These banks had 85 per cent of bank deposits in the country, at that time. The second phase of nationalization happened in 1980 when 6 more banks with deposits of ₹ 2 billion or more were nationalized and the Government of India controlled around 91 per cent of the banking business in India. 5.
A national payment system of this nature will avert the development of fragmented payment systems and ensure efficient use of liquidity within the financial system. Currently, there is interoperability within the payment cards subsector, evidenced by the “gh-Link” switch on one hand; and interoperability among international card schemes such as Visa and MasterCard on the other hand.