fifty years ago July 10, 1969 Archives

From the Archives (July 10, 1969): P.M. wants selective bank take-over

The Prime Minister, Mrs. Indira Gandhi, sprung a major surprise to-night [July 9] by sending a note to the Congress Working Committee – through a special messenger from Delhi – more or less associating herself with the Leftist demand for bank nationalisation. When the Working Committee was discussing the draft on economic policy, prepared by Mr. C. Subramaniam and Mr. Sadiq Ali, the Prime Minister’s note was received spelling out her broad approach to problems of agriculture, industry and financial institutions. Mrs. Gandhi did not plead for bank nationalisation as such but expressed the view that the suggestion for selective nationalisation of some of the major banks was worth considering in the context of the larger economic objectives of the Congress Party. The Prime Minister’s note was not considered in detail by the Working Committee since there was not enough time before the members adjourned for the dinner given in their honour by the Mysore Pradesh Congress Reception Committee. But it will be discussed at length in Mrs. Gandhi’s presence when the Working Committee meets again to-morrow night.

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