Bank Employees' Federation Opposes Privatisation of Public Sector Banks (PSBs)

STAFF REPORTER

GUWAHATI: Protest Against Privatisation of Banks: The Bank Employees' Federation of India (BEFI), North-East Region has opposed the idea of privatization of two public sector banks (PSBs) as proposed by Union Finance Minister during her budget presentation for 2021-2022 on February 1. The BEFI has underlined that an elected government is only a caretaker having no right to sell its properties.

"It is not so that the private sector banks (PVBs) are performing better than the PSBs. Bad debts of the private banks are also increasing and many such large banks have been penalized for underreporting of their NPAs (non-performing assets). The top executives of some of the largest PVBs are accused of gross irregularities. The largest PSB of the country, SBI is now in the process of rescuing the fourth largest PVB, the Yes Bank. We apprehend that the government at the Centre is having hidden agenda," stated BEFI.

Further, the body appealed to all citizens to oppose the 'anti-national move' of the present government for privatization of public sector enterprises including public sector banks. It also calls upon the bank employees of the country to be in readiness to respond to any call of struggle including strikes that may come in near future depending upon the moves of the government.

"All the PSBs are earning huge operating profits every year even when the national economy is experiencing a slowdown due to detrimental policies of the government at the Centre. Since 2014-15, i.e. the year the NDA (National Democratic Alliance) government was elected, the PSBs, on the whole, are subjected to net loss mainly due to huge provisioning towards bad debts, NPA, lions' share of which is due to big borrowers, many of whom are nears and dears of the major ruling party in the government," the BEFI added.

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