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Desist from bank privatisation move: Raja to Prime Minister

Our Bureau New Delhi | Updated on November 25, 2021

D Raja, General Secretary of CPI   -  The Hindu

‘Nationalised banks have played a major role in the economic development’

As the Centre has decided to amend the banking laws in the winter sessions, bankers’ unions and Opposition have decided to step up protests against the proposed “privatisation of nationalised banks.” CPI general secretary D Raja sent a letter to prime Minister Narendra Modi to revisit the decision of privatisation of PSBs and to withdraw the proposed Bill in the interest of the common people and nation. The Left leaning All India Bank Employees Association (AIBEA) asked its units to get prepared for strike against the Centre’s move.

Raja said in his letter that the Centre is bringing Banking Laws (Amendments) Bill 2021 in the Winter Session of Parliament to privatise public sector banks. “You are aware that PSBs act as catalysts in the economic development of our nation in general and particularly for the underprivileged sections of the society and backward regions of the country. Nationalised banks have played a major role in the development of agriculture, small trade, small business, transport and in upliftment of weaker sections of the society. In the process, common people were brought under the orbits of the banking and thereby development. Way back in 2008 when the world economy was plunged into a deep financial crisis and meltdown, it was PSBs, which helped Indian economy to sustain,” Raja said in the letter.

The former member of Rajya Sabha said the only issue being confronted with the PSBs was that of huge Non-Performing Assets (NPAs) of big corporates. He said public sector banks have also been used to bail out ailing private sector banks such as Global Trust Bank, United Western Bank, Bank of Karad, etc. “In the recent past, it was Yes Bank, which was bailed out by public sector SBI. Private sector’s largest NBFC, IL&FS, was bailed out again by public sector SBI and LIC,” he said.

AIBEA general secretary CH Venkatachalam said in a circular to all its units to organise protests. “All our units should also prepare and mobilise our membership to be in readiness to participate in strike actions at short notice. Start moving and start preparing. Keep the information networks ready. We shall also gear up our social media team to inform all our members about any development,” he said in the circular.

Published on November 25, 2021

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