For the past three decades, in the name of new economic policies,
successive Governments have been pursuing and advocating banking
reforms measures like privatisation of Public Sector Banks,
encouragement to private sector banks, open tap banking license
policy, liberalisation of banking regulations, weakening, if not
dismantling, social banking, concessions to corporate defaulters,
weakening priority sector credit, commercialisation of rural credit, etc.
There is repeated and orchestrated propaganda from votaries of
private sector banking that public sector banks are not efficient, public
sector banking is no longer relevant, private banks serve the people
more efficiently, etc.
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