All India Bank Employees’ Association (AIBEA) has demanded Government to nationalise all private sector banks in India.
AIBEA said that Banks deal with huge public savings. Hence it is of utmost importance to safeguard the public savings kept in the Banks as Deposits. Nationalisation of major private banks in 1969 was a positive step in this regard. This was followed by another 6 Banks in 1980. Coupled in State Bank of India, these public sector banks are today custodians of the people’ money to the extend of Rs. 140 lac crores. But still there are private Banks who together handle about Rs. 85 lac crores of public savings. Many private banks had to be put on moratorium and merged with public sector banks.
Since Banks are dealing with precious savings of the people, it is better and safer to keep them all under public sector. The efficiency of private sector is already there to see. The huge bad loans in the Banks are all due to non-repayment of these loans by private corporate and business houses. Nationalisation of all private banks in our country is the best solution to safeguard public savings.
For quite a long time, AIBEA has been advocating for nationalisation of private banks. While on the other side, the Government has announced to restart the privatisation of IDBI Bank.
On April 24, Finance Minister Nirmala Sitharaman said the government will go on with the divestment of its stake in the IDBI bank. Click here to read this news.
Bank Employees all over the country are requesting the bank unions to save IDBI Bank from privatisation.
This development comes amidst the closure of Paytm Payments Bank. The RBI has revoked the license of Paytm Payments Bank citing regulatory concerns.
Paytm Payments Bank was one of the most popular payments banks in India and was easy to use, as it was directly integrated into the Paytm application.
What you think? Should Private Banks be nationalised? Share your opinion below in comments section.
