Cong alleges Centre trying to finish Indian banking industry through privatisation

Congress's Lok Sabha Member of Parliament Manickam Tagore condemned the Centre for trying to break the backbone of the banking industry by privatising public sector banks.

Congress's Lok Sabha Member of Parliament Mckam Tagore condemned the Centre for trying to break the backbone of the banking industry by privatising public sector banks.

"Bank associations are on strike against the privatisation that the Modi government is carrying out. It is trying to break the backbone of the banking industry, which is unfortunate," Tagore said.

"As we know, in 2008 the Indian bank system overcame the recession, the reason is simply that the Indian banking system has nationalised bank with lots of checks and balances. The tried and tested method of the Indian banking system is at now at in a breaking point," he alleged.

Tagore went on to say that the government is trying to give away these bank to its friends who are controlling the industry, adding that if private individuals are going to control the banks, it is going to be a disaster for the country.

Congress on Tuesday gave an adjournment motion in Lok Sabha to take up this issue on priority.

The United Forum of Bank Union (UFBU), an umbrella body of nine bank unions, called for a two-day nationwide strike on March 15 and 16 against the privatisation of Public Sector Banks and "retrograde banking reforms".

Over 10 lakh bank employees and officers are participating in the strike.

( With inputs from ANI )