Celebration of 57th Anniversary of Bank Nationalisation

Ludhiana, July 20, 2026: Today a meeting was organised by State Bank of India Employees’ Union, Chandigarh Circle (SBIEU) at newly built Union office of SBIEU at Surya Kiran Building 2, 5th Floor Rakh Bagh Ludhiana to celebrate 57th Anniversary of Bank Nationalisation. The meeting was addressed by Comrade S K Gautam, Chairman SBIEU, Comrade Naresh Gaur, Senior Vice President SBIEU and Comrade Narkesar Rai, General Secretary SBIEU. Present in the meeting were Comrade Jagan Nath Makhija DGS, Comrade S S Gill DGS, Comrade Rajeshwar DGS, Comrade Hardeep Singh Treasurer along with other office bearers of SBIEU and comrades from various branches of Ludhiana in large numbers participated in the meeting. 
While addressing the meeting Comrade S K Gautam said, that 19th July is just yet another date in the calendar. But in the post-Independence history of our country, it is a very significant and unforgettable day. It was on this day – 19th July, 1969 – the 14 major private Banks in our country owned by the big capitalists of the country were nationalised and taken over by the Government.
All of us know that in those days, before Independence of our country, all the Banks were owned by top business houses, industrialists and capitalists like the Tatas and Birlas. They collected the savings of the people but utilized the same for their own business purposes. This continued even after Independence. These private Banks did not come forward to participate in the economic development programmes of the Government. The owners of these Banks were more interested to earning more profits than country’s economic progress.
People’s money in the Banks was utilized to boost the capitalists and to build industrial empires. Bank loans were used for hoarding, create artificial scarcity and increase prices. Hence AIBEA campaigned and championed the demand for nationalisation of Banks.
Comrade Naresh Gaur, said that in the 3rd Conference of AIBEA in 1950, it was unanimously resolved to Nationalise all the private banks. Many criticised AIBEA saying that AIBEA should only worry about wages of bank employees and not take up such political issues. But our great leaders were clear that in a developing country like ours, banks should be in public sector so that people’s money in the Banks can be safeguarded and utilized for people’ welfare.
Thus, after intense struggle on the 19th July, 1969, 14 major private Banks belonging to very powerful capitalists and industrialists were nationalised. This major socio-economic-political decision has completely changed the banking profile in our country. Class banking accessible only to the rich and upper class was transformed to mass banking available to each and every citizen. Banks and banking service reached the villages and common people.
Comrade Narkesar Rai mentioned that, from 1991, for the past 35 years, with the advent of economic reforms and liberalization policies, there are repeated attempts by successive Governments to de-nationalise and privatise the Banks and hand them over again to the capitalists of this country. In AIBEA, we are proud that we have been resisting these attempts through our agitations and strikes.  We have gone on 55 strikes during this period of 35 years opposing banking reforms and bank privatisation.
Public sector banks and social orientation of banking is a pre-requisite for our country’s developing economy. Public sector banks are the repository and depository of people’s savings. Public sector banks are the catalysts of economic activity and progress. Public sector banks are nation building institutions. They must remain so. Hence let us hail and defend bank nationalization. Let us oppose privatisation. Hence let us befittingly observe 57th Anniversary of Bank Nationalisation.