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Govt should strengthen PSBs instead of privatisation: AIBEA
February 19, 2021
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The United Forum of Bank Unions plans to strike on March 16 against government’s call to privatise two PSBs.
The Government should strengthen public sector banks (PSBs) by helping them recover bad loans instead of privatising them, according to the All India Bank Employees’ Association (AIBEA).
“The only problem PSBs facing is bad loans. Most of the bad loans are due to the corporates and rich industrialists,” said CH Venkatachalam, General Secretary, AIBEA, in a statement. He underscored that the Government should support PSBs, take action against the defaulting corporates and industrialists, and not privatise the banks.
A statement by the All India Bank Employees' Association (AIBEA) said that the meeting discussed the various announcements made in the budget regarding reform measures including privatisation of IDBI Bank and two public sector banks and setting up of bad bank.