How the privatization of banks affects the common man.

How the privatization of banks affects the common man.

The nationalization of private banks in India was a historic event. It was a struggle of the working class that could not be written down by a ruler. Behind the popularization of the banking sector, which has been dominated by the rulers and the big hands, lies the proud story of the valiant struggle of the bank employees and the masses of class conscious people.

Mass banking has decentralized the financial sector. They started working for the common man. Until then, the people had no access to the banks. What they have kept aside from their wages has become fixed deposits. The money thus collected went back to the people with educational loans and loans to small entrepreneurs and farmers.

Not only this provided the nation with a balanced healthy economy, but also the banking industry became one of India's largest employers, with opening of branches in rural areas.

Neo-liberal policies believe in dignified speculation. They make tempting offers in order to channelize people’s money into the market. Through these offers, the corporations have been gambling on trillions of dollars through unnecessary insurance schemes. The Economy has been changed so that people can invest in it by knowing that it will be a big dump, like the words which ends in Mutual Fund Investments Advertisements.

Seventy percent of the total bank deposits are from the common man. Today there are many restrictions in dealing that money. People have begun to recognize those who forbade them to eat the fruits of their labor.

Privatisation is a profit-making scheme that does not recognize the status quo of the people. They don't want to involve poor in the sector . The fact is that six thousand branches were closed and that can be seen in the parliament documents. This is equivalent to driving people out of their economic state. This is a glimpse of rejecting their hard worked earnings into banks. However if it gets into the banks after struggles it will be hit by huge charges.

Banking, which opened huge employment opportunities once, has cutshort their recruitments now, and the closures of branches signal that employees will be forced to be pulled out from the industry. Privatization of banks has its role in creating the huge unemployment ever.

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