SBISA against privatization of banks

SBISA against privatization of banks

Dimapur, March 10: Bharatiya Janata Party’s promises and what it actually delivers are far away from each other and it can be said that all the promises that the party made during the 2014 Lok Sabha elections were mere political statements and nothing more.
This was one of the many statements against the Modi government that were made on Saturday here at Town Hall, Dimapur by general secretary of State Bank of India Staff Association (SBISA) P.K. Baishya on the occasion of Nagaland State Federation Triennial General Meeting organised by National Confederation of Bank Employees speaking as the chief guest.
Attacking the government over its policies in regard to public sector banks and preferring privatization, he said that though the governments prior to the ruling NDA were also leaning towards privatization of public banks, the present government is much more aggressive in its approach and its favouritism to private enterprises can be seen by the way the richest 1% of Indians came to control 73% of the total wealth of the country according to a latest report comparing to around 50% total wealth held by the same percentage of people in the year 2014.
Calling the bank employees to be united and stand tall with the union, he said that in the years prior to 1947, Indians were looking forwards towards attainment of democratic rights but time is coming when people would be losing their democratic rights and people should be ready to not allow to let anarchy creep in.
He said that BJP has been campaigning for corruption free India but the people of Nagaland are aware how much money the BJP candidates had spent in the recent assembly elections.
Commenting on Punjab National Bank (PNB) scam, he said that there is much lessons to take from the fraud and asked the bank employees to be aware of any fraud happening in their branches and remember that injustice anywhere is injustice everywhere.
Previously, speaking as the guest of honour, State Bank of India Officers’ Association (SBIOA) general secretary, Rupam Roy shared similar view against the government and said that there is a growing consensus for privatization of public sector banks as there is a view that public sector banks are not efficient enough comparing to private banks and Non-Performing Assets (NPAs), which presently stands at around 12% for public sector banks are seen as an indication of the poor performances of the banks which in reality is directly related to the loans that the central government takes form the International Monetary Fund (IMF) and the high NPAs of present time is related to a 700 billion USD loan taken by the government from IMF.
He said that similar situation had also occurred in around 2002 when the government had taken loans from IMF and all banks were computerised, resulting an astounding 12% NPA, which came down to 1% by the year 2008 and GDP peaked.
He also said that in European countries and in USA the governments help out the banks even when it amounts to 7% of the country’s GDP while in India, even if it stands at 0.5% of the GDP, the government refuses to help sighting lack of funds and at the same time takes credit for growing GDP backed by activities of banks.
He said that schemes like PMJDY and other social benefit schemes are keeping the public sector banks busy while the private banks are reaping the potentials of markets meanwhile, and this has resulted for the first time that SBI has lost 1% of market shares while private banks are growing at the rate of more than 20% each year.
He called this a tactic of the government to have a backdoor entry towards the motive of privatization of public banks.
However, he said that though BJP wants privatisation of banks, RSS wants to keep the banks public as it suit their agenda of ‘swaraj’ and there is a conflict going on among the members of the party.
President of SBISA Northeast circle, Pranab Kr. Thakuria and DGM administrative office, Jorhat Module Debasish Mitra were the others who spoke on the occasion.
(Page News Service)