Why are banks being privatised?


A campaign among customers by United Forum of Bank Unions, Bareilly

Report received from Com. Sanjeev Mehrotra, General Secretary, Bareilly Trade Unions Federation; District President, AITUC Bareilly; and Vice President, Union Bank Staff Association, UP


An Appeal to All Respected Customers from United Forum of Bank Unions, Bareilly

Respected customers,
We all know that under the socialist system mentioned in the Indian Constitution of the country, the then President Dr. V V Giri had declared the nationalisation of banks in 1969. Before this, banks were in the hands of capitalists, and these capitalists would steal people’s money, close down the banks and run away. After nationalisation, the banks of the country played a major role in the green revolution, milk revolution and industrial revolution. The farmers of the country became happy, industries developed and lakhs of youth got jobs. However, the government is trying to privatise banks again by introducing the Banking Amendment Bill in the Parliament, which is a fraud not only with bank employees but also with the people of the country.

We believe that
1. Nationalised banks are the invaluable wealth of the country and among the Navratna of the country.
2. A total of 10 lakh employees work in public sector banks.
3. The people of the country trust these banks and deposit their hard-earned money in it.
4. Nationalised banks have 1,50,000 branches throughout the country, including in remote rural areas.
5. The poorest of the poor can open accounts and deposit money in these banks. The employees of these nationalised banks have created a record by opening more than 50 crore Jan Dhan accounts.
6. Common people can come in these banks with complete freedom and fearlessness for banking transactions, applying for loans, etc.
7. Public money is safest in this form of banks.

Think about this
8. In the past, private banks such as Bareilly Corporation Bank, Banaras State Bank, Lala Kashinath Seth Bank, etc., which failed due to inefficient management, were merged with national public sector banks so that people could get their lost money back. Now, if the government does the opposite and privatises public sector banks, who will save people’s money from sinking?

Why are banks being privatised despite their benefits?



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