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ISSUE DATE: December 28, 2020 UPDATED: December 18, 2020 23:41 IST India Today magazine issue, December 28, 2020 In a move designed more to buttress her socialist credentials than for any compelling economic reason, Mrs Indira Gandhi nationalised 14 of India’s largest private banks, which held 85 per cent of the country’s deposits, in 1969. Over the years, these nationalised banks have deepened bank penetration in the rural hinterland and increased credit to agriculture, although some have argued that this could just as well have been achieved by exercising social control over private banks. Meanwhile, the collateral cost to the Indian economy has been enormous as it set in motion a gravy train on which politicians and crony businessmen have taken a free ride ever since. There have been loan melas where banks were forced to extend credit with little chance of recovery, thanks to electorally-dictated populist compulsions. Today, about 65 per cent of India’s banking sector (by

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