Bank employees take protest over privatization to social media

The young employees of Government banks have taken the protest over privatization to social media to highlight their grievances. They are expressing their resentment on Twitter and doing podcasts. The protesters are trying to make the general public aware about the impact of the proposed privatization of two public sector banks (PSBs).

The United Forum of Bank Unions called protest rally, organized by bank employees at Ludhiana. Prominent union leaders, including MLA Kuldeep Singh Vaid, graced the rally. The union leaders said nationalization of banks was a gift to the nation which was given by the late Prime Minister Indira Gandhi in 1969.

“PSBs have played an important role in the development of the country through Green and White revolution, and by financing many other infrastructural projects in the country. This pro corporate government at the centre is leaving no stone unturned in demolishing the public sector banks, the pillar of the Indian economy,” they said. “The only issue being confronted with PSBs was that of huge non-performing assets (NPAs) in which the major share was that of big corporates.”

The leaders highlighted that successive governments have taken initiatives – Debt Recovery Tribunals; SARFAESI Act; IBC; etc. but they have not yielded the desired results. “Ultimately, the banks were forced to write off those loans and resulted into huge losses.”

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They believe this shows that it is not the nationalization of banks which has failed. “It is the wilful default of the corporate and big business houses which dragged the banks into this crisis. Time and again PSBs have been used to bail out ailing private sector ones such as United Western Bank; Global Trust Bank; and Bank of Karad.”

Recently, the SBI helped the Yes Bank. Moreover, the private sector’s largest NBFC, IL&FS was bailed out again by the public sector SBI and LIC. It should be noted that private sector’s RBL Bank, Bandhan Bank and four small finance banks have posted losses.