Bank officer’s union starts movement across the whole nation against privatization of public sector banks

Finance minister Nirmala Sitharaman had announced that the public sector banks (PSBs) to be privatized as part of disinvestment drive to accumulate Rs 1.75 lakh crore.

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Bank officer’s union starts movement across the whole nation against privatization of public sector banks

On Tuesday, the Bank officer’s union introduced a nationwide movement against advanced privatization of lenders who are stat-owned.

‘Bank Bachao Desh Bachao Rally’ took place at New Delhi’s Jantar Mantar on Tuesday which was attended by officers and several other stakeholders from different parts of the nation, the All India Bank Officers Confederation (AIBOC) stated in a statement.

Also Read: Government plans to change banking legislation to make it easier for privatization

AIBOC General Secretary Soumya Datta while addressing the rally, asked the government to take out the Banking Laws (Amendment) Bill, 2021, that has been listed for inaugural and passing it in the winter session of Parliament.

“In case the government tables and passes the bill paving the way for the privatization of the public sector banks, the bank officers will unite all the stakeholders of the banking sector and launch a nationwide agitation,” he stated while urging the bankers to draw inspiration from the farmer’s movement.

Nirmala Sitharaman, the finance minister while she was presenting Budget 2021-22 earlier in this year had announced that the public sector banks (PSBs) to be privatized as part of a disinvestment drive to accumulate Rs 1.75 lakh crore.

The Banking Laws (Amendment) Bill, 2021 is yet to be introduced in the session and is expected to bring down the least government holding in the public sector banks from 51% to 26%.

In the last session that was concluded, Parliament had passed a bill to permit the privatization of state-run general insurance companies.

The General Insurance Business (Nationalisation) Amendment Bill, 2021, detached the need of the central government to hold at least 51% of the valuation capital in a specified insurer.

The Act that came into action in 1972, provided for the transfer and acquisition of shares of the country’s insurance companies and agreements of various existing insurers to give better the needs of the economy by protecting the development of general insurance business.

Government think-tank NITI Aayog has already given the suggestion that two banks and one insurance company on Disinvestment for privatization to Core Group of Secretaries.

Central Bank of India and Indian Overseas Bank are possible candidates for privatization, according to various sources.

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Bank officer’s union starts movement across the whole nation against privatization of public sector banks
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Finance minister Nirmala Sitharaman had announced that the public sector banks (PSBs) to be privatized as part of disinvestment drive to accumulate Rs 1.75 lakh crore.
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THE POLICY TIMES
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