'DMK, brain behind banks' nationalisation'

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Chennai, Nov 26: Chief Minister M Karunanidhi on Tuesday said the Dravida Munnetra Kazhagam (DMK) government was instrumental in the Centre's decision to nationalise 14 major banks in 1969.

Participating at a function organised here by the Rural Development Ministry to honour the best self-help groups and panchayat-level federations, he said that at the Chief Ministers' meeting convened by the then Prime Minister Indira Gandhi in 1969, he had suggested nationalisation of major banks to help the poor and the lower middle-class people to get finance at a subsidised interest. At the meeting, he had said that the banks' money belonged to the people, and it should be utilised for their welfare. So he could proudly claim that the DMK was the brain behind the nationalisation of banks. Only after the nationalisation, did banks become accessible to the poor and the needy.

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