The Bank Nationalisation Act nationalized all the major private banks in 1969. Many of these banks were linked to industrial houses.  The 2012 amendment to the banking laws paves the way for the entry of corporate houses into banking.  Thus the wheel has turned full circle.  

The Manmohan Singh government has effected this retrograde step after repeated efforts since 2005.  During the first term of the UPA government, this move could not succeed because of the firm opposition of the Left parties. 

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