Short notes on the Achievements after Nationalisation of banks

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To conclude, nationalization of banks in India did a wonderful job, particularly in the following areas and spheres of activities:

(i) Taken banking service to rural and remote areas.

(ii) Awaken the rural masses about the need and usefulness of banking service.

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(iii) Helped enormously speedy transfer of funds from one place to another.

(iv) Provided thousands of job opportunities to educated youth.

(v) Made credit available to neglected people like agricultural labourer, small traders at reduced interest rate.

(vi) Helped to free the rural poor from the clutches of moneylenders.

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(vii) Ensured adequate and timely credit for agricultural activities and farming opera­tions.

(viii) Priority sector advances ensured adequate supply of credit to weaker sections of the society like village artisans, labourers, scheduled caste and tribes.

(ix) Helped export sector to obtain cheap credit.

(x) Ensured even-supply of credit to various industrial activities.

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(xi) Avoided diversion of funds for harmful activities like speculation in shares, hoard­ing of essential commodities investment in real estate’s etc.

(xii) Removed concentration of wealth in the hands of few industrialists.

(xiii) Ensured use of public money (deposits of public) for social and desirable pur­poses.

(xiv) Removed regional disparities in economic development.

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(xv) Helped implementation of various welfare measures formulated by Government.

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