|
|
|
Rs 80 lakh cr public money at risk if PSBs privatised: UFBU
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 25 Feb, 2021
Strongly opposing Prime Minister Narendra Modi's plans to privatise all
public sector banks (PSBs), the Unted Forum of Banking Unions on
Thursday said that it could imperil Rs 80 lakh crore hard-earned money
belonging to the people.
UFBU Convenor Devidas Tuljapurkar said
that the move could prove counterproductive as the private sector banks
will work towards "accounting profits" vis-a-vis the PSBs which strive
towards "social profits".
To protest the move to privatise the PSBs, the UFBU will go on a two-day nationwide strike on March 15-16, he said.
"India
is still confronted by poverty, unemployment, hunger, there is acute
economic disparity and geographical imbalances There is a need to
implement social sector lending schemes in which the private sector
banks hardly contribute," Tuljapurkar said.
He pointed out that
in the implementation of the Jan Dhan Scheme, the share of private
sector banks is less than 5 per cent and their share is also
insignificant for other schemes like Mudra, Swadhan, Stand UP India,
Make In India, etc. which are intended for employment generation.
The
common man will be pushed out of the orbits of banking and in turn,
development which is unaffordable, while putting at risk Rs 80 lakh
crore savings of the people, Tuljapurkar warned.
Referring to the
"dismal track record" of the private sector banking in India, he said
whenever they collapse, it is the PSBs which bail them out.
When
Yes Bank was on the verge of a crash, the government intervened and the
State Bank of India bailed it out, and earlier helped another important
private sector NBFC, the ILFS, along with the LIC, he noted.
In
the past, after the Karad Bank collapsed with the unfolding the Harshad
Mehta scam, the Bank of India helped prop it up, and later, the Global
Trust Bank crashed with the revelations of the Ketan Parekh scam and it
was the Oriental Bank of Commerce which helped it out, he added.
"Today,
the biggest challenge before the Indian banks is non-performing assets
in which the share of the corporate sector is over 70 per cent and they
are 'day-dreaming' to be the owners of these PSBs now. It is most
unfortunate that the PM is facilitating it which may prove to be
disastrous for the savings of the masses," Tuljarpurkar said.
Moreover,
even now several private sector banks are struggling for survival on
account of some of the dealings of the dubious private and corporate
sectors, he added.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|