The All India Bank Officer's Confederation (AIBOC) Assam State Unit recently celebrated the 55th anniversary of Bank Nationalization Day. This significant event took place at the State Bank of India's Head Office in Guwahati on July 19th. The celebration was graced by notable dignitaries including Sanjib Sen, Secretary of Assam State AIBOC, Rishiraj Das, General Secretary of UCO Bank, and TAP Paul, Joint General Secretary of AIBOC, along with other esteemed members of AIBOC Assam. During the celebration, key concerns were highlighted regarding the transformation of the banking sector from "Class Banking" to "Mass Banking".
The potential shift of public sector banks to private sector banks was also discussed as a pressing issue that could impact the common people. The nationalization of banks, which began in 1969 with the nationalization of 14 banks and continued in 1980 with six more banks, now sees 12 banks holding nationalization status as of 2024. Nationalized banks have played a pivotal role in the economic development of the country. Various schemes and initiatives launched by these banks have significantly contributed to improving the lives of the common masses.
Some of the notable schemes include: Pradhan Mantri Jan Dhan Yojana (PMJDY) Aimed at ensuring access to financial services, including banking, savings, deposit accounts, remittance, credit, insurance, and pension in an affordable manner, Pradhan Mantri Suraksha Bima Yojana (PMSBY) An accident insurance scheme offering coverage for death or disability due to an accident. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) A life insurance scheme providing coverage for death due to any reason.Pradhan Mantri Awas Yojana (PMAY) Aimed at providing affordable housing to the urban poor. BHIM (Bharat Interface for Money) A digital payment solution to facilitate seamless money transfers.Prime Minister's Employment Generation Programme (PMEGP A credit-linked subsidy program to generate employment opportunities through the establishment of micro-enterprises.Sovereign Gold Bond Scheme Provides an alternative to owning physical gold and encourages the investment in gold bonds.
Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) A scheme aimed at providing affordable working capital loans to street vendors to help them resume their livelihoods post-COVID-19.Etc The celebration not only marked the historical importance of the bank nationalization movement but also reaffirmed AIBOC's commitment to safeguarding the interests of bank employees and the common people. As the banking landscape continues to evolve, the role of nationalized banks remains crucial in ensuring financial inclusion and economic stability. It underscored the importance of maintaining the public sector nature of banks to continue serving the masses and driving inclusive growth.
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