Merger of banks created chaos and job loss, says Sitaram Yechury

CPI(M) general secretary Sitaram Yechury on Wednesday asserted that the merger of nationalised banks has created chaos and is leading to loss of jobs.

The aim of bank nationalisation was to include the poor in the banking system so that they could avail of their advantages, but the amalgamation has negated that purpose, he claimed.

"Merger of nationalised banks has created chaos and loss of jobs," he said at a programme to mark the birth centenary year of Ashis Sen, one of the pioneers of trade union movement in banks and a former Rajya Sabha MP.

Nationalisation of banks had helped the Indian economy, agriculture and rural productivity, he said.

Yechury claimed that the rural employment guarantee scheme under MGNREGA is being diluted by the BJP government at the Centre, thus depriving the village population of their lifeline during the Covid pandemic times.

"The allocations have been reduced (in 2022-23 budget proposals) compared to last year by about 25 per cent," he said.

Alleging that the economic foundations of India are being destroyed by the present government at the Centre, he claimed that the wealth of the country's billionaires has increased tremendously during the two years of the pandemic since March 2020.

He alleged that attempts are being made to privatise the nationalised banks by the central government to absolve itself of its responsibilities.

Yechury alleged that the BJP is attempting to destroy the secular, democratic fabric of the country through its narrative based on religious divide.