Opposition to privatization of public sector banks

Aurangabad, July 18:

An attempt is being made to get an amendment in the law approved to implement the central government's policy to privatize IDBI and two other public sector banks under the name of Atmanirbhar Bharat. July 19 is the 52nd anniversary of bank nationalization, and the current government is proposing to amend the bank nationalization act in the Lok Sabha session starting on the same day. Political parties should put aside their differences and stand against bank privatization, demanded the Maharashtra State Bank Employees Federation (MSBEF).

The profits of public sector banks (PSBs) have increased in the last six years. However, the number of employees is declining. Most of the employees have retired. More than 20,000 new branches have been opened across the country. The government's Jandhan, all social security schemes, education loans, PM Swanidhi scheme, distribution of all kinds of subsidies have greatly increased the workload on bank employees. The union also demanded that banks hire a large number of employees to provide better services to their customers, said MSBEF president Nandkumar Chavan and general secretary Devidas Tuljapurkar.

Schemes put stress on banking work

PSBs have 97 per cent Jandhan accounts and 98 per cent pension accounts, 98 per cent share in social security schemes and PM Jeevan Suraksha Bima Yojana, 80 per cent share in PM crop insurance scheme, 80 per cent share in educational loan scheme, 98 per cent share in Swanidhi Yojana for hawkers and 95 per cent share in crop loan schemes. These schemes put a lot of stress on banks. The government is trying to privatize PSBs where the money of the common man is deposited, said Tuljapurkar.