17/08/2018
Atal Bihari Vajpayee- The Financial Reformist
Everybody remembers Atal ji as one of the greatest Prime Minister India ever had. However during his tenure as PM he emerged as a reformist too. Here goes the list of big reforms and ideas that got implemented in Vajpayee's tenure:
1. He proposed to lower the minimum government holdings in PSBs from 55% to 33%.
2. India never had credit bureaus and he was first to set up a bureau and that’s when CIBIL was set up in 2000.
3. The government allowed creation of specialised asset reconstruction companies (ARCs). ARCIL was the first ARC that was set up in 2002.
4. Allowed foreign banks to work as subsidiaries in India.
5. Increasing foreign investment limits in bank from 49% to 74%
These are few of the major decisions he made in his tenure. He can be remembered as a PM, an Orator, a Poet, Bharat Ratna but he will forever be Father to our nation. Rest In Peace Sir. India will never forget you.
