Again haling the decision of nationalization of banks by late Prime Minister Mrs. Indira Gandhi during early seventies, the Union Finance Minister said that the move has saved India from the adverse impact of global slowdown. 

He said that country's banks are almost insulated from the global financial crisis which caused failure of many private banks and financial institutions in the world, especially, in Europe and USA.

The Finance Minister, in a function of United Bank of India (UBI), said, "None of the nationalized banks had become sick after the Rs 60,000 crore loan waiver for farmers was announced by the UPA government in its budget in 2008." He said that government will retain 51 per cent stakes in all national banks irrespective of disinvestments in public sector companies.

Mr. Mukherjee distributed Kishan Credit Cards to farmers of North Dinajpur, South Dinajpur and Malda districts and said that the government will leave no stone unturned to propel the growth of farm sector.

UBI Chairman and Managing Director, S C Gupta, speaking on the occasion, said that the bank has always been extending support to farmers, providing them easy finance through various schemes.