CPI (M) extends support to hustle by bank and insurance employees

CPI (M) extends support to hustle by bank and insurance employees

‘Privatization of banks will lead to stagnation of loans to priority sector’

The CPI-M district committee extended its overall support to the strike proposed by the United Forum of Bank Employees (UFBU) on March 15 and March 16, as well as a strike in March 17 by General Insurance employees and by LIC employees. 18 to oppose privatization.

In a statement issued here on Saturday, CPI (M) District Secretary K. Lokanatham said that 12 nationalized banks in the country were reduced to four through a merger by the central government. He also proposed privatization of three nationalized banks – Bank of Maharashtra, Bank of India and Central Bank of India. Seeking the cancellation of the decision, he said that privatization of banks would lead to stagnation of loans to priority sector.

The withdrawal of big notes by the Center and the GST had already affected the priority areas.

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