In this video, Com. CH Venkatachalam, General Secretary, All India Bank Employees Association (AIBEA) highlights that although the government is selling public sector banks (PSBs) under the claim of inefficiency, the market value of PSB shares has actually gone up. Moreover, data shared in the winter session of the parliament reveal that in the last 5 years, Rs. 10 lakh crores worth of loans given by PSBs were written off. Only 13% of this amount was recovered. If the government really intended to recover the money, then PSBs would have made an additional profit of Rs. 10 lakh crores! That means that PSBs are efficient and profitable! Then why are PSBs like IDBI being sold?
The anti-people economic policies of the government are responsible for the rising wealth of the billionaires and increasing poverty of the masses. Com. Venkatachalam calls on all public sector trade unions and political parties to perform their duty of explaining to the masses the politics behind the government’s wrong economic policies such as privatization and labour laws.