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In the article “Indira and India” (Business Line, November 3), the author’s review of Indira Gandhi’s performance and contribution to Indian politics makes interesting reading. Although Indira Gandhi’s decision to nationalise 14 banks in July 1969 appeared to be an economic one, that was taken to camouflage her loss of power. As if that were not enough, again seven banks were nationalised in April 1980. These economic decisions posed as policies to help the masses had wide-ranging ramifications. Unfortunately, even the Reserve Bank of India was not consulted and she went ahead with her populist policies.

In retrospect, considering the good performance of public sector banks, she actually helped the country to take away the financial system from private hands. Public sector banks have been greening their balance sheets by writing off non-performing assets.

K. V. Rao Bangalore

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