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.
Most of the mid-sized government banks have high bad loans on the books, making it a risky bet for potential acquirers. But building a bad bank can change the scenario.
(Representative image)
NEW DELHI: The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders.
In the Union Budget presented last week, finance minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks (PSBs)Â as part of its disinvestment plan.
The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the last four years.
It has been decided to oppose the government s decision to privatise banks during the meeting of UFBU held on Tuesday, All India Bank Employees Association (AIBEA) general secretary C H Venkatachalam said.
Synopsis
After deliberations, it was decided to give the call for a two-day March 15 and March 16 strike against the government s moves, AIBOC general secretary Soumya Datta said.
In the Union Budget presented last week, Finance Minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks (PSBs) as part of its disinvestment plan.
The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented last week, Finance Minister Nirmala Sitharaman announced the privatisation of two Public Sector Banks (PSBs) as part of its disinvestment plan.
NEW DELHI: The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest