linguistic:paraphrasing
Nationalisation

Despite the provisions, control and regulations of the Reserve Bank of India, most banks in India had continued to be owned and operated by private persons. Businessmen who owned the banks were often accused of channeling the deposits into their own companies and ignoring priority sector lending. Furthermore, there was a great resentment against class banking in India, which had left the poor (the majority of the population) unbanked. After becoming prime minister, Gandhi expressed her intention of nationalising the banks to alleviate poverty in a paper titled, "Stray thoughts on Bank Nationalisation". The paper received overwhelming public support. In 1969, Gandhi moved to nationalise fourteen major commercial banks. After this, public sector bank branch deposits increased by approximately 800 percent; advances took a huge jump by 11,000 percent. Nationalisation also resulted in significant growth in the geographic coverage of banks; the number of bank branches rose from 8,200 to over 62,000, most of which were opened in unbanked, rural areas. The nationalisation drive not only helped to increase household savings, but it also provided considerable investments in the informal sector, in small- and medium-sized enterprises, and in agriculture, and contributed significantly to regional development and to the expansion of India's industrial and agricultural base. Jayaprakash Narayan, who became famous for leading the opposition to Gandhi in the 1970s, solidly praised her nationalisation of banks.