Desai’s opposition to bank nationalisation

Mr. Morarji Desai, Deputy Prime Minister, made a categorical declaration in the Lok Sabha to-day [August 5, New Delhi] that the Government did not hold the view that nationalisation of banks was necessary, in the present state of affairs. Though some members of the Congress Party demanded nationalisation, Mr. Desai said that personally he was not in favour of that course of action. Mr. Desai was replying to a general discussion on the Banking Laws (Amendment) Bill providing for the extension of social control over banks as reported by the Select Committee.

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