MSBEF ask all its units and members to be ready for a life and death struggle against bank privatisation

Maharashtra State Bank Employees Federation (MSBEF) informs all its units and members that the government is proposing to amend Banking Act to enable the privatisation of two banks, to start with and others later on. They must get ready for life and death struggle now.

(English translation of the circular in Marathi)

Maharashtra State Bank Employees Federation
(Affiliated to AIBEA)

24th November, 2021

Special Circular
For affiliated units / all members

Be ready for a life and death struggle!

Finally the Government of India has given a concrete form to the declaration in the budget about privatisation of two banks in the public sector, by proposing amendments to the Banking Act in the winter session of parliament, which is starting on 29th November. Through this amendment the government will be able to privatise other banks in the public sector apart from these two.

Due to the consistent efforts of the All India Bank Employees Association, finally 14 banks were nationalised in 1969 and 6 more in 1980. Due to this 90% of banking business had come to the public sector. In the interim period, due to licenses given to private banks, today 70% of the banking business has stayed in the public sector, while now the government is trying to privatise the majority of public sector banks, and if that happens, more than hundred lakh crore rupees of deposits that these banks hold will become insecure. Public sector banking destroyed private money lending (sahukari). Common people were pulled into the sphere of banking, i.e., development. Banking reached rural as well as far flung and backward remote areas. Agriculture was developed and the Green Revolution as well as the Milk Revolution became possible. The development o the economy and the country became possible.

These banks are contending with only one problem, that of unpaid loans, the majority of which were held by big businesses. Through consistent follow up, the Debt Recovery Tribunal Act, the SARFASI Act and the Bankruptcy Act were passed and a machinery was created within their ambit. However, all these efforts did not yield the desired results and so lakhs of crores of rupees worth of loans were written off. That is why these banks became loss making. This means that the bad condition of banks is due to big businesses and not due to nationalisation, but unfortunately the present government that works under the influence of big business is handing over the ownership of more than a hundred lakh crore rupees worth of savings that the common people have accumulated through their sweat and labour to the big businesses. That is why the All India Bank Employees Association has been consistently objecting to bank privatisation. The dates of dharnas in front of the Lok Sabha and strike will be immediately announced in accordance with the decisions taken by the United Forum of Bank Unions. In the interim period we appeal to all the affiliated organisations to hold meetings of their respective activists. Prepare all members to participate in all types of struggle. This is now going to be a life and death struggle in which we will have to give this struggle the form of a mass movement by involving members of the parliament and legislature, people’s representatives, political parties and organisations. It is only then that we can force the government to bow down. The farmers’ movement has shown us the way and we have to take the fight against the privatisation of banks forward by following that path.

Please forward the appeals with signatures gathered by all the affiliated organisations to the organisation office. Hold meetings of your respective activists and be prepared for struggle. We earnestly appeal to you to prepare the activists for a life and death struggle.

Yours sincerely,

Devidas Tuljapurkar,                                                                                                  Nandakumar Chavan
General Secretary                                                                                                                President















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