Let customers enjoy freedom from banks' tyranny

The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market. But, there is no end to the harassment of customers

As we celebrate the 75th anniversary of Independence, let’s take a look at how the banking sector has evolved in India since 1947.

There were 97 scheduled commercial banks in 1947, collectively holding Rs 1,090 crore deposits; the advance portfolio was Rs 475 crore. Imperial Bank had little over one-fourth share of the deposits — Rs 287 crore. There were 551 non-scheduled banks.

Post-Independence, the biggest milestone for the banking industry was nationalisation. In 1969, 14 banks with deposits of at least Rs 50 crore each were nationalised on the midnight of July 19. A second round of nationalisation followed in 1980