Privatisation of PSU banks will compromise financial security: Congress MP in Lok Sabha

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Congress MP Ravneet Singh on Tuesday mentioned privatisation of public sector banks will compromise financial safety as non-public sector banks will prolong credit score to massive companies and never take into consideration the poor. He mentioned 10 lakh staff of 9 public banks are on a strike to protest privatisation and requested the Government to begin dialogue with the worker unions.

Speaking in the Lok Sabha, Singh mentioned former prime minister Indira Gandhi had nationalised banks to attach poor with banking companies. It is the PSU banks which saved the financial sector throughout the 2008 international financial disaster, he added.

“Financial security of banks will be compromised if banks are privatised. It’s not about 10 lakh striking employees, it’s about people of the country,” Singh added.

Nine financial institution unions have known as for a two-day nationwide strike starting March 16 to protest towards the federal government’s funds announcement to privatise public sector lenders.

Finance Minister Nirmala Sitharaman in her Union Budget speech for 2021-22 mentioned the federal government will privatise two extra public sector banks going ahead.

The authorities has already privatised by promoting its majority stake in the lender to LIC in 2019, and has merged 14 public sector banks in the final 4 years.

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