Govt financial institution workers take to social media to protest towards privatisation

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LUDHIANA: In addition to the bodily protest rallies and strike towards the federal government proposal to privatise two Public Sector Banks, authorities financial institution workers, specifically children have taken to social media, specifically twitter the place they don’t seem to be solely expressing their resentment towards the choice of presidency however they’re additionally organising podcasts and looking for help from common public and are additionally making them conscious concerning the risks of proposed privatisation of the Public Sector Banks.
They’ve additionally began utilizing a badge kind specific DP (Show Image) for his or her social media accounts by which it’s talked about “Save authorities banks and secure your cash. Cease Privatisation of presidency owned banks”
In the meantime on the decision given by United Discussion board of Financial institution Unions (UFBU), a protest rally was organised by financial institution workers at Ludhiana outdoors the State Financial institution of India, Fountain Chowk.
Rally was addressed by outstanding union leaders together with PR Mehta, Rajinder Pal Singh Aulakh, Amarjit Singh, Naresh Gaur, Pawan Thakur, GS Mangat, Narinder Kumar, Iqbal Singh Malhi, KK Khullar and MLA Kuldeep Singh Vaid.
Talking on the event, union leaders stated, “Nationalization of banks was the present to the nation which was given by late PM Indira Gandhi in 1969.
Public Sector Banks (PSB) have performed an essential position in improvement of the nation by Inexperienced and White revolution and by financing many different infrastructural initiatives within the nation. This professional company authorities on the centre is leaving no stone unturned in demolishing the general public sector banks, the pillars of the Indian financial system.
The one subject being confronted with the PSBs was that of big Non-Performing Property (NPAs) by which the key share was that of huge corporates. Successive governments have taken initiatives corresponding to Debt Restoration Tribunals, SARFAESI Act, IBC, and so on, however they haven’t yielded the specified outcomes and due to this fact finally banks had been compelled to jot down off these loans ensuing into large losses”
Leaders additionally stated, “This exhibits that it isn’t the nationalisation of banks, which has failed however it’s the wilful default of the company and massive enterprise homes, which have dragged the banks into this disaster. Repeatedly public sector banks have been used to bail out ailing non-public sector ones corresponding to International Belief Financial institution, United Western Financial institution, Financial institution of Karad, and so on. Within the latest previous, it was Sure Financial institution, which was bailed out by public sector SBI. Non-public sector’s largest NBFC, IL&FS, was bailed out once more by public sector SBI and LIC. Within the latest previous non-public sectors like RBL Financial institution, Bandhan Financial institution and 4 small finance banks have posted losses. RBI has cancelled the licence of personal sector Native Space Financial institution, specifically Subhadra Native Space Financial institution. Thus, frequent individuals have turn out to be scared of personal sector banks since they expose their hard-earned financial savings. We due to this fact are of the view that privatisation of public sector banks will jeopardise the pursuits of the frequent individuals and backward areas of the nation. We’re against any such retrograde transfer. Therefore we had been compelled to look at strike on sixteenth and seventeenth December in opposition to the privatisation of banks and demanding withdrawal of the invoice.”

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