All the PSBs are running great and are earning profits, says CH Venkatachalam

All the PSBs are running great and are earning profits, says CH Venkatachalam

The 2-day public strike called by the UFBU, a major association of 9 banks, to enroll their dissent against the Indian Govt put forward private ownership and disinvestment plan, take up the 2nd day of the week on 16th March. The UFBU associations have stated that the fomentation may take a structure like the farmer’s fights going on since Nov month a year ago.

United Forum of Bank Unions is of the view that privatization is a negative advance in creating an economy in the nation. A month ago, the Minister of Finance of India had declared the two PSBs will be gone into privatization, as a segment of the Indian Govt’s reduction of capital expenditures in the budget for the following financial yr. Indian Govt has effectively privatized Industrial Development Bank of India by selling its share stake in the moneylender to Life Insurance Corporation 2 yrs ago and has combined fourteen PSBs over the most recent 4 yrs.

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India officers association’s secretary Pankaj Kapoor stated that, “The Union Budget 20-21 stated that 2 public sector banks and 1 insurance company will be privatized for the sake of divestment. No one realizes what is this divestment and who knows where the cash from divestment goes, The many names of the bank associations were not referenced in the Minister of Finance of India’s Union budget’s speech which shows that the Indian Govt has no arranging and readiness. They are not prepared to chat with the investors for whom they are planning these strategies”.

The bank union strike has impacted many financial services like money deposits and withdrawals, cheque approvals, settlement services. Govt exchanges identified with the depository just as deals have likewise been affected. All India Bank Employees Association’s General Secretary, CH Venkatachalam stated that “According to the information, representatives and officials joined the bank union strike and the strike was an absolute achievement. Ordinary financial services were impacted as a result of the bank union strike”.

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“On 16th March, as well, according to information got by us from our bank associations in different states, the national strike has been effective. A large number of the bank offices stay shut and shades are down”. CH Venkatachalam also stated that the youthful workers have been at the bleeding edge in the protest against the Govt which implies that they have perceived the risks of private ownership. They have joined the bank jobs after an intense rivalry. They have to get a job which will be impacted if banks are privatized. The banks are in benefit and there is no compelling reason to privatize them. All the PSBs are running great and are earning profits”.

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