Rajen Nagar urge Bank employees to fight against moves of Government to privatise PSBs

Hyderabad: All India Bank Employees’ Association (AIBEA) President Rajen Nagar has urged the employees in the Banking sector to fight against the moves of the Central government to privatise the Public Sector Banks (PSBs) and enlist the support of the customers and general public.

Mr Nagar also urged all the employees working in the system to raise the voice against the growing influence of Corporates over Banking sector in the country.

Delivering his lecture, in connection with the month-long National Webinars to commemorate the 52nd anniversary of Bank Nationalisation on theme ‘Vibrant Banking for Vibrant India’ and focus ‘people’s money for people’s Welfare’, on Thursday night, he highlighted the need for people to come forward and save the PSBs from Corporate’s influence.

The seminar suggested for launching a campaign to educate Indian customers and banking public and to resist the anticipated challenges to come with the privatisation of the sector.

Mr Rajen Nagar elaborated on the retrograde banking sector reforms and the tasks being undertaken by AIBEA.

The seminar was attended on Zoom app by the Employees working in the banking sector across India. It encompassed the current situation of the banking industry wherein there is a dire need to fight against privatisation in the sector.

AIBEA highlighted the commitment to defend the public sector banks and people banking in order to route people’s money for their welfare instead of corporates.

“The government is reducing the number of public sector banks on the grounds of piling bad loans in the sector. However, on contrary to this, more than 73 percent of bad loans are the result of corporate’s faulty banking practices.

To highlight this scenario, AIBEA came up with a precise list of defaulters to which the government responded by announcing multiple policies like DRT, ARCs, SARFAESI Act etc. But, the introduction of IBC by the Government has favoured the corporates only by writing-off the NPAs,” the AIBEA President asserted.

While highlighting the contribution of public sector banks towards the welfare of people, the seminar mentioned about the initiatives including Jan Dhan Yojana, MNREGA wherein these public sector banks have played a vital role in implementation through financial inclusion.

Mr. Rajen Nagar reiterated the necessity of Nationalisation by stating, “the only way to revolutionise the banking system in India is to Nationalise the entire banking system and run all the banks under the structure of Public Sector Banking.”