Public Sector Banks (PSBs) privatisation opposed

Public Sector Banks (PSBs) privatisation opposed

Mangalore Today News Network

Mangalore, July 22, 2014:  Marking the 45th anniversary of nationalisation of private banks, Bank Employees Federation of India (BEFI) has released a list defaulters of public sector banks across the country. As a part of it, BEFI Karnataka Joint Secretary B M Madhav released the list in Mangalore and strongly opposed the privatisation of public sector banks.

Speaking to mediapersons, he said after the nationalisation of banking, along with Regional Rural Banks, over 96 per cent of banking business of the country came under the control of public sector banks. The development in banking had cascading effect on economy too. With the ushering of the neo-liberal economic regime, public purpose and social objectives gave way to profit motive. Starting from Narsimham committee- 1, various committees and panels started suggesting privatisation of nationalised banks. Many villages in India are still not covered under banking sector. The government should open banks in such villages.

He said that Union Finance Minister Arun Jaitely had said that PSBs have Rs 2,04,249 crore as bad debts till March, 2014. It was Rs 59,977 in 200809. The list of big defaulters of public sector banks includes names of big companies and industrialists. Action should be taken against them and loans should be recovered, he demanded.