**AIBEA Circular No. 30/11/2026/44 dated 7 July 2026: Observe 57th Anniversary of Bank Nationalisation**
AIBEA has called upon all its office bearers, state federations, bank-wise federations, and member unions to befittingly observe the 57th anniversary of bank nationalisation on 19 July 2026. The association has directed all state federations to organize meetings and seminars in various cities, towns, and district centres between 15 and 31 July 2026 to defend public sector banking and oppose
privatisation.
**Background of Bank Nationalisation**
On 19 July 1969, 14 major private banks owned by the big capitalists and industrial houses of India were nationalised and taken over by the Government. Prior to this, banks were owned by top business houses like the Tatas and Birlas, who utilized public savings to build private industrial empires and boost profits rather than supporting national economic development.
**AIBEA’s Vision and Demand**
AIBEA pioneered the demand for bank nationalisation, raising it as early as 1950 during its 3rd Conference. The union called for the nationalisation of all banking companies and effective workers’ control on the boards of management to end the stranglehold of finance capital over the economy. Despite criticism that trade unions should only focus on wages, AIBEA campaigned vigorously, leading to Madam Indira Gandhi’s historic decision in 1969.
**Impact of Public Sector Banking**
Over the last 57 years, public sector banks have transformed from elite “class banking” to “mass banking” accessible to all citizens, including rural populations. Today, these banks are the main engine of India’s economic growth, the guardians of public savings, and major generators of employment opportunities.
**Defense Against Privatisation**
For the past 35 years since the introduction of economic reforms in 1991, successive governments have attempted to de-nationalise and privatise banks. AIBEA has consistently resisted these moves, conducting 55 strikes to oppose privatisation. AIBEA calls on all members to continue defending nationalised banks as nation-building institutions.
**Action Plan and Schedule**
AIBEA has instructed all state federations and unions to hold meetings and seminars in cities, towns, and district centres across the country between 15 and 31 July 2026 to commemorate the 57th Anniversary of Bank Nationalisation.
The full text of the circular is reproduced below.
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**Full Text of AIBEA Circular No. 30/11/2026/44**
**ALL INDIA BANK EMPLOYEES’ ASSOCIATION**
**Central Office: “PRABHAT NIVAS” Regn. No.2037 Singapore Plaza, 164, Linghi Chetty Street, Chennai-600001 Phone: 2535 1522 Web: www.aibea.in e mail ~ chv.aibea@gmail.com & aibeahq@gmail.com M 98400 89920**
**CIRCULAR No. 30/11/2026/44
7-7-2026 To Office Bearers, State Federations and All India Bankwise Federations, All unions**
Dear Comrades,
**Observe 57th Anniversary of Bank Nationalisation 19th July, 1969 – 2026 Vibrant banking – vibrant economy – vibrant nation**
19th July is just yet another date in the calendar. But in the post-Independence history of our country, it is a very significant and unforgettable day. It was on this day – 19th July, 1969 – the 14 major private Banks in our country owned by the big capitalists of the country were nationalised and taken over by the Government.
All of us know that in those days, before Independence of our country, all the Banks were owned by top business houses, industrialists and capitalists like the Tatas and Birlas. They collected the savings of the people but utilized the same for their own business purposes. This continued even after Independence. These private Banks did not come forward to participate in the economic development programmes of the Government. The owners of these Banks were more interested to earning more profits than country’s economic progress.
People’s money in the Banks was utilized to boost the capitalists and to build industrial empires. Bank loans were used for hoarding, create artificial scarcity and increase prices. Hence AIBEA campaigned and championed the demand for nationalisation of Banks.
**WHAT AIBEA DEMANDED 76 YEARS AGO** : The following lines from the General Secretary’s report of the 3rd Conference of AIBEA in **1950** testifies the great vision of AIBEA and our visionary leaders.
_”This Conference of the All India Bank Employees’ Association while fully supporting and insisting on the fulfilment of Nationalisation of all Basic and Key industries, utility services and big concerns vital to the life of the country emphasizes the **immediate necessity of Nationalisation of all the Banking Companies**._
_It further demands that nationalization must be accompanied by effective **workers’ control on the Boards** of the management._
_Legislation to this effect should be immediately introduced so that the **stranglehold of foreign and indigenous finance capital over the economy could be ended** and the **Banks after Nationalisation could play an effective part in the planned development of the country**.”_
Many criticised AIBEA saying that AIBEA should only worry about wages of bank employees and not take up such political issues. But our great leaders were clear that in a developing country like ours, banks should be in public sector so that people’s money in the Banks can be safeguarded and utilized for people’ welfare.
In the 13th Conference of AIBEA held at Trivandrum in 1964, AIBEA decided to intensify the struggle to achieve nationalisation of Banks. There were a lot of struggles and agitational programmes all over the country by bank employees under the banner of AIBEA.
Com. Prabhat Kar, the then General Secretary of AIBEA was a Member of Lok Sabha at that time and inside the Parliament also, Com Prabhat Kar raised the demand repeatedly and enlisted a lot of political support.
Hence our demand for nationalisation of private banks became a popular political demand. When Congress Party lost power in many States in 1967, Madam Indira Gandhi took the bold and progressive decision in 1969 to nationalise the Banks.
Thus, on the 19th July, 1969, 14 major private Banks belonging to very powerful capitalists and industrialists were nationalised. This major socio-economic-political decision has completely changed the banking profile in our country. Class banking accessible only to the rich and upper class was transformed to mass banking available to each and every citizen. Banks and banking service reached the villages and common people.
Today after 57 years, we observe that our Public Sector Banks have become the main engine for the growth of our economy. They are the guarantee for the hard-earned savings of the people. These Banks have immensely helped to address the unemployment problem in our country through and direct and indict employment opportunities.
From 1991, for the past 35 years, with the advent of economic reforms and liberalization policies, there are repeated attempts by successive Governments to de-nationalise and privatise the Banks and hand them over again to the capitalists of this country. In AIBEA, we should be proud that we have been resisting these attempts through our agitations and strikes. We have gone on 55 strikes during this period of 35 years opposing banking reforms and bank privatisation.
Public sector banks and social orientation of banking is a
pre-requisite for our country’s developing economy. Public sector banks are the repository and depository of people’s savings. Public sector banks are the catalysts of economic activity and progress. Public sector banks are nation building institutions. They must remain so.
**Hence let us hail and defend bank nationalization. Let us oppose privatisation. Hence let us befittingly observe 57th Anniversary of Bank Nationalisation.**
**Hold meetings and seminars in various cities, towns and District centres between 15th and 31st July, 2026. All State Federations are requested to organize these programmes accordingly.**
With greetings,
Yours Comradely,
**C.H. VENKATACHALAM**
**GENERAL SECRETARY**
2026-07-07_AIBEA_Circular_30_11_2026_44_Observe_57th_Anniversary_of_Bank_Nationalisation.pdf