Shake off after the demonetisation of Rs.500 and Rs.1000 caused a big uproar and opposition as in the past asked for a roll back. The bold and purposeful move to bring out black money is a shocking decision but the hiccups observed initially will soon come down and by 24th Nov cut off better situation will prevail. The allies initially supported the move but later on backed out to indulge in vote bank politics. In Mumbai and suburbs the decision has not evoked much chaos as the metro has faced such situation in the past and is accustomed to maintaining peace in difficult times. People are habituated to standing in queues in the metropolis. The new note spike is taken as retrograde step but under the present situation it was the need of the hour. We are in a transitional period and better things should follow in a fortnight and by 31st Dec normalcy will be restored. Holiday woes caused more concern but the break gave bankers to revamp their energy for a better work culture. It is indeed now or never situation.
As we all are aware that on 19th July 1969, 14 banks were nationalised by the then Prime Minister Indira Gandhi and there was a stir in the financial circle. Bankers were at the mercy of the Government and the Banks had to follow the policy guidelines laid down by Reserve Bank of India. In 1980 six more private Banks were nationalised taking their number to 20. In the 47 years, the Bank branches have come in every nook and corner of the country. RBI is very liberal in issuing licenses for opening bank branches with a condition that the Nationalised Banks should open branches in the rural and semi-urban areas. There was chaos initially and now everything is history.
Indira Gandhi was instrumental in implementing emergency in the year 1975 and it continued for 19 months causing problem to the people. Even a peon in a bank was to be suspended quoting emergency circular. The rule was followed from all the levels and people questioned about it were put under the bars. In 1975, the High Court of Allahabad declared that the election of Indira Gandhi as fraudulent and nullified the poll. Although the nullification was based on minor charges, what followed was unexpected. To keep herself in power, Ms. Gandhi suspended Indian democracy with a variety of steps. The ruling Congress was trying to have the whip hand then with unconstitutional methods.
(The views expressed by the author in the article are his/her own.)