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Bank nationalisation anniversary today

By Our Staff Reporter

KOLLAM, JULY 18. The district unit of the All Kerala Bank Employees Federation will observe the 35th bank nationalisation day by organising a function here on July 19. The function will be inaugurated by the CPI leader, Thengamam Balakrishnan.

In a statement here the district unit secretary of the federation, M.M. Anzari, said that the bank employees would use the occasion to further promote the concept of people's banking.

He said that the federation considers bank nationalisation as one of the most progressive developments in the history of free India. The nationalised banks on their part had played a big role in the socio-economic progress of the country. From 8,268 branches 35 ago, today banks are spread out in the country through 65,000 branches.

The federation would continue opposing moves for privatising the banking sector. In order to ensure the progress of the nation, especially the rural sector, it is imperative that the banking sector remains under the full control of the Government. The Federation expects the Government to buy back those bank shares which had been sold to the private sector.

Branches should be opened in those rural areas where there are no banking facilities.

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