Free Press Journal
  • From Mallya to Nirav Modi: Reverse the 1969 folly

    In 1969, engaged in a bitter power struggle with the old guard in the then ruling Congress Party, Indira Gandhi sought to burnish her pro-poor image by resorting to the simple stratagem of bank nationalisation. Fourteen banks were overnight placed under the control of babus in the finance ministry. And that has been the bane of the public sector banks ever since.