
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First Published: Sun, Jul 19 2009. 11 52 PM IST
Updated: Sun, Jul 19 2009. 11 52 PM IST
Raiganj: Noting that India is reaping the fruits of nationalisation of banks, union finance minister Pranab Mukherjee today said country’s nationalized banks are staying healthy even during slowdown in global economy, which has led closure of many private banks in Western countries.
The nationalized banks in the country are making healthy progress and making profits while many private banks in the Western countries have either closed down or declared bankruptcy, Mukherjee said here while distributing Kishan credit cards to farmers.
Forty years ago, on this day, Indira Gandhi took the great step of nationalizing banks in the country and today the people of the country are reaping its benefit, the union finance minister said.
Mukherjee said when the UPA government had announced the loan waiver for the farmers in 2008 the critics had said that it would make the nationalized banks sick.
“None of the nationalized banks had become sick after the Rs60,000 crore loan waiver for farmers was announced by the UPA government in its budget in 2008,” he said while distributing the cards to the 5001 farmers of North Dinajpur, South Dinajpur and Malda districts at a function of United Bank of India (UBI).
UBI chairman and managing director S C Gupta was also present on the occasion.
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First Published: Sun, Jul 19 2009. 11 52 PM IST