..........That focus eventually culminated in nationalisation but not before RBI literally forced the commercial banks to expand to poorly-served areas.The first salvo in this direction was publicly fired by governor LK Jha in his address to Bombay bankers in 1967, where he went to the extent of suggesting `slowing down of branch expansion in urban areas'. The bankers privately told the governor that they would welcome this so long as their competitors as well as foreign banks were also kept in check. However, foreign banks, as Jha observed, were `obliged to confine themselves to port towns only' in order to make profits. A week later, .........
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