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🚨SHOCKING. ₹8,000+ CRORE collected by PSBs for minimum balance violations 🤯 -> 12 Public Sector Banks collected ₹8,000+ crore in just 3 years for not maintaining MINIMUM BALANCE. Punjab National Bank alone took ₹1,500+ crore (20%). Bank of Baroda (16%) and Indian Bank (14%) follow. -> Add to this...

57,004 views • 7 months ago •via X (Twitter)

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Today 55 years ago, Indira Gandhi moved decisively to nationalize fourteen banks and open a whole new chapter in India’s economic history. I have described the background to this momentous event based on archival material in my Intertwined Lives: PN Haksar and Indira Gandhi. DN Ghosh who played a key role along with Haksar has also left a detailed account of it in his very valuable memoir No Regrets. IG Patel was Special Secretary in the Finance Ministry then and he too has written about this tectonic policy shift in his Glimpses of Indian Economic Policy: An Insider's View. Bank nationalisation had profound impacts on lending for agriculture, rural development, and other priority sectors of the economy. Public sector institutions have served the country well in times of global financial crisis. They have have built an impressive pool of managerial expertise. Over the past seven years, there have been mergers in the public sector banking industry. 1. United Bank of India and Oriental Bank of Commerce have been merged with Punjab National Bank. 2. Syndicate Bank has been made part of Canara Bank. 3. Allahabad Bank merged with Indian Bank 4. Union Bank of India has absorbed Andhra Bank and Corporation Bank. 5. Vijaya Bank and Dena Bank have been taken over by the Bank of Baroda. 6. State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Hyderabad and Bharatiya Mahila Bank have been acquired by the State Bank of India. These mergers have presented their own challenges. Big is not always Better. But they were broadly accepted only because the Union Government’s share in public sector banks was not to be reduced to below 51%. Any move to dilute that position in the 12 public sector banks that function presently would continue to be resisted forcefully both in Parliament and outside. Incidentally, while bank nationalisation electrified the country in July 1969, it was initially attacked by some political parties like the Bharatiya Jan Sangh. But within five months the Jan Sangh was publicly demanding the nationalisation of foreign banks as well.

Jairam Ramesh

36,918 views • 2 years ago

Even by an accountant’s standards, it was a poor account of the management of the finances in 2025-26. Revenue receipts were short by Rs 78,086 crore, total expenditure was short by Rs 1,00,503 crore. Revenue expenditure was short by Rs 75,168 crore and capital expenditure was cut by Rs 1,44,376 crore (Centre Rs 25,335 crore and States Rs 1,19,041 crore). Not a word was said to explain this miserable performance. Actually, the Centre’s capital expenditure has fallen from 3.2 per cent of GDP in 2024-25 to 3.1 per cent in 2025-26. In revenue expenditure, the cuts have fallen in heads that concern the common people. Examples: ⦁ Rural Development: Rs 53,067 crore ⦁ Urban Development: Rs 39,573 crore ⦁ Social Welfare: Rs 9,999 crore ⦁ Agriculture: Rs 6,985 crore ⦁ Education: Rs 6,701 crore ⦁ Health: Rs 3,686 crore Funds have been cut in crucial sectors and programmes. Expenditure on the much-vaunted Jal Jeevan Mission was cruelly cut from Rs 67,000 crore to a paltry Rs 17,000 crore. (In 2026-27, it has been boosted to Rs 67,670 crore, but what credibility does the number have?) After the months-long exercise, the revised estimate of the fiscal deficit has adhered to the budget estimate of 4.4 per cent, and the projection for 2026-27 is that the fiscal deficit will fall by a meagre 0.1 per cent of GDP. The revenue deficit will remain at 1.5 per cent. It is certainly not a bold exercise in fiscal prudence and consolidation. The most serious criticism of the Budget speech is that the Finance Minister is not tired of adding to the number of schemes, programmes, missions, institutes, initiatives, funds, committees, hubs, etc. I counted at least 24. I leave it to your imagination how many of these will be forgotten and vanish by next year. : Former Finance Minister Shri P. Chidambaram

Congress

53,786 views • 8 months ago