Current AffairsIndia

AITMC to support AIBEA & other Organizations working towards stopping privatisaton of PSBs : Roy

Hyderabad: All India Trinamool Congress (AITMC) led by Chief Minister Mamata Banerjee will support the All India Bank Employees’ Association (AIBEA) and other Organizations working towards stopping the privatisation of Public Sector Banks (PSBs) by the Centre, its Rajya Sabha member Sukhendu Sekhar Roy said.

AIBEA, firmly marching towards its aim to stand against privatization of the banking sector, invited Mr Roy to be the speaker and share his perspective on the ’empowerment of the Public Sector banks’ on the fifth day of the month-long AIBEA 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 Monday night.

He stated that the present BJP-led NDA government was for proceeding with privatisation of Public Sector Banks despite the fact that many empirical evidences would negate the base-less logic behind such a policy.

It was with a vision and goal of growth of the economy, inclusion of the masses and stability of the financial system, State Bank of India was founded in 1955 by taking over the Imperial Bank of India and 14 private-owned Banks were Nationalized in 1969 and six more in 1980, he said, adding thanks to Nationalisation only, banks’ presence in the rural hinterland expanded.

Mr Roy said Business of Banks flourished under government ownership, governance and control.

There was an erroneous assumption on the part of policy-makers that private sector banks were rendering more efficient services to the economy and people whereas the truth was on the opposite, the Rajya Sabha MP asserted.

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