After the liberation of Bangladesh in 1971, some socialistic approaches were taken by the Government of Bangladesh, increasing state participation in the productive activities to improve the economic status of the war ridden country. With a view to establishing a socialist nation, many large and medium-sized enterprises and public utility enterprises were nationalized. On 26 March 1972, all banks, and all insurance companies excluding the branches of foreign banks were nationalized. The reformation process left only the small and cottage industries for the private sector.