The solutions that the policy makers thought of at that time included exerting various degrees of control over the banking system, which ultimately culminated in the decision to nationalise 14 private sector banks in 1969, followed by the nationalisation of six more private sector banks in 1980.
The aim of scientific education is not to tell people what their preferences should be, but how to make the best use of the available information when choosing between technical alternatives that are not easy to understand.