Introduction
One of the objectives of social control over banks in 1968 and nationalization of 14 major
commercial banks in 1969 was to change the policies of banking institutions regarding loans and
advances to various sectors of the economy. It was experienced that the commercial banks were
hesitant in providing advances to the most important sectors of the economy i.e. villages, agriculture
agro based units, and cottage industries, which resulted in the lop sided development of the country.
These sectors were in need of huge financial support from the organized institutions like commercial
banks, cooperatives banks etc.