Tuesday, Dec 21, 2004
Tuesday, Dec 21, 2004 |
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This Day That Age
Outlining the economic policy of the Government of India in the Lok Sabha on December 20, the Finance Minister, Mr. C.D. Deshmukh, announced that the Government would assume effective control over the Imperial Bank of India as soon as the necessary arrangements could be settled. He also announced the Government's acceptance of the recommendation of the All-India Rural Credit Survey Committee for the establishment of a State Bank of India into which should be fitted by amalgamation the Imperial Bank of India and certain other banks which are already in various degrees associated with the State Governments. The recommendation envisages the creation of "one strong and integrated commercial banking institution" with the major part of the share capital of the institution being held by the Government of India and the Reserve Bank together.
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