Bank officers’ union launches nationwide motion in opposition to privatisation

Bank officers’ union on Tuesday launched nationwide motion in opposition to proposed privatisation of stat-owned lenders.

‘Bank Bachao Desh Bachao Rally’ was held at New Delhi’s Jantar Mantar on Tuesday attended by officers and different stakeholders from varied components of the nation, the All India Bank Officers’ Confederation (AIBOC) stated in a press release.

Addressing the rally, AIBOC General Secretary Soumya Datta appealed to the federal government to withdraw the Banking Laws (Amendment) Bill, 2021, which has been listed for introduction and passing within the winter session of Parliament.

“In case the government tables and passes the bill paving the way for the privatisation of the public sector banks, the bank officers will unite all the stakeholders of the banking sector and launch a nationwide agitation,” he stated, urging the bankers to attract inspiration from the farmers motion.

Finance Minister Nirmala Sitharaman whereas presenting Budget 2021-22 earlier this yr had introduced the privatisation of public sector banks (PSBs) as a part of disinvestment drive to garner Rs 1.75 lakh crore.

The Banking Laws (Amendment) Bill, 2021, to be launched through the session is predicted to convey down the minimal authorities holding within the PSBs from 51 per cent to 26 per cent.

In the final concluded session, Parliament handed a invoice to permit privatisation of state-run normal insurance coverage firms.

The General Insurance Business (Nationalisation) Amendment Bill, 2021, eliminated the requirement of the central authorities to carry at the very least 51 per cent of the fairness capital in a specified insurer.

The Act, which got here into pressure in 1972, offered for the acquisition and switch of shares of Indian insurance coverage firms and undertakings of different present insurers with a purpose to serve higher the wants of the financial system by securing the event of normal insurance coverage enterprise.

Government think-tank NITI Aayog has already steered two banks and one insurance coverage firm to Core Group of Secretaries on Disinvestment for privatisation.

According to sources, Central Bank of India and Indian Overseas Bank are probably candidates for the privatisation.