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Move to privatise PSBs will be opposed tooth and nail, says AINBOF

The PSBs promoted financial inclusion, mobilised savings and channeled funds to vital sectors of the economy like agriculture, SMEs, education and infrastructure, he said

The changes will help in putting a framework in place for the privatisation of the other two PSBs that the government had announced in the Union Budget.

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Press Trust of India Kolkata

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Any move to privatise public sector banks (PSBs) will be opposed "tooth and nail", the All India Nationalised Bank Officers Federation (AINBOF) asserted on Wednesday.

AINBOF general secretary Sanjay Das said that bank nationalisation was the most successful and biggest economic reform in independent India and paved the way for the public sector banks to play a crucial role in the development in all sectors of the country.

With high unemployment, inflation and economic inequalities continuing, there is a need to have control on capital which can be done only through expansion of PSBs and not by handing over these precious assets to "crony capitalists", Das said on the occasion of 55th year of bank nationalisation in the country.

 

The PSBs promoted financial inclusion, mobilised savings and channeled funds to vital sectors of the economy like agriculture, SMEs, education and infrastructure, he said.

"The purpose of social control was to accomplish widest possible distribution of bank credit, prevent misuse of banking assets and direct greater volume of credit to priority sectors to promote economic development ... Any move to privatise PSBs will be opposed tooth and nail by us," Das said.

Since 1969, the year 14 banks were nationalised, there has been no record of public sector bank failures. On the contrary 38 private banks had failed, he said.

The PSBs had also implemented various government schemes for the benefit of the masses, he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jul 19 2023 | 5:16 PM IST

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