Protest against Bank Privatisation

Posted Admin  |  December 27, 2017

19th July, 2017 marked the 38th year of the historic Bank Nationalisation Day. It was on this day in 1969, the Government of India had promulgated the Ordinance to nationalise the largest 14 commercial Banks of the country. The decision had changed the course of Indian economy as the PSU Banks played a major role in the economic and social progress of the nation. The present Government is hell bent to sell off the PSU Banks to domestic and foreign companies and bring down the stake of Government holding to below 50% at some of time , which would significantly dilute the Public Sector character of the Banks. Every day, some derogatory comments about the PSU Banks are appearing on media to influence the opinion of the public against the PSU Banks. It seems that the protective role played by the PSU Banks during the 2007-08 global financial meltdown, that insulated the Indian economy has faded into oblivion. While in many advanced countries, the Governments had to spend trillions of dollars for bail outs to stabilise the financial system, in India, the Government is refusing to infuse much needed capital in the PSU Banks and imposing stringent norms, which is adversely affecting the balance sheet of these Banks. It has been empirically established that there is no case  for such disinvestment by the PSBs. Even if 20% of Rs. 6 lakh crore GNPAs of PSBs are recovered, it would be sufficient to meet the capital infusion target set for the PSBs. Instead, we are witnessing that despite Supreme Court directive, the RBI is refusing to divulge the list of top corporate defaulters. On one hand the RBI is attempting to usher in transparency in the Balance sheet of PSU Banks, on the other their actions are shrouded in mystery. Further, the Government and RBI cannot escape their roles in accumulation of big ticket NPAs as all the proposals were vetted by their representatives on the various boards of the Banks, which has practically no representative from both Officer and Workmen. This is another attempt by the Government to maintain the secrecy of critical decisions taken at the boards.

AIBOC West Bengal State Unit had launched a massive social media hash tag campaign #19thJulySavePSUBanksDay and had organised a rally to observe the day in a befitting manner. The response was simply overwhelming. People from all walks of life converged at Jeevan Deep, the starting point of the rally. Over 5000 people marched together braving the torrential downpour, which could not subjugate the spirit of the rallyists, who chanted slogans, sand songs and vowed to express their solidarity to any movement to thwart the evil designs of the Government to destroy the Public Sector Banks, which is the lifeline of the nation. We are all aware that it is a cleverly planned move to bring back the pre-nationalisation era as per Viral Acharya, Deputy Governor, RBI, who recently stated that PSU Banks needed ‘ Re-privatisation”, so that these Banks could be handed over to the big corporate houses on a platter to fulfil the ‘electoral understandings’.

We have to stand consolidated and embark upon a mission to build a massive war of resistance involving the common man for the sake of the sovereignty of our nation and to prevent corporate greed, which is leading to accumulation of wealth in a the hands of few and leaving the ‘aamaadmi teetering at the precipice of doom. As a responsible Trade Union, we cannot let that happen. So, on this day, we renew our pledge to serve the citizens of the country, who repose their utmost faith in the PSU Banks and fight till our last breath to resist the anti-national moves of the Government to destroy the Public Sector character of the PSU Banks.