TODAY -
Bank employees protest privatisation move
Source: The Sangai Express
Imphal, September 01 2017:
Chanting slogans like "Long live our unity", the protesters expressed strong disapproval of the Union Government's initiative to merge smaller banks and privatise all public sector banks of the country .
Speaking to media persons by the sidelines of the protest demonstration, All India Bank Officers' Confederation, Manipur State unit secretary Ch Lilabanta claimed that their agitation was for the welfare of the country, not for their personal interest .
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At the time India achieved independence, there were only private sector banks in the country, and India registered a dismal economic growth rate of just one per cent .
When Indira Gandhi was the Prime Minister, it was pointed out that exclusive monopoly enjoyed by private sector banks was largely responsible for the country's economic underdevelopment.
Subsequently, 14 private banks were Nationalised in 1961 .
Soon after, wealthy citizens/industrialists of the country started investing and depositing money in the Nationalised banks.
As a result, the country's economic growth jumped from 1 per cent to 9 per cent, Lilabanta said .
On being enquired about the possible negative impacts of privatisation of public sector banks, he pointed out that there are many Government sponsored welfare schemes such as Kishan Credit Card .
Under this scheme, farmers are given the facility of availing loans from public sector banks.
Public sector banks have also been giving loans to small entrepreneurs as well as businessmen.
If the public sector banks are privatised, this loan facility may be closed for good, Lilabanta said .
Likewise, loan given under Prime Minister Employment Guarantee Programme (PMEGP) may also be withdrawn, he added.
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