The state is preparing for an intense movement against the privatization of state-owned banks

#Kolkata: Monday, July 19 is the 52nd anniversary of the nationalization of banks in the country. Coincidentally, the Badal session of the parliament is going to start on the same day. As announced in the last budget session on July 19, it is expected that the Bank Nationalization Act of 1979 and the Banking Companies Equation and Transfer of Property Act of 1980/80 may be amended to privatize the two state-owned banks.

A few days ago, Union Finance Secretary TV Somnathan commented that not all but a handful of state-owned banks would be privatized. Unions of various state-owned banks, including the All India Bank Officers Confederation and the All India Nationalized Bank Officers Federation, have joined the protest. This anti-people attitude of the central government is extremely unhealthy and extremely harmful to the economy of the country and the common man.

One private bank after another went bankrupt and the bank was nationalized on July 19, 1989 to protect the hard earned money of the common man. In commemoration of this special day, the decision to privatize the bank was strongly protested and a call was made on July 19 to form a strong movement across the state and the country. For the last few days, people have been taking to the streets to distribute pamphlets, take out tabloids, distribute leaflets in daily newspapers and spread the word.

According to the protesting unions, if the banks are privatized, the rural branches of the state-owned banks will be closed. Ordinary people, senior citizens and pensioners will get lower interest rates, service charges for all bank services will increase. Interest discounts will not be available in agriculture. It will be difficult for students to get education loan. Depositors’ money will not be safe, there will be no government guarantee.

At a press conference at the Bank of India headquarters in Kolkata on Saturday, AIBOC (All India Bank Officers Confederation) All India General Secretary Soumya Dutta and State Secretary Sanjay Das said, “We strongly protest against the anti-people policy of the central government. I am going to start a big movement in the coming days. Our only slogan is – save the government bank, save the country. I urge the MPs to speak out against the anti-people policies of the Center in the next Badal session of the parliament.


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