Bank nationalisation helps cushion financial crisis

Thiruvananthapuram, Nov 26 (UNI) Defence Minister A K Antony today said bank nationalisation, initiated by late Prime Minister Indira Gandhi some four decades ago, had helped cushion the impact of the global financial crisis.

Speaking at a loan distribution function of the Janasree Sustainable Development Mission here, Mr Antony said India was less affected by the present financial crisis gripping even the G8 countries mainly because of the bold decision to nationalise the banks.

Nationalised banks in the country could survive the economic slow down, he said, adding that the banks should come forward to extend loan facilities to the weaker sections of the society.

Stating that the Janasree Mission proved to be an effective mechanism for micro-financing, he said it should not be considered an alternative to 'Kudumbhasree' programme. ''In a state like Kerala, there is enough space for such initiatives. All of them should coexist and we should give rest to controversies on developmental issues.'' Janasree Mission Chairman and Congress leader M M Hassan said the mission was launched earlier this year with an objective of eradicating poverty and provide employment to all. ''This Sustainable Development Mission aims at making the people participate in development sectors and thereby to extend development initiatives to the grass root level.'' Janasree Mission also honoured the ISRO scientists involved in the successful Moon mission.

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