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We often like the term privatization,because we are often benefited by it.When banks are nationalized the personal liberty of business entrepreneurs is affected.There is less liberty of action and more bureaucracy in public banks than in private banks. Private management of industry and commerce is always more efficient and more economical than bureaucratic arrangement.
 Nationalized banks can never compete with private banks in public service. The State Bank of India is a concrete example, where the business is slow and its rules and regulations are more complicated than that of private banks.
 
Bank_Nationalisation_-_India
 
However,privatization only uplifts the higher segment of society. Nationalization is the only way to offset the evil effects of capitalism;and as banks play a key role in business and industry,it’s important to nationalize them in order to mobilize resources for the public sector.Through nationalization of banks,finance can be augmented for public utilities which otherwise goes to boost private enterprises.
  Capitalism has the downtrodden people in its deadly grip and it is necessary to nationalize banks to loosen that grip and relieve masses. Hence,a wise step has been taken by our government in nationalizing the major banks.We are committed to a socialistic pattern of society which we have been dreaming for years; but the gulf between the rich and the poor goes on widening.
 Nationalization of banks could reverse the gears of economic development and provide a hope for lifting the suppressed masses for hundred of years. Before nationalization the deposits provided by the common people were being used against the best interest of the common people through the instrumentality of big banks.
 The big traders managed to get loans from the private banks and buy off entire stocks of available commodities in the market, thereby creating monopoly conditions,resulting in economic shortages to push up prices artificially.
 
 The government needs to establish strong fundamentals for the functioning of these nationalized banks,a better management and better conditions that would not only benefit the weaker section with better and fast service but also appreciate business men to carry out their ventures smoothly. 
Banking-Sector
 
– Pranchal Joshi

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