Privatisation of Banking Sector will Destroy the Economy

✍️By Special Correspondent

1st May is a day full of history and symbolism for workers’ solidarity and the struggle for decent working conditions. It has
more meaning this day in our country when the whole Banking Industry in India is reeling with the various directives of the Government and the entire working force of the Banks are facing unprecedented burgeoning effects of Acts for which they are not at all responsible. With unwarranted merger of PSU banks and mounting NPA due to willful corporate defaulters,sheltered by many forces in the country and regular threats of Privatization of PSBs are a major concern not only to Nationalised bank’s Officers employees but it is a big threat to the Nation as a whole as most of the Government schemes
are implemented through Nationalized Banks which have the access even to the marginal mass of Rural India.

All India NationalizedBanks Officers’ Federation, largest supervisory organization of Nationalized Banks, has decided to hold a Press meet on the May Day with presence of All India General Secretary of AINBOF Shri. Sanjay Das along with other Central and State leadership ,celebrating the services to the Nation provided by this huge supervisory workforce of
Nationalized Banks supervising the growth of nation and specially rural economy which is still outside the purview of Pvt. and Foreign players.

The performance of the PSBs in the previous years

Financial Year Total Operating Profit

2015-2016 Rs.1,38,191 Crores

2016-2017 Rs.1,59,022 Crores

2017-2018 Rs.1,55,690 Crores

2018-2019 Rs.1,49,804 Crores

2019-2020 Rs.1,74,336 Crores

2020-2021 Rs. 1,98.699 Crores

Sanjay Das
(ALL INDIA GENERAL SECRETARY, AINBOF) said,”PSBs witnessed incremental operating profit since 2009-10 and Net profit of PSBs in FY 2020-21 is Rs. 31,820 Crores in spite of the fact of having continuous Operating Profits, PSBs along with many PSUs are being reported to have taken into considerations under Draconian Disinvestment/ Privatization Policy. So to protect our National Assets we raise protest against:

  1. The Government’s move to privatize two Public Sector Banks as announced in Budget 2021-22 and again the same
    being unfurled by NitiAyog.
  2. We protest against Government’s anti-people economic policies and anti-worker labour policies. More than one lakh positions are lying vacant in public sector banks in the country. Instead of recruiting officers and staff, the jobs, even in the core banking processes, are being outsourced. The outsourcing is being carried out in blatant violation of the bipartite settlement and risking the security of the customer’s services. It is simply exploitation of human assets.
  3. We are also demanding an increase in interest rate on deposits and reduction in service charges.
  4. The Net NPA of Adani and Ambami Group is more than the total Corporate NPA of the Banking Sector. Instead of stringent recovery actions against such Big Corporate Tycoons, Government is devising various policies like hair cut policies which is devaluing the chances of recovery of the underlying assets.Today out of 6.42 Lakhs villages, only around 50,000 villages are having Bank Branches. Rests are still left untouched which is to be covered under financial inclusion and rather there should not be any amalgamation of Bank
    Branches. We demand expansion of bank branches for providing affordable banking to the poor and needy.”

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