 "CPI terms Nayak panel recommendations as 'retrograde'")
CPI today termed the P J Nayak Committee report recommending privatisation of public sector banks as "retrograde" and sought its rejection by the government.
Condemning the report, the party Central Secretariat said the Nayak panel's recommendation that government equity in the banks should be reduced to less than 51 per cent "is nothing but privatising the banks." "This is a retrograde step and the government should reject it totally," it said.
The All India Bank Employees' Association, which claims membership of five lakh employees of public, private and foreign banks, has already threatened to issue a strike call if the Nayak Committee report is not rejected.
Extending support to the union's call, the CPI said since bank nationalisation in 1969, their branches have grown from 8000 to 80,000 and nearly half of them were in rural areas.
"Bank deposits have grown from Rs 5,000 crore to Rs 78 lakh crore and advances of Rs 50 lakh crore are given."
Maintaining that the public sector banks were also fulfilling the national objectives of upholding social and economic justice, it said the services of state-run banks could be improved further by ensuring credit facilities to the poor, farmers, small and middle businessmen.
The private banks have "failed, collapsed and also looted the life-long savings and investments of the people," the CPI said.
Condemning the report, the party Central Secretariat said the Nayak panel's recommendation that government equity in the banks should be reduced to less than 51 per cent "is nothing but privatising the banks." "This is a retrograde step and the government should reject it totally," it said.
The All India Bank Employees' Association, which claims membership of five lakh employees of public, private and foreign banks, has already threatened to issue a strike call if the Nayak Committee report is not rejected.
Extending support to the union's call, the CPI said since bank nationalisation in 1969, their branches have grown from 8000 to 80,000 and nearly half of them were in rural areas.
"Bank deposits have grown from Rs 5,000 crore to Rs 78 lakh crore and advances of Rs 50 lakh crore are given."
Maintaining that the public sector banks were also fulfilling the national objectives of upholding social and economic justice, it said the services of state-run banks could be improved further by ensuring credit facilities to the poor, farmers, small and middle businessmen.
The private banks have "failed, collapsed and also looted the life-long savings and investments of the people," the CPI said.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%