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| | Rediff On The Net Business News: Bank nationalisation helped India, say economists |
 | | Apart from the nationalisation process, the other features of the policy include enactment of the Banking Regulation Act in 1949, creation of the first state-owned State Bank of India in 1955, and dilution of government holdings in selected public sector banks with prudential norms. |
 | | According to bank economists, during the last 28 years of nationalisation, the branches of the public sector banks rose 800 per cent from 7,219 to 57,000, with deposits and advances taking a huge jump by 11,000 per cent and 9,000 per cent to Rs 5,035.96 billion and Rs 2,765.3 billion respectively. |
 | | The economists said the growth of the banking sector after the nationalisation was unprecedented anywhere in the world. |
| specials.rediff.com /business/aug/08banks.htm (477 words) |
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