Nationalization of banks is one of the most significant event in the history of India which took place in 1969 under the then Prime Minister Indira Gandhi. The Indian banking system has passed more than 5 decades. There were number of reasons responsible for such a historic event to take place. There were debates going on all over the country. Nevertheless, after more than 50 years, there are still some obvious changes needed in the system. Many do not have an access to formal money and banks are over burdened with bad loan credits. These along with many other reasons that are good enough for a course correction. There are plenty of advantages as well as disadvantages. This article aims to provide a good understanding of the topic including the history, reasons, pros and cons and the current scenario.
