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Social Control of Banking Companies
Social Control of Banking Companies
Introduction
Social Control
Where both the ownership and control of commercial banks rest in the
Government’s hands in Nationalization, Social Control does not
involve the transfer of ownership of the banks to India’s Government.
In Social Control, the bankers only face restricted freedom in
regulating the banking sector, whereas the Government may more
effectively distribute credit for social welfare. Before the
Nationalization of banks in 1969, a social scheme to regulate credit
was implemented to eradicate the neglect in considering the credit
needs of agriculture, weaker sectors and small-scale industries. The
major objectives were:-
Objectives of Nationalization
Advantages of Nationalization
Disadvantages of Nationalization
Achievements in Nationalization
Drawbacks
Despite all the drawbacks it faced, there was an active flow of funds
to the agricultural sector.
Legal Perspective
● Legal Issues
● Security Risks
● Privacy Risks
Banking System is an essential part of our Life in the modern age, but
with the incline drift and sphere of E-Banking in India, Cyber and
Bank frauds are also increasing with the same gravity. There is a
rising demand that our present Government must give this issue acute
heed and secure more firm enforcement of cyber laws regarding
curbing the same.