Bank privatisation Nirmala Sitharaman statement not all banks will be privatised


Image Source : PTI

Union Finance Minister Nirmala Sitharaman speaks within the Rajya Sabha, in the course of the Budget Session of Parliament, in New Delhi.

Amid financial institution strike over the proposed privatisation of the general public sector banks, Union Minister Nirmala Sitharaman on Tuesday stated not all banks are going to be privatised including the pursuits of the workers will be taken care of.

“We have introduced a Public Enterprise Policy, the place we’ve got recognized 4 areas the place public sector presence will be there, on this, the monetary sector too is there. Not all banks are going to be privatized, she stated.

“Interests of workers of banks which are likely to be privatized will absolutely be protected – whether their salaries or scale or pension, all will be taken care of,” Sitharaman added.

“Even for those banks which are likely to be privatized, the privatized institutions too will continue to function after privatization; the interests of the staff will be protected,” the Union Minister stated.

ALSO READNationwide financial institution strike enters day 2; unions warn of stir much like farmers’


The two-day nationwide banker’s strike in protest towards privatisation of presidency banks was a complete success, stated the highest chief of a significant union. The strike started on Monday.

As per studies obtained by us from our unions in varied states, the strike has been profitable. Overwhelming majority of the financial institution branches stay closed and shutters are down, stated CH Venkatachalam, General Secretary, All India Employees’ Association (AIBEA).

He stated some branches headed by senior officers have been open however no banking transaction might be carried out as different workers have been on strike.

The central authorities has determined to privatise two public sector banks along with the IDBI Bank, and the United Forum of Bank Unions (UFBU) had given the strike name in protest.

The UFBU, an umbrella physique of 9 unions within the banking sector, had given the strike name.

(With inputs from IANS)

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